Breaking: Reps back Senate on old naira notes deadline as CBN increases interest rate


Like their counterparts in the Senate, the House of Representatives has beckoned on the Central Bank of Nigeria (CBN) to extend deadline on the deposit and use of old naira notes.

Meanwhile, the CBN on Tuesday announced increase in the MPR from 11.5 per cent earlier last year to 16.5 per cent across four consecutive rate hikes in 2022.

The apex Bank had through it’s Monetary Policy Committee voted to increase the benchmark interest rate by 100 basis points to 17.5 per cent.

More to come…