The governor of the central bank, Godwin Emefiele stated that the president had supported the redesign of the country’s monetary policy. He thanked the president for his role in the project.
The unveiling of the new banknotes, which include the N200, N500, and N1,000 notes, is expected to take place today at the presidential villa.
The new denominations of the Nigerian currency were originally scheduled to be released in December. However, the governor of the Central Bank of Nigeria said that President Muhammadu Buhari had accepted the release of the new notes.
During his closing remarks at the end of the MPC meeting, Emefiele stated that the deadline for the return of the old notes would not be extended. He noted that the legal tender status of the notes would be lost after January 31, 2023.
He stated that the bank would not alter the deadline. He also noted that the deposit period for the new notes was adequate.
He also stated that the requests by Nigerians in the diaspora to extend the deadline for exchanging or depositing their old notes were not sincere
The Reserve Bank of India (RBI) on Thursday decided to raise the key interest rate by a hundred basis points to 16.85 per cent. This is the third increase in the policy rate since it was last changed in March 2015.
The monetary policy rate, or MPR, is the interest that commercial banks pay when they borrow from the central bank.
The Reserve Bank of India kept the cash reserve requirement (CRR) and the liquidity ratio (LR) unchanged at 32.5 per cent and 30 per cent, respectively.
According to Emefiele, the committee’s decision to raise the policy rate was based on the need to control inflation and stimulate the country’s economic growth.