The governor of the Central Bank of Nigeria, Godwin Emefiele, has insisted that the deadline for the old naira notes will not be postponed. The deadline for the mop-up of old naira notes is set for January 31, 2022. However, the Nigerian Senate has urged the CBN to extend the deadline to July 31, 2023.
The decision to not postpone the deadline has caused concern among some Nigerians, who feel that the deadline is too soon and that more time is needed to exchange the old notes. The CBN has stated that it will continue to work closely with banks and other financial institutions to ensure that the process of exchanging the old notes is as smooth as possible.
In addition to the deadline for the old naira notes, the Central Bank of Nigeria has also raised the benchmark interest rate by 100bps to 17.5%. This decision was made at the end of the two-day Monetary Policy Committee (MPC) meeting. The increase in interest rates is intended to curb inflation and stabilize the economy.
The Nigerian economy has been facing several challenges in recent years, including high inflation, currency devaluation and unemployment. The CBN’s decision to not postpone the deadline for the old naira notes and raise the benchmark interest rate is aimed at addressing these issues and bringing stability to the economy.
However, the decision has sparked debate among experts, with some arguing that the deadlines is too soon and the interest rate increase could hurt small businesses and consumers.
The CBN has stated that it will continue to monitor the economy and make adjustments as necessary.