Currency outside banks now N4trn, says CBN
Post AMUGE
November 1, 2024
Business a.m. Currency outside banks surged by 66.2 per cent in September 2024, reaching N4.02trn compared to N2.42trn in September 2023, a notable rise of N1.60trn in just one year. This is according to the Money and Credit Statistics data of the Central Bank of Nigeria. On a month-on-month basis, currency outside banks grew by […]
Naira dips to sub-Saharan currency low in World Bank report
Post AMUGEOctober 16, 2024
Onome Amuge The Nigerian Naira has been identified as one of the worst-performing currencies in sub-Saharan Africa at the end of August 2024, according to the World Bank’s Africa’s Pulse report. The World Bank report revealed that the Nigerian Naira has fallen to the same level of decline as the Ethiopian Birr and South Sudanese […]
SERAP drags CBN to court over missing N100bn dirty notes
Post AMUGEJuly 29, 2024
Business a.m. The Socio-Economic Rights and Accountability Project (SERAP) has demanded that the Central Bank of Nigeria (CBN) provide a detailed account of the “over N100 billion in dirty and bad notes”, along with ‘other large sums of cash awaiting examination,’ which are reportedly being held in various CBN branches. According to Kolawole Oluwadare, deputy […]
Naira slumps to bottom of global currency rankings in 2024
Post AMUGEJuly 1, 2024
Business a.m. The Nigerian naira has been ranked the worst-performing currency globally in the first half of 2024, according to a recent report released by Bloomberg. The report identified several factors that contributed to the naira’s underperformance, including devaluation, a lack of dollar liquidity, and market volatility, which have reportedly hindered the CBN’s ability to […]
CBN faces major headwinds as Nigerians overlook banks for cash
Post AMUGEJune 11, 2024
Currency in circulation hits record-high N3.97trn Apex bank lose grip as tightening falls short ONOME AMUGE Nigeria’s currency in circulation seems to have defied the iron grip of the Central Bank of Nigeria (CBN)’s monetary policy tightening as it leaped to a record-breaking peak of N3.97 trillion in May 2024, a N314.6 billion increase […]
Naira’s fortune reverses from top to world’s worst-performing currency
Post AMUGEMay 14, 2024
Onome Amuge Nigeria’s naira has plunged from grace, transitioning from the world’s top-performing currency in March to the worst-performing in April, as revealed by a recent Bloomberg report. The report unveils the naira’s downward trajectory, highlighting its rapid descent after a brief stint in the limelight. As the local currency embarks on another round of […]
ABCON back to CBN with a plea amid losses from dollar allocation
Post AMUGEApril 9, 2024
Onome Amuge The Association of Bureaux De Change Operators of Nigeria (ABCON) has made a passionate plea to the Central Bank of Nigeria (CBN) to review its current foreign exchange rate policy for the CBN-licensed Bureaux De Change (BDCs). Currently, the CBN pegs the exchange rate for BDCs at N1,251/$, but ABCON argues that […]
ABCON sees further naira recovery on CBN recall of BDCs to FX market
Post AMUGEApril 1, 2024
Business a.m. The Association of Bureaux de Change Operators of Nigeria (ABCON) sees the recovery of the Naira continuing on the back of the recall by the Central Bank of Nigeria of their members to the mainstream of Nigeria’s foreign exchange market. The association, therefore, commended the CBN for this decision, which it said has […]
ATM usage plunges to 40% amid naira scarcity – KPMG
Post AMUGEJanuary 9, 2024
Business a.m A new report by KPMG has found that the scarcity of cash in circulation has led to a significant decline in the weekly usage of Automated Teller Machines (ATMs). According to the report, “In Pursuit of Value,” which surveyed customers of Nigerian and Ghanaian banks, ATM usage dropped significantly during the year 2023. […]
Emefiele says Naira 4 dollar policy will give Nigerians in the diaspora cheaper and convenient means to sending remittances home
Online EditorMarch 9, 2021
Policy to exist for just 60 days in a bid to check round-tripping Charles Abuede Nigeria’s apex bank Governor, Godwin Emefiele has said that the introduction of the “CBN Naira 4 Dollar Scheme” which comes into effect on Monday, March 8, 2021, is aimed at reducing the cost of remittance inflow, check the […]