currency
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The Central Bank of Nigeria, CBN, has sold the sum of USD122,671,000.00 to 46 authorised dealers in its determination to promote stability and reduce market volatility in the foreign exchange market. A statement signed by the Bank’s Director in charge of Financial Markets, Dr Omolara Duke, disclosed that USD 67,500,000.00, sixty-seven million, five hundred thousand…
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The Central Bank of Nigeria, CBN, has given assurance of stability in the naira-dollar exchange rate. CBN Governor Olayemi Cardoso said this at an interface with the Senate Joint Committee on Banking and Insurance in Abuja on Friday. “In terms of the volatility of the exchange rate, we are using various tools to ensure the…
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Nigeria’s currency has continued to experience free-fall against the Dollar two months after the Central Bank of Nigeria’s floating of Naira, a decision that has further worsened the woes of Africa’s largest economy. From 14 June, when CBN liberalized the forex market, till date, the country’s currency has continued to slump against the Dollar from…
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The naira, Nigeria’s legal tender, closed at N740.08 per dollar at the investors and exporters (I&E) window on Wednesday. The I&E foreign exchange (FX) window is the market trading segment for investors, exporters and end-users that allows FX trades to be made at exchange rates determined based on prevailing market circumstances. It is the country’s…
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President Bola Tinubu met with the former Emir of Kano, Sanusi Lamido Sanusi, on Thursday. Tinubu met with Sanusi at the Presidential Villa on Thursday. The former Central Bank of Nigeria (CBN) governor arrived at the State House at 5 pm for the meeting with Tinubu. The agenda of the meeting has yet to be…
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Nigeria’s leading newspaper, Daily Trust, has replied the Central Bank of Nigeria (CBN) over the cover page story of Thursday, June 1, 2023. The newspaper had reported how the apex bank devalued the Naira to N631 to the dollar from N461.6 it sold at the Importers and Exporters (I&E) window the previous day. Some bank…
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The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report by Daily Trust Newspaper of June 1. 2023. titled ‘CBN Devalues Naira To 630/$1. We wish to state categorically that this news report which in the imagination of the newspaper is exclusive is replete with outright FALSEHOODS and destabilizing…
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There seems to be no end in sight to the scarcity of the redesigned naira notes as officials of the Central Bank of Nigeria (CBN) blame the general public for the problem. The apex bank commenced the circulation of the new notes on December 15 last year, but four months after, two of which majority…
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Days after the Central Bank of Nigeria said it has released old notes to Deposit Money Banks, scarcity of naira notes still bites harder in Imo State. Some of the residents told reporters that they were still unable to access either the old or the new notes from banks. At the Ekeukwu Owerri Market, a…
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Nigeria’s central bank delayed a plan to remove high-value currency notes following an order by the nation’s Supreme Court, after severe disruptions in Africa’s biggest economy. The Central Bank of Nigeria began replacing old 200-, 500- and 1,000-naira notes with new ones in mid-December in a bid to mop up excess cash, rein in inflation and curb…
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The Governor of Anambra State, Prof Charles Soludo confirmed on Monday that the Central Bank of Nigeria has asked commercial banks to dispense and accept old naira notes as deposits. Soludo, a former CBN governor, made this known in a statement he posted on his social media handles. He explained that the Governor of CBN,…
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Days after the Supreme Court nullified the Central Bank of Nigeria’s Naira redesign policy, the apex bank has remained silent. However, investigations by MEZIESBLOG show that some commercial banks have started paying their customers old N500 and N1000 naira notes. MEZIESBLOG went around major banks in the Nation’s capital and learnt that Guarantee Trust Bank Along…
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President Muhammadu Buhari addressed Nigerians on Thursday morning amid the current cash crunch which has become a major issue in the country. Buhari directed that the old N200 notes be re-introduced into circulation, as they will remain legal tender until April 10. The Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, then met…
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The governor of the Central Bank of Nigeria, Godwin Emefiele has said that he had met the commercial banks and given them directives on how to make the old N200 naira notes available to Nigerians. Emefiele said this in a video clip recently posted on the CBN official Twitter handle while addressing journalists after his…
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A Senior Advocate of Nigeria, Ebun-Olu Adegboruwa, has described the announcement by the President, Major General Muhammadu Buhari (retd.), that only the old N200 banknote remains legal tender while the old N500 and N1,000 notes are not as a contempt of court. According to the lawyer-cum-activist, the president cannot overrule the Supreme Court of Nigeria.…
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SANWO-OLU WARNS AGAINST REJECTION OF OLD NOTES The Lagos State Government wishes to put on record the patience and calmness of Lagosians following the controversy generated by the Naira shortage crisis. The State Government has joined the dispute at the Supreme Court, which today adjourned the hearing of the matter till February 22. When the…
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