Tag: CBN

“Naira redesign will check financial bullying by politicians in 2023” – Buhari

Aminu Imam

As debates on the proposed redesign of the Naira rages, President Muhammadu Buhari has declared that his administration aims to check financial intimidations by unnamed politicians, who he said had stockpiled the money ahead of the 2023 general election. The President, who spoke in London, United Kingdom, where he was receiving medical attention, vowed not to reverse the planned redesign of N1, 000, N500 and N200 notes by the Central Bank of Nigeria, (CBN). This is as the President applauded the policy announced by the CBN Governor, Godwin Emefiele, on…

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SPECIAL REPORT: CBN’s Naira Redesign: Scrutinising the raging debates

Aminu Imam

Aminu Imam The Central Bank of Nigeria (CBN) last month announced out-of-the-blue that it will redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1, 000 levels. According to the CBN governor, Godwin Emefiele, the management of the apex bank sought and obtained the approval of President Muhammadu Buhari for the initiative. He said the new and existing currencies shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall cease to be legal tender. Emefiele noted that significant hoarding of…

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Naira Redesign: CBN replies Finance Minister, says Nigeria under threat

Aminu Imam

The Central Bank of Nigeria (CBN) has officially responded to the Minister of Finance, Budget and National Planning‘s claim that she was not informed of the decision to redesign the naira notes. Recall that the CBN governor, Godwin Emefiele, on Wednesday announced the introduction of newly designed notes of N200, N500 and N1, 000, which he said would be in circulation by December 15, 2022. Giving further reason why the decision was taken, CBN spokesman, Osita Nwanisobi, in a statement said: “Currency management in the country had faced several escalating…

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Planned New Naira Notes: Finance Minister disagrees with CBN over currency redesigning

Aminu Imam

…Warns of consequences Two days after the Central Bank of Nigeria (CBN) announced a planned redesign of the naira the minister of Finance, Budget and National Planning, Zainab Ahmad, has rejected the idea, warning that it will have a devastating effect on the economy. Zainab, who totally disowned the policy during budget defence at the Senate, said there would be severe consequences. Recall that the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, on Wednesday announced the introduction of newly designed notes of N200, N500 and N1, 000, which he…

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CBN rolls out plan to redesign N200, N500 and N1, 000 notes

Aminu Imam

The Central Bank of Nigeria, (CBN), has said it will redesign the N200, N500 and N1, 000 notes respectively. The CBN governor, Godwin Emefiele, who announced this yesterday in Abuja during a press briefing, said that it has received the approval of President Muhammadu Buhari to redesign, produce and circulate new notes of N200, N500 and N1,000. Emefiele, who said the action was taken in order to take control of the currency in circulation in the country, stressed that the move was in line with the currency management function of…

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CBN set to scrap ATM cards, others, unveils National Domestic Card Scheme

Aminu Imam

The Central Bank of Nigeria (CBN) has announced the introduction of a National Domestic Card Scheme, which becomes effective January 16, 2023. According to reports, the Managing Director of Nigeria Inter-Bank Settlement Systems Plc, (NIBSS), Premier Owoh, stated this during the Committee’s meeting on Thursday. The move is aimed at promoting stability, inclusion, and growth in the financial and payment system and will be delivered in conjunction with the Bankers Committee and other financial ecosystem stakeholders. The card scheme was also expected to foster innovation within the Nigerian domestic market,…

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CBN recovers N3.7tr out of N9.3tr intervention funds from Nigerian businesses

Aminu Imam

The Central Bank of Nigeria (CBN) has recovered N3.7 trillion out of the N9.3 trillion it lent to different sectors of the economy under its development interventions programme. This was disclosed by the Director of Development Finance Department, Dr. Yusuf Yila, yesterday in Abuja, at a briefing of the 287th meeting of the CBN’s Monetary Policy Committee. He pointed out that over N5 trillion worth of loans were not due yet because of subsisting moratorium, and stressed that the Bank would ensure that it recovers every outstanding loan and deploy…

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Inflation: CBN raises benchmark interest rate to 15.5%%, highest in 20 yrs

Aminu Imam

The policy-setting committee of the Central Bank of Nigeria (CBN), the Monetary Policy Committee has raised its Monetary Policy Rate, (MPR), also known as interest rate, from 14 percent to 15.5 percent, to tame rising inflation. The CBN Governor, Godwin Emefiele, made the announcement yesterday, during a media briefing at the apex bank’s headquarters in Abuja, after the Committee’s meeting. He said 10 members of the committee voted for the rate hike. The monetary policy rate is the baseline interest rate in an economy, whereby every other interest rate used…

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“CBN’s policies have turned Nigeria from rice-importing to rice-exporting country” – Emefiele

Aminu Imam

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said the apex bank under his watch has now become an exporter of rice following the impacts of its several policies, particularly its Anchor Borrowers Programme, (ABP), adding that it was working to boost the industrial capacity of the country. Emefiele, who disclosed this while speaking at a seminar for Finance Correspondents and Business Editors, with the theme: “Policy Options for Economic Diversification: Thinking Outside the Crude Oil Box”, yesterday, noted that the CBN has taken major leaps…

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Debts: DisCos’ takeover, CBN interventions averted banks’ collapse – Stakeholders

Aminu Imam

Some stakeholders in Nigeria’s power sector have lamented that many Deposit Money Banks (DMBs) in Nigeria who extended loans to some electricity distribution companies (DisCos) may have collapsed except for the Central Bank of Nigeria (CBN)’s intervention, especially in their takeover. The experts, who also noted that the apex bank’s backing of the takeover saved the country job losses and economic catastrophe, noted that recovering government loans, as well as that of commercial banks, remained critical for the nation’s financial sector, even as government intervention in the sector now stands…

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