A socio-cultural group known as the Ohanaeze Youths Movement has faulted the assertion by the Minister of Finance, Zainab Ahmed, that the Governor of Central Bank of Nigeria, CBN, Godwin Emefiele should have consulted her before deciding to redesign the Naira. The group in a statement by its information director, Nzube Ugochukwu, said […]
Sheikh Ahmad Gumi has kicked against redesigning of the naira by the Central Bank of Nigeria (CBN), describing it as economic suicide for Nigerians, especially rural dwellers. According to him, 80 percent of Nigerians especially rural people, depend on cash transactions. In a statement titled: “Changing the Naira: This is no time for economic […]
In an apparent response to claims by the Minister of Finance, Budget and National Planning, Zainab Ahmad, that her ministry was not carried along by the Central Bank of Nigeria, in the ongoing process of redesigning three series of the naira, the bank insists it followed the law and due process to carry out […]
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 of the currency in circulation, manage inflation, as well as tackle counterfeiting. It […]
Naira depreciated significantly against the U.S dollar at both the official and unofficial markets on Friday. This is less than 48 hours after the Central Bank of Nigeria announced replacement of naira notes. Official market rates published on FMDQ websites, where forex is officially traded, showed the naira closed at N444.75 per dollar on […]
Minister of Finance, Budget and National Planning, Zainab Ahmed, has rejected a plan by the Central Central Bank of Nigeria (CBN) to redesign naira, warning the apex bank of its consequences on the country’s troubled economy. Ahmed expressed her opposition to the policy in response to a question raised by Senator Opeyemi Bamidele during […]
The Civil Society Legislative Advocacy Centre has said that the Central Bank of Nigeria’s plan to redesign 200, 500 and 1,000 naira notes is not an economic priority for the country, considering the current challenges facing the economy. The Executive Director of CISLAC, Auwal Musa, made this known in a statement on Thursday, adding […]
The Governor, Central Bank of Nigeria, Godwin Emefiele, has announced that the bank would release re-designed Naira notes by December 15, 2022. He also said that existing notes would seize to be regarded as legal tender by January 31, 2023. Emefiele disclosed this during a press briefing in Abuja on Wednesday. The CBN said […]
The Nigerian naira, on Thursday, weakened to N751 per dollar at the parallel section of the foreign exchange (FX) market amid increased demand. The figure represents N9 or 1.2 percent depreciation compared to the N742 it traded a week ago. Bureaux De Change (BDC) operators, popularly known as ‘abokis’, who spoke to TheCable in […]
The Federal Government says the decision of the Organisation of Petroleum Exporting Countries (OPEC+) to cut Nigeria’s crude oil production downward by two million barrels per day was unanimous. Minister of State Petroleum Resources, Timipre Sylva, in a statement on Tuesday, said the decision was taken by OPEC+ and its partners at their last […]
