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CBN Raises Interest Rate To 17.5% - Business - Nairaland

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CBN Raises Interest Rate To 17.5% by HonNL: 1:25pm On Jan 24, 2023
Nigeria Central Bank Hikes Rates by More Than Expected on Prices

The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR), which measures interest rate from 16.5% to 17.5 percent to tame inflation.

The CBN Governor, Godwin Emefiele announced this after the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.

The MPC raised the monetary policy rate by 100 basis point to 17.5% and kept the asymmetric corridor at +100/-700 basis points around the MPR.

The MPC retained Cash Reserve Ratio (CRR) by 32.5% while liquidity ratio is kept at 30%.

The CBN also said its January 31, 2023 deadline for the validity of the old N200, N500 and N1,000 notes remains.

The CBN on October 26, 2022 had announced its plan to redesign the three banknotes. President Muhammadu Buhari subsequently unveiled the redesigned N200, N500 and N1,000 notes on November 23, 2022, while the apex bank fixed January 31 deadline for the validity of the old notes.

The CBN also pegged its weekly cash withdrawal limits to N500,000 for individuals and N5m for corporate firms.

There have been concerns from many Nigerians over the slow spread of the three new naira notes as the January 31 2023 deadline approaches but the apex bank has insisted that the date stands.

The CBN also recently directed commercial banks to halt over-the-counter payment of the new notes and load their Automated Teller Machines (ATMs) with the redesigned naira notes to boost circulation.

The apex bank also launched a cash swap programme nationwide to enable those in the unbanked areas to exchange their old notes for new notes before the deadline.

SOURCE

5 Likes 2 Shares

Re: CBN Raises Interest Rate To 17.5% by Nobody: 1:50pm On Jan 24, 2023
Everything is just upside down under this APC government. They seem confused, and they are preparing another confused person that you can't even call a presidential candidate. Let's help them by voting them out. At least that will help them see the roads leading back to their villages. That's if their people don't flog them.

38 Likes 5 Shares

Re: CBN Raises Interest Rate To 17.5% by Sirchiboy: 1:50pm On Jan 24, 2023
A
Re: CBN Raises Interest Rate To 17.5% by Blaze14k: 1:50pm On Jan 24, 2023
Una never see smtin. By the time this apc tax the hell out of us no be persin go tell agbado urchins to receive sense. Dont forget tinubu is raising his army to collect more tax.

14 Likes 1 Share

Re: CBN Raises Interest Rate To 17.5% by 1Dray(m): 1:50pm On Jan 24, 2023
You try
Re: CBN Raises Interest Rate To 17.5% by kingamaa(m): 1:50pm On Jan 24, 2023
Ideas no dey work for naija

Implementers sef na saboteurs

Nothing seems to be working

1 Like

Re: CBN Raises Interest Rate To 17.5% by pol23: 1:51pm On Jan 24, 2023
What does this really means.
When CBN raises interest rate, is it on the bond or that’s the rate commercial bank will be giving out loans.
Truth is this APC doesn’t have good Economic managers.
Nigerian will get a foreign coach for NFA, their excuse is sourcing for the best person for the Job.
If getting a foreign ministers and foreign head of parastatals will help us , make we just swallow our yeye pride.
Because I’m not understanding where we’re heading…
Some people believe Peter Obi can be their saviour, I said He’s no different from other 2 guys, just that he’s younger and not sick.
Wetin Anambra people dey Enjoy as a result of his 8 year governing of the state.

I don’t really know where this country is heading Whalai.

8 Likes

Re: CBN Raises Interest Rate To 17.5% by ecolime(m): 1:51pm On Jan 24, 2023
pol23:
What does this really means
E mean say money go tight cry

Rates on loans go increase. Rates on deposits will also increase to encourage more savings.

Basically about monetary tightening to curb inflation.

12 Likes 3 Shares

Re: CBN Raises Interest Rate To 17.5% by FreeStuffsNG: 1:51pm On Jan 24, 2023
Good. This is a brilliant allignment with withdrawal of old naira notes, cashless policy and combating inflation simultaneously.

The locust years GEJ era where inflation hits the roof during electios when he opens CBN vault to every thief and unpatriotic element is gone!

Those speculating in forex and ponzi crypto are about to experience the worst year of their lives. Oil subsidy will decline this quarter once Dangote refinery rolls out as planned. Capital market will need to deliver more returns as earnings reports come in.

CBN is working!
check my signature for free stuffs!

7 Likes

Re: CBN Raises Interest Rate To 17.5% by Unigrad: 1:51pm On Jan 24, 2023
Una nor dey tire to bring out policies that will increase the sufferings of majority of Nigerians?
Re: CBN Raises Interest Rate To 17.5% by StrongAlphMale: 1:51pm On Jan 24, 2023
President Peter Obi, Hope you're taking not sir?

Truly, HE president Obi really has a lot of work to do the moment he has been declared president of Nigeria.

1 Like

Re: CBN Raises Interest Rate To 17.5% by kelechiodo(m): 1:51pm On Jan 24, 2023
Raising interest rate by CBN has never solved any problem
Re: CBN Raises Interest Rate To 17.5% by Promoter2: 1:52pm On Jan 24, 2023
Most people here don't even know how interest rates work.

4 Likes

Re: CBN Raises Interest Rate To 17.5% by Nobody: 1:52pm On Jan 24, 2023
Reinaldo:
Everything is just upside down under this APC government. They seem confused. Let's help them by voting them out. At least that will help them see the roads leading back to their villages. That's if their people don't flog them.

Like the other governments before APC! Truth be told, there has never been a "good" government in Nigeria, perhaps with the exception of the Colonial governments. You only have to check the newspapers of those days to get my drift. Did you say, Where can I get the newspapers? The National Archives, of course!

1 Like

Re: CBN Raises Interest Rate To 17.5% by Akfrenzy(m): 1:53pm On Jan 24, 2023
grin CURSE be unto any body telling us to vote APC again

Nigerians hope is here ,

Vote labour party for liberation

3 Likes 1 Share

Re: CBN Raises Interest Rate To 17.5% by Positivepoint(m): 1:53pm On Jan 24, 2023
We are heading for a recession. seems this interest raise is beginning to have impact on inflation.
Re: CBN Raises Interest Rate To 17.5% by sotall(m): 1:53pm On Jan 24, 2023
undecided

APC from change to next level

Meaning from frying pan to fire grin grin
Re: CBN Raises Interest Rate To 17.5% by MansoryMX(m): 1:55pm On Jan 24, 2023
Increment in Interest rate wey people never fit pay wetin them dey owe banks. What's that his useless name! Emefile abi Anufia! Dey play! Just dey play!!😀

1 Like

Re: CBN Raises Interest Rate To 17.5% by adioolayi(m): 1:55pm On Jan 24, 2023
kingamaa:
Ideas no dey work for naija

Implementers sef na saboteurs

No seems to be working

God bless you.

Where are the party money changers getting the new Naira notes...if not from bank Saboteurs
Re: CBN Raises Interest Rate To 17.5% by adolfHitler1934: 1:56pm On Jan 24, 2023
Ok
Re: CBN Raises Interest Rate To 17.5% by IamANigerianMan: 1:56pm On Jan 24, 2023
Emefele policies are always in favour of the bank. raise an interest rate effect small scale business that access small loan from the bank, Dangote pay interest rate as low as 1-2%.. This country is another thing altogether
Re: CBN Raises Interest Rate To 17.5% by Twhyhenry8296: 1:56pm On Jan 24, 2023
pol23:
What does this really means

It will affect loan interest rate from commercial bank

3 Likes

Re: CBN Raises Interest Rate To 17.5% by Ckonnet: 1:57pm On Jan 24, 2023
Nde uchu!!!

1 Like

Re: CBN Raises Interest Rate To 17.5% by BettingScam: 1:57pm On Jan 24, 2023
Everything on the rise 😭😭😭
Re: CBN Raises Interest Rate To 17.5% by haybhi1(m): 1:58pm On Jan 24, 2023
Outrageous!

I expect Tinubu to profer intelligent ideas to curtail our economy. I'm not expecting wonders from these our current crop of three aspirants but the man Tinubu is a sage sha. Saw what he engineered out of Lagos. He'll be able give Nigeria better trajectory - that I know.

3 Likes 1 Share

Re: CBN Raises Interest Rate To 17.5% by Ckonnet: 1:59pm On Jan 24, 2023
Okealaaye:


Like the other governments before APC! Truth be told, there has never been a "good" government in Nigeria, perhaps with the exception of the Colonial governments. You only have tho check the newspapers of those days to get my drift. Did you say, Where can I get the newspapers? The National Archives, of course!

There are alot of differences in terms of policy making, these guys are chaotic.
Imagine some slept n woke up and decided to close the borders even though we don't have the capacity to be self reliant in the next 10yrs.

Under these bandits, we overtook India as the country with more poor individuals.
Re: CBN Raises Interest Rate To 17.5% by melonsgroup: 1:59pm On Jan 24, 2023
Dummies left the WhatsApp group
Re: CBN Raises Interest Rate To 17.5% by Obynopositive: 1:59pm On Jan 24, 2023
oga come answer the allegations on trillions of naira stamps duties u are being accused of...

1 Like

Re: CBN Raises Interest Rate To 17.5% by olahero(m): 1:59pm On Jan 24, 2023
This man is a devil, I don't know what exactly he wanted to gain from this nonsense policies he's rolling out at this crucial period, because he failed his useless presidential ambition.

Emefiele should be very careful, Sanusi Lamido Sanusi was once CBN Gov and he was removed by GEJ, Emefiele should not frustrate masses.

1 Like

Re: CBN Raises Interest Rate To 17.5% by tk4radi: 1:59pm On Jan 24, 2023
CBN SHOULD STRICTLY ENFORCE THE USE OF “DIGITAL MONEY-COUNTERS”

In my own personal opinion:

I think it is high-time the CBN makes and implement a very strong policy across-the-board to all the deposit-money-banks in Nigeria for the compulsory use of the “Digital Money-Counters” which read the Serial-Numbers on Naira Notes,, and do away with all these existing analogue counters.

These special counters should be connected as “appendage hardwares” to computers; thus, the serial numbers of the cash that are withdrawn and/or deposited by the customers and/or clients of the banks would be recorded and stored in the bank’s database, and be readily released to the CBN at any time they might need it, either for recorded-keeping, statistics, or for tracking-and-tracing of cash.

Stacks of cash that were previously counted and stored in the vault by such machines should have “Uniquely Generated Stack Codes”, and same should apply to “Bundles”; thus, whenever someone wants to withdraw money, the “Bundle/Stack Scanner” (from ANY bank across-the-board) would just have to scan the “Bundle-Code” or “Stack-Code” (as the case may be) and all the serial-number-identities of all the cash contained in such stacks or bundles (as previously counted and logged in the database) would be recorded against the withdrawer.

For anyone that is paying-in or depositing money, the Money-Counter would have to count all the money all over again, without having to use the “Bundle/Stack Scanner”.

I repeat, This policy would be very helpful for record-keeping purposes, for proper statistics of the money in circulation, as well as for proper tracking and tracing of the cash in circulation.

As for some distress withdrawals (Such as RANSOM), or in the case of theft or robbery where the serial-numbers can easily be ascertained based on the “bundle/stack identities”, such monies can be reported to the CBN by the bank.

In the case of “withdrawal for ransom” the withdrawer should pre-inform the bank, so that the money to be withdrawn can be reported to the CBN for it to be marked; and thus, all such notes would be RED-FLAGGED Nationwide.

Once any Money-Counter (anywhere across the nation) starts seeing any of such money, it would immediately alert the CBN, and the Bank would get the Police to be aware of such discoveries...
With this, it would be very easy to know and track the Depositors of such money, and that would very much aid the Police in their investigations.

This particular policy is not in any way going to violate the “Privacy Policy”.

Once everything is normal, there is no need to violate any privacy policy (the protection of the private information of the customer, and non-disclosure of such private information to any third-party).

But once there are activities in any person’s account that requires the attention of the Law Enforcement Agents, it means that the rights of other citizens are hampered, and thus, “upholding of national values” takes precedence over “Privacy Policy”, even without the attention of the customer/client, so that the law will take its full course, irrespective of the privacy policy.

The Summary Of Everything I Just Wrote Here Is:
“LET THE CBN MAKE IT A STANDING POLICY FOR ALL THE BANKS IN NIGERIA TO BE USING ‘DIGITAL MONEY-COUNTERS’ IN ALL THEIR OPERATIONS”.

3 Likes 1 Share

Re: CBN Raises Interest Rate To 17.5% by hisgrace090: 2:00pm On Jan 24, 2023
This govt have vow to make Nigerians poor.

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