Tag: Currency
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Invest in local production of goods to strengthen currency, economy – MAN tells FG
Manufacturers Association of Nigeria, (MAN) has urged the Federal Government to support local producers in a bid to further strengthen the economy and make the county’s currency to grow in the international market.
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Currency in circulation has dropped to N1.38tn – CBN
Following the naira redesign, introduced by the Central Bank of Nigeria, the total amount of currency-in-circulation in the country has dropped from N3.29tn as of the end of October 2022 to N1.38tn as of the end of January 2023.
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New Notes: Emefiele reels out benefits, says Naira already stabilizing
It’s no longer news that the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has announced the extension of deposit of old notes at the bank to the 10th of February, 2023. The extension became necessary following the inability of banks and POS operators to dispense the new note and the difficulty experienced by Nigerians…
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Forex: Naira bounces back against the dollar, gains 20.8%
The Nigerian currency naira made a massive rebound against the dollar at the parallel market. Record show that a massive 20.8% was recorded against the dollar on Thursday. It now exchange for 720/1 as against 910/1 that it rose to few days ago. Recall that Naira came under severe pressure as soon as the federal…
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APC governors disown Obaseki over allegation of currency printing
The Progressive Governors’ Forum (PGF) has debunked claims by Gov. Godwin Obaseki of Edo that the Federal Government printed between N50 billion – N60 billion in March. The forum in a statement by its chairman, Gov.Abubakar Bagudu of Kebbi on Sunday in Abuja, said Obaseki’s claims did not reflect the true position of things.…
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CBN summons currency dealers, others on development in forex market
The Central Bank of Nigeria (CBN) has summoned all authorised currency dealers for a meeting to discuss development in the foreign exchange market. The invitation was contained in a circular released and signed by the bank’s Director, Trade and Exchange, Mr Ahmed Umar in Abuja on Friday. It explained that the meeting would engage the…
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Japan finance minister says bitcoin not yet proven as credible currency
Japanese Finance Minister Taro Aso said on Tuesday that bitcoin has not been proven to be a credible currency and that he would watch its developments in the near-term. He made the remark to reporters when asked about his French counterpart’s comment this week that France would propose a discussion on regulating the virtual currency…
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Adopt common currency to boost trade, Obasanjo charges ECOWAS
Former President Olusegun Obasanjo on Thursday called on the leaders of the Economic Community of West African States (ECOWAS) to agree on common currency to boost the regional trade. Obasanjo made call at the ongoing 24th Annual General Meeting of the African Export-Import Bank (Afreximbank) in Kigali. He spoke on: Can Regional Economic Communities Work…
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Surging Bitcoin breaks through $1,000 barrier
The value of Bitcoin surged above $1,000 on Monday as the digital unit continues a dizzying rise that made it the best-performing currency of 2016. Its value has more than doubled in the last year and it was trading at around $1,024 in afternoon European trading on Monday, after breaking through the $1,000 mark on…