President Nana Akufo-Addo has defended his government’s decision to seek a U.S. $3 billion bailout from the International Monetary Fund to help overcome the country’s economic crisis, and assured investors that any deal with the IMF will not result in investors losing money on government bonds. In an address to the nation on Sunday, he […]
Tag: Currencies
The CBN Governor, Godwin Emefiele, on Wednesday, said the bank arrived at the decision to redesign N100, N200, N500 and N1000 denominations following a request from the federal government. A former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has expressed his support for the bank’s decision to redesign some of the […]
President Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from the policy. President Muhammadu Buhari has declared support for the move by the Central Bank of Nigeria to redesign the three largest denominations of the naira. According to a Sunday statement by his spokesperson, Garba Shehu, […]
The Central Bank of Nigeria (CBN) has insisted that it followed the law and due process in the on-going Naira notes redesigning exercise, which it said was 12 years due. Its position was contained in a note sent to the media in the early hours of this morning in an apparent response to claims by […]
The bank says it is ready to help Nigeria if needed, according to Bloomberg. The International Monetary Fund (IMF) has advised Nigeria to be careful in its plan to redesign and replace the naira. The Central Bank of Nigeria had on Wednesday announced its plans to redesign N100, N200, N500, and N1000 to take control […]
Lagos, Abuja — In an apparent move to tackle vote-buying and control the amount of money in circulation, the Central Bank of Nigeria (CBN) yesterday announced a redesign of the currency in the variation of N200, N500 and N1,000. But beyond the reasons adduced are the far-reaching implications of the effects of the dramatic move […]
The bank says the notes were redesigned following a request from the federal government. The Central Bank of Nigeria said it has redesigned the N200, N500, and N1000 notes and will by December 2022 start circulating the new notes. The CBN governor, Godwin Emefiele, announced this at a press briefing on Wednesday. He said the […]
The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele yesterday disclosed that the country’s digital currency, the eNaira recorded a total of N8 billion transactions in the first one year after it was launched by President Muhammadu Buhari. The CBN governor also said the Central Bank Digital Currency (CBDC) was part of the central […]
Abuja, Nigeria — The Central Bank of Nigeria is marking one year since launching Africa’s first digital currency, the e-Naira, which leaders hoped would boost the economy and fight inflation. But one year later, critics say the e-Naira has not lived up to expectations. Top government officials, company executives and central bank officials marked the […]
The Bank of Ghana is scheduled to engage managers of commercial banks and forex bureau operators today as part of measures to halt rapid depreciation of the cedi and also curb the undue speculation on forex rates in the country. The meeting will also try to identify ways of ensuring seamless distribution of forex as […]
In September, the Hanke Currency Watchlist listed the Cedi–along with the Nigerian naira–as one of the worst-performing currencies in Africa in 2022. The Ghanaian currency, Cedi, has become the worst performing currency in the world after it lost 45.1 per cent of its value to the United States’ dollar in 2022. The cedi depreciated 3.3 […]
Central Bank of Nigeria (CBN) has begun an inclusive campaign for grassroot adoption of its digital currency, eNaira. The bank engaged some commercial drivers in the Federal Capital Territory yesterday to educate them on how to use the digital currency with a focus on making them ambassadors to drive the adoption campaign to the grassroot. […]
Nairobi — The Central Bank of Kenya (CBK) has issued a clarification on the state of foreign exchange reserves in the country. This is after an interview with Citizen TV Sunday evening where Deputy President Rigathi Gachagua claimed that the country lacked enough foreign reserves to import oil. “We have lacked foreign exchange, even yesterday […]
It is 1985, the US dollar is unbeatable, it is the reigning champion of the World’s heavy weight currencies. The beefed up greenback is knocking out all challengers, it has to be stopped, reasoned economists from the other major World economies. And so, that year finance ministers from the US, Germany, Japan, France, and the […]
Countries that constitute the BRICS bloc first mooted the idea of a common reserve currency between them as far back as 2011. Back then the Mail & Guardian, a prominent South African media outlet, reported that South Africa backed the creation of a common currency unit which the BRICS countries would use to trade among […]
Johannesburg — Young South Africans in the townships are drawn to the promise of quick riches with cryptocurrencies, but risk losses and scams Young South Africans see crypto as way to quick wealth Poverty, high unemployment pushes them to crypto Users not fully aware of risks, vulnerable to scams John first heard of cryptocurrency three […]
Naira fell to N715 against the dollar in the black market on Friday, leaving the gap between the two markets at 64 per cent, the widest since 2016 The gap between the official and parallel market exchange rates of the naira widened last week the most in six years as demand for foreign currency continued […]
As the Monetary Policy Committee (MPC) meets today and tomorrow, there are posers over a relief for the weakening naira or the speedy inflationary rise, which has prevailed despite a $38.7 billion external reserve. Just at the weekend, the naira crashed to N720 per the United States Dollar (USD) on the black market being the […]