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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…

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

[May 9, 2023 11:30 PM] 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…

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 Banks Resume Dispensing Recently Demonetized Naira Banknotes

[Mar 11, 2023 3:30 AM] 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 Cash Crisis: Benue State Residents Resort to Barter Trade

[Mar 1, 2023 12:30 AM] 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…

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

[Feb 17, 2023 3:00 PM] 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…

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

[Dec 29, 2022 11:30 PM] 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…

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…