CBN’s swap policy shows cash is king in Nigeria
Nigeria is moving toward a full-fledged cashless society with the Central Bank of Nigeria’s introduction of the cash swap policy.
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Naira crisis worsens days after Buhari’s pledge
President Muhammadu Buhari has failed to deliver on his promise to resolve naira crisis after seven days.
Nigerians groan as CBN keeps mute on naira swap deadline
In 2022, Nigeria’s apex bank, the Central Bank of Nigeria, announced its plans to redesign the currency.
CBN’s excess cash claim not supported by data
The Central Bank of Nigeria (CBN) says that one of the many reasons for naira redesign is to mop up excess liquidity in the Nigerian economy.
Nigeria’s Currency Weaker Than Afghani, Pakistani Rupee; Here Is Why
Nigeria’s currency is weaker than Afghanistan’s Afghani and Pakistan’s Rupee on the international market. Currently, one dollar equals N411 (Naira). 79.92 AFN (Afghani), and 174. 43 PKR (Pakistani rupee).
There are only CONS to the 5.54 Percent Naira Devaluation
The Central Bank of Naira (CBN) recently devalued the naira by 5.54 percent. While the new rate has not been readjusted on the website of the apex bank, there are indications that exchange has been raised to ₦381/$1 in place of the previous official rate of ₦360/$1. However, the new rate has been updated on the website of FMDQ OTC Securities Exchange, a platform that oversees foreign-exchange trading.