‘Why POS agents are needed in CBN’s cashless policy’ – Emefiele

The Governor of Central Bank of Nigeria, (CBN), Godwin Emefiele, has explained why Point of Sale (PoS) agents are needed in the cashless policy of the apex bank. Emefiele said the POS agents are needed because it was important to ensure that the people at the hinterlands where there may not be financial institutions are given access to financial services. The CBN governor said the quickest financial service would be the POS at the rural communities. The apex bank’s Deputy Governor, the Financial System Stability, A’isha Ahmed, who represented Emefiele stated…

Read More

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

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…

Read More

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

…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…

Read More

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

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…

Read More

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

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,…

Read More

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

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…

Read More

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

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…

Read More

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

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…

Read More

“Avoid speculators; we’re working to avert Naira’s further fall against dollar” – CBN urges public  

With an escalating demand for foreign exchange for both goods and services by Nigerians, the Central Bank of Nigeria (CBN) has assured that it would continue to make deliberate efforts in the foreign exchange sector to avert a further downward slide in the value of the naira, which it said was fuelled by speculative tendencies. The CBN’s Director, Corporate Communications, Osita Nwanisobi, yesterday, advised the public to resist the urge of succumbing to the speculative activities of some players in the foreign exchange market.  Reiterating an earlier position of the…

Read More

CBN clears air on withdrawal of Naira notes from circulation

The Central Bank of Nigeria, (CBN), has said that there was no plan to replace the Naira notes in circulation with the eNaira, the digital currency, in the foreseeable future. The Director, Corporate Communications Department of the apex bank, Osita Nwanisobi, at the weekend disowned the report that the Bank intends to replace the Naira notes with eNaira in due course. He said that the statement purportedly to have been made during a stakeholders’ engagement on eNaira adoption in Asaba, Delta State was misconstrued, and therefore called on the general…

Read More