currency
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The Central Bank of Nigeria, CBN Governor, Godwin Emefiele has ruled out the possibility of extending the 10-day grace for the old Naira notes to remain in circulation. He appealed to Nigerians to endure the pains emanating from difficulties in getting the newly redesigned Naira notes from financial institutions. The governor who made the appeal…
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The Peoples Democratic Party presidential candidate, Atiku Abubakar, on Wednesday, asked the Central Bank of Nigeria not to grant a further extension after February 10 deadline for naira swap. This, he said, had become imperative to ensure the purpose and objective of initiating the redesigning of the currency are not destroyed. In a statement released…
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•Parties to write CBN for waiver, say cashless policy will choke political process, fundraising •If Buhari had no access to funding in 2014, he would never have been President, says PDP •Policy will create logistic problems, paying party agents nationwide will be difficult – ADC, ADP Political parties have kicked against the new cash withdrawal…
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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. Recall that Emefiele had announced in October that the apex bank would issue redesigned N200, N500,…
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The Central Bank of Nigeria (CBN) of Nigeria has insisted it followed the law and due process to carry out the planned redesign of new Naira notes, which it said is 12 years overdue. The apex bank’s reaction follows claims by the Minister of Finance, Budget and National Planning, Zainab Ahmad, that her ministry was…
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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…
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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 cent, with the City having been…
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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 demand and driving prices to record…
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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 a new COVID-19 outbreak in Beijing…
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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…
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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…
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