JUST IN: Buhari to Unveil New Naira Notes Wednesday

President Muhammadu Buhari will on Wednesday showcase the newly redesigned N1,000, N500 and N200 notes to the world.

The new naira note policy has been generating controversy since it’s announcement by the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, with the Minister of Finance, Budget and National Planning, Zainab Ahmed, kicking against it and saying she wasn’t  consulted.

President Muhammadu Buhari had however repeatedly thrown his weight behind the policy, saying that is the only way to save the naira.

Sources confirmed the unveiling ceremony would take place at the State House Conference Centre.

He also said that existing Naira notes would cease to be regarded as legal tender by January 31, 2023.

Meanwhile, the Monetary Policy Committee of the CBN has hiked its Monetary Policy Rate (MPR) by 100 basis points to 16.5 percent.

The previous hike decisions are beginning to yield results, as seen by the deceleration of inflation on a month to month basis,” according to the CBN Governor.

“A loosening option was not desirable, as well as a hold stance in December and ahead of elections. Tightening would sustain gains of previous 3 rate hikes,” Emefiele said.

The CRR was maintained at 32.5%, liquidity ratio remains 30%, and asymmetric corridor at +100/-700 basis points around MPR.