Economy

The Naira depreciated to N664.04/$ due to CBN lifting restrictions.

The Naira lost almost half of its value in the official market as the exchange rate in the Investors and Exporters (I&E) window rose to N664.04 per dollar from N471.67 per dollar on Tuesday. The Central Bank of Nigeria (CBN) announced measures to liberalise the market, including the elimination of multiple...

June 15, 2023Business, Economy, News, Nigeria, , , 0 Comments
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Tinubu removes the CBN governor from office.

President Bola Tinubu has ordered the immediate suspension of Godwin Emefiele, Governor of the Central Bank of Nigeria. The suspension goes into effect immediately. Willie Bassey announced that the CBN governor's suspension was based on an ongoing inquiry and anticipated banking sector reforms. According to PUNCH online, Emefiele was called by the...

June 10, 2023Economy, , 0 Comments
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Breaking News: Supreme Court Declares Naira Redesign Policy Invalid.

Supreme Court Allows Old and New Notes to Operate Concurrently Until December 31 after Declaring Naira Redesign Policy Invalid. The Supreme Court has declared as invalid the directive as well as the implementation of the Naira redesign policy of the federal government. To this extent the apex court ordered that the old...

March 4, 2023Economy, Featured, News, 0 Comments
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Non-oil export earnings hit $75 million in two months.

Non-oil export earnings rose to $75 million in October and November, according to Nigerian central bank figures. Earnings from non-oil export in October and November rose to $75m, figures obtained from the Central Bank of Nigeria have revealed. The CBN stated in its November economic report that non-oil export earnings rose by...

February 27, 2023Business, Economy, Nigeria, 0 Comments
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The Central Bank of Nigeria (CBN) has invited a US-based technology company to help revamp eNaira.

Central Bank is in discussions with tech firms about eNaira. Partner would help Nigeria meet goal of controlling technology. The Central Bank of Nigeria wants to develop its own software for the digital currency so that it can keep full control of the effort, according to two people familiar with the matter who...

February 23, 2023Business, Economy, Nigeria, , 0 Comments
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CBN: We have approved the return of scrapped N500 and N1,000 notes.

Nigeria's central bank has denied reports that it has approved the return of scrapped N500 and N1,000 notes. A joint statement by the Deputy Governor, Edward Adamu and Osita Nwanisiobi, Director, Corporate Communication of the Central Bank of Nigeria (CBN) has said it will not be issuing new N200 banknotes. The Central...

February 22, 2023Business, Economy, 0 Comments
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