The Central Bank of Nigeria CBN, has raised the Monetary Policy Rate (MPR), which measures interest rate to 17.5 per cent from 16.5 per cent to tame inflation.

The CBN governor, Godwin Emefiele, made this known while addressing journalists after the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.

Speaking on the old Naira notes, he said all those who had the old notes had enough time to take them to the bank or swap them for the new ones within the time frame.

Mr Emefiele claimed that kidnapping and ransom-taking incidents have reduced since the three banknotes were redesigned. He also argued that the time given for the swap of the old naira notes with new ones was enough for Nigerians to get the new notes from commercial banks.

According to him, “I must say that unfortunately, I don’t have good news for those who feel we should shift the deadline, my apologies.

“The reason is because 90 days (we feel it’s 100 days) should be enough for those who have the old currency (Naira notes)to deposit it to the banks.”