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Nigerian Central Bank Says Amended CBDC Model to Ensure Increased Volumes and Wallet Activity

[Jul 27, 2023 4:00 AM] The Nigerian central bank has said it is amending the model of its central bank digital currency and is hopeful that such an exercise will result in “an increase in the volume and activity of wallet holders.” According to the acting…

Nigerian Currency Falls by More Than 30% After Central Bank Announced New Forex Market Rules

[Jun 18, 2023 12:30 AM] The Nigerian currency’s official exchange rate versus the greenback recently plunged to NGN634 per dollar from just under NGN470 per dollar. The central bank’s decision to allow the naira to “float” came a few weeks after Nigerian…

Security Agency Detains Nigeria’s Suspended Anti-Bitcoin Central Bank Governor

[Jun 12, 2023 8:00 AM] The Central Bank of Nigeria governor, Godwin Emefiele, was suspended by Nigerian President Bola Ahmed Tinubu on June 9 and was subsequently arrested by a domestic security agency. Several reports have linked Emefiele’s suspension to the…

US Banking Crisis: Nigerian Banks Not Directly Exposed to SVB Says Central Bank Governor

[Mar 25, 2023 2:00 AM] A recent review of Nigerian banks’ bond portfolios showed that the institutions were not directly exposed to Silicon Valley Bank, the governor of the country’s central bank has said. In addition, the governor said the Central Bank of…

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

[Mar 16, 2023 5:30 AM] 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…

Nigerian President Barred From Extending Old Naira Banknote Demonetization Deadline

[Feb 9, 2023 1:30 AM] 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…

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

[Feb 1, 2023 1:30 AM] 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…

Report: Nigeria Debt Management Office’s $48.8 Billion Debt Contravenes the Law Says Expert

[Jan 15, 2023 2:30 PM] The Nigerian Debt Management Office (DMO) contravened the law when its borrowings exceeded the set limit which is equivalent to $2.2 billion, Adetilewa Adebajo, an international financial markets expert has reportedly said. Adebajo also suggested…

Report: Nigerian Security Agency Seeks to Arrest Central Bank Governor on Charges of Funding Terrorists

[Dec 27, 2022 3:30 PM] The Nigerian security agency, the Department of State Services (DSS), has reportedly instructed its operatives to arrest the Central Bank of Nigeria governor Godwin Emefiele as soon as he is seen in public. The DSS is still seeking to apprehend…

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

[Nov 27, 2022 3:00 AM] 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…