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New Naira Banknotes to Make Monetary Policy More Effective — Nigerian Central Bank Governor

New Naira Banknotes to Make Monetary Policy More Effective — Nigerian Central Bank GovernorThe Central Bank of Nigeria governor, Godwin Emefiele, has said the newly designed naira banknotes are set to enhance the effectiveness of the organization’s monetary policy and bolster the financial inclusion cause. Forcing Currency Hoarders to Return to the Banking System According to the Nigerian central bank governor, Godwin Emefiele, the recently launched naira banknotes […]

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Nigerian Currency Recovers Versus US Dollar — Central Bank Says Importers Must Repatriate Forex Earnings

Nigerian Currency Recovers Versus US Dollar — Central Bank Says Importers Must Repatriate Forex EarningsAfter touching a new all-time low of N710 per dollar in late July, a new report says the Nigerian currency has rebounded by as much as 10%. After initially blaming speculators, the Central Bank of Nigeria has said importers who fail to remit forex earnings may be contributing to the naira’s depreciation. Naira Depreciation Less […]

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Nigerian Presidency: Vice President Yemi Osinbajo Against ‘Willy-Nilly Devaluation of the Naira’

Nigerian Presidency: Vice President Yemi Osinbajo Against ‘Willy-Nilly Devaluation of the Naira’The Nigerian presidency has denied reports that the country’s Vice President (VP), Yemi Osinbajo, was calling for the devaluation of the local currency when he recently questioned the naira’s official exchange rate. The Huge Arbitrage In fact, according to a report that quotes Laolu Akande, the VP’s assistant, Osinbajo is against “a willy-nilly devaluation of […]

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Nigerian Central Bank Threats Force Parallel Exchange Rate Tracker to Suspend Service

Nigerian Central Bank Threats Force Parallel Exchange Rate Tracker to Suspend ServiceFollowing threats from the Central Bank of Nigeria (CBN), the management of Abokifx, a website that tracks the Nigerian currency’s black market exchange rates, has announced the suspension of their daily updates. This suspension will remain in effect until Abokifx gets “better clarity of the situation,” management said on September 17, 2021. Tracking of Parallel […]

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