naira redesign – DIGIT INFO

Nigeria-China Currency Swap: Activist Lawyer Accuses IMF and World Bank of ‘Economic Sabotage’ to Promote US Dollar, Urges Nigeria to Join BRICS

DIGIT — Wed, 10 May 2023 06:19:56 +0000

Nigerian human rights activist and lawyer, Femi Falana, has accused the International Monetary Fund (IMF) and the World Bank (WB) of sabotaging the currency swap arrangement between China and Nigeria. Falana said the Nigerian central bank and the two global financial institutions are helping to perpetuate “the dominance of the United States dollar in Nigeria.” […]

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After Presidential Rebuke, Nigeria’s Central Bank Says Demonetized Naira Banknotes Still Legal Tender

DIGIT — Thu, 16 Mar 2023 11:30:31 +0000

The Nigerian central bank has said the recently demonetized ₦200, ₦500 and ₦1,000 banknotes will remain legal tender until Dec. 31, 2023. The central bank statement, which reaffirms a Supreme Court ruling that extended the lifespan of the demonetized naira banknotes, followed a rebuke of the CBN by the outgoing Nigerian president, Muhammadu Buhari. Central […]

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Nigerian Banks Resume Dispensing Recently Demonetized Naira Banknotes

DIGIT — Sat, 11 Mar 2023 09:30:04 +0000

According to local reports, Nigerian financial institutions have begun abiding by a Supreme Court ruling that invalidated the Central Bank of Nigeria (CBN)’s demonetization of the 1,000, 500 and 100-naira banknotes. According to the court, Nigerian residents will continue to use the demonetized banknotes until the end of the year. Court Criticizes Outgoing Nigerian President […]

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Nigerian Cash Crisis: Benue State Residents Resort to Barter Trade

DIGIT — Wed, 01 Mar 2023 06:30:12 +0000

Faced with cash shortages caused by the central bank’s currency policies, traders in the Nigerian state of Benue have reportedly resorted to barter trading. Traders from the state have implored the Nigerian government to consider rescinding the Central Bank of Nigeria’s naira redesign policy. The Nigerian Supreme Court has said it will pass its judgment […]

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Moody’s Says Forex Shortages May Force Nigerian Central Bank to Delay Repaying Local Banks

DIGIT — Fri, 17 Feb 2023 21:00:38 +0000

The persistent scarcity of foreign exchange may force the Nigerian central bank to delay repaying the $10.4 billion owed to local banks, analysts at Moody’s Investors Service have concluded. The central bank’s failure to pay its debts on time will likely force the affected financial institutions to similarly delay paying back their own forex-denominated debts. […]

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Nigerian President Barred From Extending Old Naira Banknote Demonetization Deadline

DIGIT — Thu, 09 Feb 2023 07:30:14 +0000

With just a few days left before the old naira banknotes are demonetized on Feb. 10 as scheduled, a court in Nigeria has blocked the country’s president, Muhammadu Buhari, and the central bank governor, Godwin Emefiele, from further extending the deadline. Opponents of the central bank’s old naira demonetization plan have asked Buhari and Emefiele […]

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Nigeria Extends Deadline for Returning Soon-to-Be Demonetized Naira Banknotes

DIGIT — Wed, 01 Feb 2023 10:49:57 +0000

After initially ignoring pleas to extend the period for returning old naira banknotes, the Nigerian central bank recently said it has shifted the deadline for returning old banknotes to Feb. 10. The bank’s governor, Godwin Emefiele, said some 30,000 so-called super agents have been deployed nationwide to help with the cash-swapping process. CBN Governor Says […]

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Report: Nigerian Central Bank Spent Over $1.8 Billion Managing Local Currency

DIGIT — Fri, 30 Dec 2022 05:30:12 +0000

During her appearance before Nigerian lawmakers, Aisha Ahmad, the deputy governor of the Central Bank of Nigeria (CBN), told lawmakers that out of the nearly $1.8 billion used to manage the local currency, over 90% of this total was reportedly used to fund expenses associated with the production of banknotes. The Growing Cost of Maintaining […]

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

DIGIT — Sun, 27 Nov 2022 09:00:19 +0000

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

DIGIT — Mon, 31 Oct 2022 22:30:35 +0000

The 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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