A reference lending rate to 16.5% was raised on Tuesday, November 22, 2022 at the meeting of the Monetary Policy Committee (MPC) and the Central Bank of Nigeria (CBN). This was intended to control inflation and ease the pressure on the naira.

At the end of the MPC meeting in Abuja, the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele explained that previous increases were starting to pay off and that further tightening was needed. This results in a tightening of 100 basis points. Also, during the post-MPC briefing, Emefiele also said that the new redesigned Naira notes will be presented to President Muhammadu Buhari to be unveiled at the Federal Executive Council (FEC) meeting on Wednesday.

For this purpose, the new release date for the redesigned Naira tickets has been brought back from December 15, 2022 to November 23, 2022, even though the date the old notes cease to be legal tender is January 31, 2023.