The Central Bank of Nigeria governor, Godwin Emefiele, has said the newly designed naira banknotes are set to enhance the effectiveness of the organization’s monetary policy and bolster the financial inclusion cause.
Forcing Currency Hoarders to Return to the Banking System
According to the Nigerian central bank governor, Godwin Emefiele, the Read More
The Nigerian central bank was, on Oct. 29, forced to defend its controversial currency redesign plans, just a few days after they were publicly questioned by Nigerian Finance Minister Zainab Ahmad. The central bank insists the move is long overdue and urged Nigerians “to support the currency redesign project which Read More
Starting December 15, Nigerians will be using newly-designed 100, 200, 500 and 1,000-naira banknotes, the governor of the Central Bank of Nigeria (CBN) has said. The announcement has since resulted in the naira’s parallel market exchange rate versus the U.S. dollar dropping to a new low of N781:$1.
Redesigning Currency a Read More
Following the latest meeting of the monetary policy committee, the Central Bank of Nigeria says it has hiked the monetary policy rate to 15.5%. By increasing the key interest rate by 150 basis points, the central bank hopes to “narrow the negative real interest rate gap and rein in Read More
Another week has passed and developments in the Binance-Wazirx controversy continue, Nigeria’s Economic and Financial Crimes Commission (EFCC) claims it has identified individuals fueling the naira’s depreciation, Shark Tank star Kevin O’Leary says crypto “desperately needs policy,” and the government of Nepal is preparing to issue its own digital currency. Read More
The Central Bank of Nigeria should be discontinuing the fixed exchange rate system and let the naira freely float against the major currencies, Alhaji Aminu Gwadabe, the leader of a Nigerian association of bureau de change operators has said. The leader also slammed the recent adjustment of the central bank’s Read More
The Central Bank of Nigeria (CBN)’s attempt to incentivize the country’s forex market through the so-called “Naira for Dollar” scheme has failed. This is evidenced by the local currency’s plunge of more than 25% since the launch of the incentive scheme in March 2021.
The CBN’s scheme that encourages Read More
Yellow Card has announced the resumption of naira deposits and withdrawals in Nigeria via a statement from the cryptocurrency exchange platform. The move by the company comes almost a year after a central bank directive forced Yellow Card to suspend deposits and withdrawals.
CBN’s Growing Interest in Digital Currencies
Almost a Read More
The Nigerian presidency has denied reports that the country’s Vice President (VP), Yemi Osinbajo, was calling for the devaluation of the local currency when he recently questioned the naira’s official exchange rate.
The Huge Arbitrage
In fact, according to a report that quotes Laolu Akande, the VP’s assistant, Osinbajo is against Read More
Nigerian Vice President Yemi Osinbajo recently warned that the country’s official naira exchange rate of N411 for every dollar is artificially low. This exchange rate, according to Osinbajo, discourages foreign exchange entrance into the country.
Naira Exchange Rate Must Reflect Realities of Market
Consequently, Vice President Osinbajo says he wants the Central Read More