CBN Governor, Shonubi Confirms Increase Of MPR Moderated Inflation

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CBN

The Central Bank (CBN) Acting Governor, Folashodun Shonubi, has maintained that the decision by the CBN MPC to increase Monetary Policy Rate (MPR) has made a huge difference by moderating inflation.

 

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.

 

CBN

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.

 

He frowned 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.

 

Shonubi however, gave update on the Naira redesign; assures that new banknotes will gradually replace the current old banknotes in circulation.

 

He also 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.

 

To this end, he assured that the Bank is using every tool in the box to reduce liquidity and rein in inflation.

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