Folashodun Shonubi, Acting Governor of the Central Bank of Nigeria (CBN), said, the increase in MPR by 25 basis points “has made a huge difference by moderating inflation”.
 |
| Acting Governor, Central Bank of Nigeria (CBN), Folashodun Shonubi. Photo: @cenbank |
According to CBN: “Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) raises MPR by 25 basis points from 18.50% to 18.75%, retains Cash Reserve Ratio (CRR) at 32.5%, Liquidity Ratio (LR) at 30.0% and adjusts Asymmetric Corridor from +100/-700 to +100/-300 basis points around the MPR.”
CBN said: “#CBNMPC CBN Acting Governor, Folashodun Shonubi, maintains that the decision by the CBN MPC to increase Monetary Policy Rate (MPR) has made a huge difference by moderating inflation
“#CBNMPC says the Bank is using every tool in the box to reduce liquidity and rein in inflation.
“CBN Ag. Governor, #Shonubi urges patience from stakeholders as the CBN works to make the foreign exchange market more efficient and effective in the face of high demand for foreign exchange.
“CBN Ag. Governor, #Shonubi gives an update on Naira redesign; assures that new banknotes will gradually replace the current old banknotes in circulation.
“CBN Ag. Governor, #Shonubi frowns at exorbitant charges by POS operators; vows to sanction Super Agents who fail to check erring POS operators under their supervision that operate outside laid down rules of engagement.
“CBN Ag. Governor, #Shonubi says the CBN is amending the current model of the Central Bank Digital Currency (CBDC), the eNaira, to ensure an increase in the volume and activity of wallet holders
“#Shonubi is optimistic that the volatility in the foreign exchange market will normalize over a short period, and discloses that the CBN will intervene in the market from time to time.”
