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Just in: Old Notes: No Extension, January 31st Deadline Stands- Emefiele Insists



…..increases benchmark interest rate to 17.5%

The Central Bank Of Nigeria, CBN, Governor Godwin Emefiele has reaffirmed that the January 31st deadline  for the old Naira Notes stands, as there will be no extension.

The CBN’s MPC also voted to keep the asymmetric corridor at +100 and -700 basis points around the MPR

The Central Bank of Nigeria CBN, Tuesday raised its benchmark lending rate to 17.5 per cent to sustain the current policy to further rein in inflation.

The CBN governor, Godwin Emefiele, announced this Tuesday at the end of the Monetary Policy Committee meeting that began Monday.

Addressing journalists at the end of the 2-day meeting of the Monetary Policy Committee (MPC) meeting in Abuja, Mr Emefiele said the committee voted to keep the asymmetric corridor at +100 and -700 basis points around the MPR, Cash Reserve Ratio (CRR) at 32.5 per cent as well as the Liquidity Ratio at 30 per cent.

It will be recalled, 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.

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.

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FG Holds Stakeholders Engagement on Implementation of Revenue Assurance and Disbursement Solution



Joel Ajayi

 In its avowed determination to ensure enhanced financial transparency,  accountability, and prudent revenue management, the Federal Government has conveyed a stakeholder engagement meeting in Abuja chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun on the Implementation of Revenue Assurance and Central Disbursement Solutions for Federal Government Ministries, Departments and Agencies (MDAS) as well as FG-Owned Enterprises.

The deployment of a central revenue system is designed to enhance financial transparency and accountability concerning direct payments to beneficiaries and the direct deduction of what is due to the Federal Government.

Once implemented, the Government Integrated Financial Management Information System (GIFMIS) and non-GIFMIS platforms will monitor revenue generation and provide a consolidated dashboard of the revenue situation for all Federal Government-owned enterprises.

Key stakeholders, including the SA to the President on Energy, the SA to the President on ICT, the Central Bank of Nigeria (CBN), the Office of the Accountant General of the Federation (OAGF), and the Nigeria Inter-Bank Settlement System (NIBSS) participated in the meeting.

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