Africa Business West Africa World 

Nigeria targets diaspora remittances with ‘naira for dollar’ scheme

Banks in Nigeria are encouraging their clients to accept remittances in dollar from relations abroad for a reward. The scheme which was introduced by the Central Bank of Nigeria seeks to offer a reward of five naira for every $1 sent by Nigerians living abroad through international money transfer operators in the country. The scheme is to be called “naira for dollar” and an attempt to shore up the country’s revenue streams. Diaspora remittances to Nigeria totalled $25bn in 2019 but dipped to just over $5.3bn in 2020, according to…

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Africa Liberia West Africa World 

Liberia: Man drowns trying to rescue $20 note in river

Police in Liberia have said that a man drowned after he jumped into a river in the capital, Monrovia, to retrieve a $20 note he had dropped. Tamba Lamine according to eyewitnesses was walking with a friend on a bridge when the bank note fell. He reportedly jumped from the bridge into the river and successfully located the note which he showed to onlookers. Police spokesman Moses Carter told the media though that the street hawker drowned shortly after that. His body is yet to be recovered according to Mr…

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Africa Business Southern Africa World Zimbabwe 

Zimbabwe to roll out new bank notes in November

Zimbabwe’s central bank has said that the country’s new bank notes and coins will be in circulation in November this year. The Zimbabwe dollar currency was re-introduced this year after the country abandoned the US dollar as its official currency. This was to stabilize Zimbabwe’s economy which is still struggling to survive and currently in crisis. Zimbabwe’s President, Emmerson Mnangagwa in June said his country needed another new currency by end of year. He argued that this would help stabilise prices and inflation. Zimbabwe’s central bank governor John Mangudya told…

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