The headquarters of the Nigerian central bank stands in Abuja, Nigeria, on Wednesday, Oct. 21, 2015. Godwin Emefiele, the Governor of the Central Bank has confirmed that President Muhammadu Buhari will unveil the designed Naira notes tomorrow Wednesday, November 23, 2022. Emefiele announced this during the Central Bank’s Monetary Policy Committee monthly meeting in Abuja. … Continue reading CBN Governor: Buhari to unveil new naira notes tomorrow
The headquarters of the Nigerian central bank stands in Abuja, Nigeria, on Wednesday, Oct. 21, 2015. A drop in crude prices in the past year has put pressure on public finances, while the naira has declined 7 percent against the dollar this year. Photographer: George Osodi/Bloomberg The Central Bank of Nigeria (CBN) of Nigeria has … Continue reading CBN refutes claims by finance minister, says due process was followed in Naira redesign
The Concerned Northern Forum, on Wednesday, in Kaduna State, frowned at the decision of the Central Bank Governor, to redesign the naira notes effective from December 15, 2022. CBN Governor, Godwin Emefiele, made the announcement on Wednesday. The group’s spokesman, Abdulsalam Kazeem, in a statement on Wednesday, in Kaduna, faulted the decision, adding that redesigning … Continue reading Group protests against CBN move to change Naira notes
Photo by vectors icon on Pexels.com Sterling came under pressure on Thursday after the Bank of England wrongfooted investors by hiking interest rates by less than some anticipated. The pound fell from $1.148 to $1.1222 after the bank opted to hike the base rate by 50 basis points to a 14-year high of 2.25 per … Continue reading UK’s economic credibility threatened by recent slide in currency value
Photo by Anna Tis on Pexels.com It's all going up: electricity, diesel, vegetables, the Internet, hotels, flights, and now, interest rates. The war in Ukraine, the on-and-off lockdowns in China, a persistent power crunch and disrupted production chains have bumped into a huge appetite for goods and services, upsetting the delicate balance between supply and … Continue reading Why central banks raise interest rates during economic recession
Photo by Michael Steinberg on Pexels.com China's Yuan hit the lowest mark against the US dollar in the last 18 months on Tuesday, falling to 6.7134 against the USD, the lowest figure since October 30, 2020. The People's Bank of China has been lowering the value of the country's national currency since late April amid … Continue reading Renminbi vs USD: China suffers worst hit since October 2020
U.S. Treasury has determined that China should no longer be designated as a currency manipulator. The United States Treasury Department dropped Monday its designation of China as a currency manipulator, two days before the signing of a preliminary trade agreement to ease an 18-month tariff war. The currency report from the U.S. Treasury said the Chinese yuan, had depreciated as far as … Continue reading US Treasury moves to unseat China as a currency manipulator
Nigeria's naira is plummeting, losing one third of its value as the government floats the currency for the first time in the history of the oil-producing nation. The move was forced by a spiraling economic crisis created by slumped oil prices and aggravated by President Muhammadu Buhari's 16-month-long insistence that the Central Bank defend the … Continue reading Nigeria Floats Currency For The 1st Time, Naira Gains.