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naira depreciation

Nigeria Announces New Cash Withdrawal Restrictions — ATMs Limited to Less Than $44 per Day

Nigeria Announces New Cash Withdrawal Restrictions — ATMs Limited to Less Than  per DayIn a new directive to financial institutions, the Central Bank of Nigeria (CBN) said individuals can now only withdraw an equivalent of just under $222 per week while corporates can only withdraw cash not exceeding $1,111 during the same period. The new limits, which are in line with the CBN’s cashless policy, are set to […]

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Nigerian Currency Gains Versus US Dollar Days After Tapping All-Time Low

Nigerian Currency Gains Versus US Dollar Days After Tapping All-Time LowJust a few days after plummeting to its worst exchange rate against the U.S. dollar ever, the Nigerian currency was trading at around 820 units for every dollar on Nov. 8, a report has said. An economist has suggested that the Central Bank of Nigeria’s controversial currency plan is unlikely to halt the naira’s depreciation […]

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Nigerian Currency Redesign Controversy: Naira Slips by Almost 20%, Experts See Exchange Rate Reaching 1,000:1 USD Before Year End

Nigerian Currency Redesign Controversy: Naira Slips by Almost 20%, Experts See Exchange Rate Reaching 1,000:1 USD Before Year EndThe Nigerian currency appeared to accelerate its decline versus the U.S. dollar after it slipped to a new low of 900 naira for every dollar. The currency has continued to depreciate even after the Economic and Financial Crimes Commission’s raid on suspected illegal foreign exchange dealers. Continuing U.S. Dollar Shortages Following the Oct. 27 announcement […]

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Nigeria’s Central Bank Doubles Down on Plans to Introduce Newly Designed Naira Banknotes

Nigeria’s Central Bank Doubles Down on Plans to Introduce Newly Designed Naira BanknotesThe Nigerian central bank was, on Oct. 29, forced to defend its controversial currency redesign plans, just a few days after they were publicly questioned by Nigerian Finance Minister Zainab Ahmad. The central bank insists the move is long overdue and urged Nigerians “to support the currency redesign project which is in the overall interest […]

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Nigerian Central Bank Says It Will Release New Banknotes in December — Naira Falls to New Low

Nigerian Central Bank Says It Will Release New Banknotes in December — Naira Falls to New LowStarting December 15, Nigerians will be using newly-designed 100, 200, 500 and 1,000-naira banknotes, the governor of the Central Bank of Nigeria (CBN) has said. The announcement has since resulted in the naira’s parallel market exchange rate versus the U.S. dollar dropping to a new low of N781:$1. Redesigning Currency a Global Best Practice The […]

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Report: Bank of America Economist Predicts 20% Devaluation of the Nigerian Currency in 2023

Report: Bank of America Economist Predicts 20% Devaluation of the Nigerian Currency in 2023A Bank of America economist, Tatonga Rusike, has said the Nigerian currency is overvalued by as much as 20% and will likely be devalued in 2030. The remarks by the economist came just days after the currency’s exchange rate reportedly touched a new low of just under 750 naira for every U.S. dollar on the […]

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Egyptian Pound Latest African Currency to Slump to Record Low Versus US Dollar

Egyptian Pound Latest African Currency to Slump to Record Low Versus US DollarThe Egyptian pound recently became the latest currency from the African continent to see its value versus the greenback slump to a record low. The pound’s fall came amidst reports suggesting the Egyptian government is hoping to strike a loan deal with the International Monetary Fund (IMF) within a month or two. Egyptian Pound Still […]

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Nigerian Central Bank Hikes Key Interest Rate Just Days After Naira Plunges to New Low

Nigerian Central Bank Hikes Key Interest Rate Just Days After Naira Plunges to New LowFollowing the latest meeting of the monetary policy committee, the Central Bank of Nigeria says it has hiked the monetary policy rate to 15.5%. By increasing the key interest rate by 150 basis points, the central bank hopes to “narrow the negative real interest rate gap and rein in inflation.” The rate increase came just […]

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Nigerian Presidential Candidate Says Fixed Exchange Rate Regime ‘Has to End’ — Touts Success of Fintech Unicorn Flutterwave

Nigerian Presidential Candidate Says Fixed Exchange Rate Regime ‘Has to End’ — Touts Success of Fintech Unicorn FlutterwaveA Nigerian presidential election candidate, Peter Obi, has said the local currency’s exchange rate against the dollar must not be fixed but must be determined “by the forces of demand and supply.” Pointing to the success of the Nigerian fintech Flutterwave, the candidate said if elected, his government will create an enabling environment for other […]

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