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Nigerian Association of Money Changers Calls for Banning of Binance
12.8.2023
The leader of Nigeria’s Association of currency exchangers has accused the crypto giant Binance of helping to worsen the local currency’s woes and asked authorities to consider banning the platform. The leader suggested that the optimism which ensued after Tinubu’s government floated...
Nigerian Currency Plunges to New Low, Central Bank Says the Naira Is Undervalued
11.8.2023
The Nigerian currency continued its slide versus the greenback when it fell to a new all-time low of NGN950 per dollar. Folashodun Shonubi, the acting governor of the Central Bank of Nigeria, insists that the naira is currently undervalued. The International Monetary Fund (IMF) has said...
Nigeria’s National Youth Scheme To Issue Blockchain-Based Certificates To Citizens
10.8.2023
The Nigerian government has unveiled plans to deploy blockchain technology to issue and verify all National Youth Service Scheme (NYSC) certificates.
At a policy gathering organized by the National Information Technology Development Agency (NITDA) to promote plans around the proposed National...
Nigerian Central Bank Says Amended CBDC Model to Ensure Increased Volumes and Wallet Activity
27.7.2023
The Nigerian central bank has said it is amending the model of its central bank digital currency and is hopeful that such an exercise will result in “an increase in the volume and activity of wallet holders.” According to the acting governor, the central bank is also working towards...
Nigerian Currency Plunges to All-Time Low Versus Dollar, Central Bank Revokes Licenses of 2,700 Currency Exchanges
22.7.2023
The exchange rate of the Nigerian currency versus the greenback recently plunged to an all-time low of NGN860:USD1. The naira’s depreciation has been attributed to shortages of foreign exchange on the official market and the rising demand for forex. The Central Bank of Nigeria (CBN) said...
Nigeria Declares Food Emergency After Sixth Consecutive Increase in Inflation Rate
19.7.2023
The Nigerian government declared a food price emergency after the latest data from the National Bureau of Statistics (NBS) showed that the country’s inflation rate had gone up by 0.38% to 22.79%. The NBS said the June inflation figure does not “fully capture the impact of the fuel...
Nigeria Currency Presently Undervalued Says Bank of America Analysts
4.7.2023
According to Bank of America analysts, the Nigerian currency is currently undervalued and will likely end the year trading at around NGN680 per dollar. The analysts assert that higher oil revenues and a liberalized import regime will likely see Nigeria record current account surpluses in the medium...
Nigerian Currency Falls by More Than 30% After Central Bank Announced New Forex Market Rules
18.6.2023
The Nigerian currency’s official exchange rate versus the greenback recently plunged to NGN634 per dollar from just under NGN470 per dollar. The central bank’s decision to allow the naira to “float” came a few weeks after Nigerian president Bola Ahmed Tinubu pledged to end...
Security Agency Detains Nigeria’s Suspended Anti-Bitcoin Central Bank Governor
12.6.2023
The Central Bank of Nigeria governor, Godwin Emefiele, was suspended by Nigerian President Bola Ahmed Tinubu on June 9 and was subsequently arrested by a domestic security agency. Several reports have linked Emefiele’s suspension to the central bank’s controversial naira demonetization...
Nigerian Central Bank Blasts Naira Devaluation Report — Publication Stands by Its Story
2.6.2023
The Central Bank of Nigeria (CBN) said on June 1 that the report claiming it had devalued the local currency to N631 per dollar “is replete with outright falsehoods and destabilising innuendos.” The Nigerian publication Daily Trust has said it stands by its story and called on...
New Nigerian President Slates Central Bank’s Interest Rate and Currency Demonetization Policy
31.5.2023
The new Nigerian president Bola Ahmed Tinubu has deplored the Central Bank of Nigeria (CBN)’s aggressive interest policy which he has reportedly labeled “anti-people” and “anti-business.” Tinubu also announced the scrapping of a fuel subsidy which has been in existence...
IMF sees room for eNaira improvement in first year assessment
19.5.2023
The world’s second-ever CBDC has yet to reach 1% of Nigeria’s population, according to the IMF assessment
Nigeria-China Currency Swap: Activist Lawyer Accuses IMF and World Bank of ‘Economic Sabotage’ to Promote US Dollar, Urges Nigeria to Join BRICS
10.5.2023
Nigerian human rights activist and lawyer, Femi Falana, has accused the International Monetary Fund (IMF) and the World Bank (WB) of sabotaging the currency swap arrangement between China and Nigeria. Falana said the Nigerian central bank and the two global financial institutions are helping...
After Presidential Rebuke, Nigeria’s Central Bank Says Demonetized Naira Banknotes Still Legal Tender
16.3.2023
The Nigerian central bank has said the recently demonetized ₦200, ₦500 and ₦1,000 banknotes will remain legal tender until Dec. 31, 2023. The central bank statement, which reaffirms a Supreme Court ruling that extended the lifespan of the demonetized naira banknotes, followed a rebuke of the CBN...
Nigerian Banks Resume Dispensing Recently Demonetized Naira Banknotes
11.3.2023
According to local reports, Nigerian financial institutions have begun abiding by a Supreme Court ruling that invalidated the Central Bank of Nigeria (CBN)’s demonetization of the 1,000, 500 and 100-naira banknotes. According to the court, Nigerian residents will continue to use...
Naira redesign no more: President’s directive canned by Nigerian supreme court
6.3.2023
The supreme court of Nigeria says no to naira redesign, rules the old banknotes to remain in circulation
Nigerian Cash Crisis: Benue State Residents Resort to Barter Trade
1.3.2023
Faced with cash shortages caused by the central bank’s currency policies, traders in the Nigerian state of Benue have reportedly resorted to barter trading. Traders from the state have implored the Nigerian government to consider rescinding the Central Bank of Nigeria’s naira redesign...
Nigerian Central Bank Seeks New CBDC Tech Partner — Bank Urged to Improve E-Naira User Experience
24.2.2023
More than a year after it launched its central bank digital currency with partner Bitt Inc, the Central Bank of Nigeria is reportedly seeking a new technology partner. The new partner is expected to help the central bank implement a system which gives it greater control of the digital currency....
Moody’s Says Forex Shortages May Force Nigerian Central Bank to Delay Repaying Local Banks
17.2.2023
The persistent scarcity of foreign exchange may force the Nigerian central bank to delay repaying the $10.4 billion owed to local banks, analysts at Moody’s Investors Service have concluded. The central bank’s failure to pay its debts on time will likely force the affected financial...
Nigerian President Barred From Extending Old Naira Banknote Demonetization Deadline
9.2.2023
With just a few days left before the old naira banknotes are demonetized on Feb. 10 as scheduled, a court in Nigeria has blocked the country’s president, Muhammadu Buhari, and the central bank governor, Godwin Emefiele, from further extending the deadline. Opponents of the central...