New governor of the Central Bank of Nigeria, Olayemi Cardoso, may have opted out of some key development finance projects of his predecessor, Godwin Emefiele, a move that will halt the bank’s interventionist programmes that helped Nigeria exit economic recession twice in five years – between 2016 and 2020. Dr Cardoso was appointed alongside four […]
Tag: Currencies
In a major policy initiative aimed at market correction and to boost FX supply, the Central Bank of Nigeria (CBN), yesterday, mandated deposit money banks (DMBs) to ensure that the Net Open Position (NOP) limit of their overall foreign currency assets and liabilities on-and-off-balance sheet did not exceed 20 per cent short or zero per […]
On 11 February 2024, the head of Niger’s ruling military junta, General Abdourahmane Tiani, spoke of the possible creation of a common currency with Burkina Faso and Mali. “The currency is a first step toward breaking free from the legacy of colonisation,” he said on national TV, referring to the CFA franc inherited from French […]
In December 2022, the Federal Government through Central Bank of Nigeria (CBN) introduced the demonetisation policy which has necessitated the redesigning of new naira notes to replace the old ones. The policy also set 10 February as the deadline for the phasing out of high-value naira notes, otherwise known as naira swap throughout the country. […]
Background President Buhari, in his broadcast on Thursday, February 16, 2023, unilaterally varied the Apex Court’s extant order of maintenance of the status quo, by directing the CBN Governor to the effect that “the old N200 banknotes be released back into circulation… to circulate as legal tender with the new N200, N500 and N1000 bank […]
The choices are stark, but the damaging impact must be mitigated to help improve foreign currency reserves. Ethiopia’s foreign currency deficit has led to a thriving black market exchange, fuelling already-problematic illicit financial flows in the country. The black market limits the inflow and facilitates the outflow of legitimate foreign currency. Ethiopia has many unregulated […]
Following the harmonisation of the exchange rates in the country by the Central Bank of Nigeria (CBN), the total inflows into the Importers & Exporters (I&E) Window increased by about $270 million to close the month of June 2023 at $1.41billion. This made it the second consecutive month of growth, rising by 23.8 per cent […]
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Nigeria: Does Brics Matter to Nigeria?
A skit circulating in the cyberspace is said to be the story of the Nigerian economy: in just two minutes the exchange rate of the naira to a dollar rises from N730 to N1,200. In the hilarious video, a man desperately in need of dollars for a trip engages a seller of the foreign currency […]
Nigeria still has a long way to go in recovering from the slump in foreign exchange inflows into the economy as the country is projected to suffer further decline. A new report by PWC said the decline in global trade growth may also adversely affect Nigeria’s trade balance in addition to FX inflows. Nigeria currently […]
The first point we would like to stress here is that the exchange rate of a nation’s currency cannot be legislated. The first point we would like to stress here is that the exchange rate of a nation’s currency cannot be legislated. The strength of a country’s currency is, in all cases, determined by that […]
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Nigeria: Naira – Comedy Inside a Tragedy
On Sunday, August 15, 1971, the United States economy was literally facing a firing squad. The Dollar was in a mess. Price gougers were everywhere and foreign exchange was cruel to the Dollar. The newspaper headlines were of scorn and ridicule but President Richard Nixon did one thing. He faced the issue squarely. “The strength […]
London — Liberia’s Deputy Speaker Cllr. J. Fonati Koffa has admonished Leaders of the African Continent to consider the need to reach a common position that will establish and commission the usage of a single currency by Africa, adding it will make doing business in Africa easy as well as booster trade and commerce across […]
The high cost of making cross border payments on the African continent has driven governments on the continent to seek options of settling trade and other transactions in local currencies. This has given birth to the Pan-African Payment and Settlement System which is scheduled to go live in 2024 under Kenya’s leadership. Development economist Christopher […]
President Muhammadu Buhari has addressed Nigerians on the issue of currency swap policy of the Central Bank of Nigeria, CBN, which has hindered economic activities in the country due to scarcity of the old and new notes. The President directed that the old naira notes, ranging from the N200, N500 to N1000 remain legal tender […]
“Net FX reserves are significantly lower than previously estimated,” the firm said in its Africa Emerging Markets Research dated 17 August. About 12 months after PREMIUM TIMES reported that Nigeria’s external reserve was well below the balance on the gross reserves claimed by the Central Bank of Nigeria (CBN), global financial service firm JP Morgan […]
Petroleum product marketers and other operators in the downstream sector, have denied speculations that pump price of petrol at depot facilities have been adjusted downwards. Also, LEADERSHIP reports that petroleum outlets are still selling at prevailing market prices. Our Correspondent’s check at major depot’s in Lagos indicate that prices have not changed either. A source […]