Naira redesign, benchmark rate top agenda as MPC meeting ends 

As the Monetary Policy Committee of the Central Bank of Nigeria (CBN) began its first sitting in 2023 on Monday January 23rd, issues such as benchmark interest rate, inflation, exchange rate, redesigned naira notes are some of the key issues that may be on the front burner for the committee to decide on.

One subject of discussion during the meeting will definitely be on the deadline date for the return of old naira notes.

Although, the CBN has consistently made its stance clear that the January 31, 2023 deadline which is just one week away will not be reversed, the reality on the ground hints on a possible extension.

There has been real pressure from governors, statesmen, and groups on the CBN to extend the deadline, and that decision is likely to be reached today.

Another concern for CBN’s highest decision-making body is the interest rate.

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