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Tag: Naira

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Nigeria: President Buhari extends use of old naira notes amid shortages

Elwin Mandowa, , , , , , ,
Buhari said that the old 500 and 1,000 naira notes could only be exchanged at the central bank and other designated places. But the 200 naira will remain in use for the next two months. – Advertisement – The central bank wanted the note swap initiative to curb cash in circulation and control double-digit inflation. But the International Monetary Fund… Read More
Africa Business Nigeria News and Headlines West Africa World 

Nigeria: Court halts deadline to swap banknotes amid chaotic scenes

Elwin Mandowa, , , , , , ,
Nigeria’s Supreme Court has halted the government’s plan to enforce a Friday deadline for citizens to swap old banknotes for new ones. The government had expected Nigerians to turn in old 1,000, 500 and 200 naira banknotes in exchange for newly designed notes by Friday. The central bank wanted the initiative to curb cash in circulation and control double-digit inflation.… Read More
Africa Business Nigeria News and Headlines West Africa World 

Nigeria releases new bank notes into circulation

Elwin Mandowa, , , , , , ,
– – Nigeria has released its new currency into circulation in the first such redesign in 20 years. It is expected to address insecurity, tackle counterfeiting and force excess cash back into the banking system, the government said. Nigeria’s central bank had said more than 80% of the money in circulation was being hoarded by individuals. It has urged people… Read More
Africa Business West Africa World 

Nigeria targets diaspora remittances with ‘naira for dollar’ scheme

Elwin Mandowa, , , , , , , , ,
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… Read More