Category: Money and Stocks

BREAKING: Buhari Unveils New N200, N500, N1000 Notes

ADEOLA YUSUF

Here are the see-it-for-yourself pictures of the new notes and what to know about their purchasing power   President Muhammadu Buhari has unveiled the re-designed N200, N500 and N1000 notes at the commencement of the weekly meeting of Federal Executive Council. According to a tweet by the president’s assistant on social media, Bashir Ahmad, Buhari unveiled the redesigned N200, N500, N1000 notes today. Platforms Africa reports that Buhari was flanked by cabinet officials, including the CBN Governor, Godwin Emefiele, while unveiling the redesigned N1,000, N500 and N200. The new Naira…

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Naira Gains More Muscles, Exchanges at N445.38 to Dollar

ADEOLA YUSUF

The naira on Monday appreciated against the dollar at the Investors and Exporters window, exchanging at N445.38. The figure represents an appreciation of 0.07 per cent compared with the N445.67 for which the dollar exchanged at the close of business on Friday. The open indicative rate closed at N444.08 to the dollar on Monday. An exchange rate of N447 to the dollar was the highest rate recorded within the day’s trading before it settled at N445.38. The naira sold for as low as 440 to the dollar within Monday’s trading.…

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Naira Continues To Wax Strong, As BDC Operators In Adamawa Reject Dollars

ADEOLA YUSUF

Bureau de change operators in Adamawa State are rejecting foreign currencies from customers due to growing uncertainty in the parallel market. Some of the money changers interviewed at Jimeta Modern Market in Yola said they were apprehensive over the sudden and continued crash of the dollar which destabilized the parallel market. The chairman, BDC operators association in Adamawa State, Lawan Mai Yasin, said the traders incurred heavy losses after they bought a dollar at around N870 from sellers before it suddenly crashed to N680. He explained that many traders were…

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Dollar Hoarders, Speculators Lose As Naira Rebounds to 720/Dollar

ADEOLA YUSUF

How, why Naira rose by over 140/dollar within 48 hours – Experts, Traders   Naira, Nigeria’s unit if exchange, has rebounded by 20.8 per cent to 720/dollar at the parallel market, digging a big hole in the purse of hoarders and speculators. The development came two weeks after the local currency came under severe pressure at the black market, following the announcement by the Federal Government to redesign the naira. READ ALSO: Naira Sinks To N860/Dollar, Alters Petrol Depot Dynamics Atiku: Why Obasanjo’s lmage Ought To Be In Redesigned Naira…

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Nigeria’s Debt Skyrockets To N42.84trn

ADEOLA YUSUF

Nigeria’s public debt stock has increased from N35.46 trillion (86.57 billion dollars) in the second quarter of 2021 to N42.84 trillion (103.31 billion dollars) in the corresponding period of 2022,according to National Bureau of Statistics (NBS) Nigerian Domestic and Foreign Debt Report released in Abuja on Wednesday. The agency stated that external debt stood at N13.71 trillion (33.46 billion dollars) in the second quarter of 2021 and increased to N16.61 trillion (40.06 billion dollars) in the second quarter of 2022. It also stated that domestic debt was N21.75 trillion (53.10…

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Atiku: Why Obasanjo’s lmage Ought To Be In Redesigned Naira Note

ADEOLA YUSUF

“For bringing peace to Ethiopia, he is most deserving of a Nobel Peace Prize. He did the same thing in Liberia and São Tomé and Príncipe during our time in office.”  Here is the full statement from Atiku who once had a frosty relationship with Obasanjo   Presidential candidate of People’s Democratic Party (PDP), Atiku Abubakar, has declared that the image of former President Olusegun Obasanjo ought to be in redesigned Naira note. “For bringing peace to Ethiopia, he is most deserving of a Nobel Peace Prize,” Atiku who was…

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Naira Redesign: 3 Governors Under EFCC Watch Over Hidden Billions, Bawa Reveals

ADEOLA YUSUF

Three serving state governors in Nigeria are being monitored over their moves to launder stashed billions of naira through table payment of salaries to workers, Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, told Daily Trust in an exclusive interview on Thursday. He said raid on Bureau De Change operators will be sustained, urging Nigerians to support the system, for the benefit of all. Daily Trust reports that the Central Bank of Nigeria (CBN) had on October 26 announced that the country’s currency would be redesigned to…

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Buhari Disowns Finance Minister, Backs Emefiele On New Naira Notes

ADEOLA YUSUF

President Muhammadu Buhari has said that the decision of the Central Bank of Nigeria (CBN) to launch new designs and replace high value Naira notes had his support and is convinced that the nation will gain a lot by doing so. This is against the impression given by the minister of finance, Zainab Ahmed, who said her ministry was not briefed about the plan. READ ALSO: BREAKING: Finance Minister Rejects CBN’s Plan to Redesign Naira CBN Doesn’t Need to Consult Anyone to Redesign Naira, Emefiele Replies Minister Naira Redesign’ll Make Kidnappers Ask…

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CBN Doesn’t Need to Consult Anyone to Redesign Naira, Emefiele Replies Minister

ADEOLA YUSUF

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, on Friday night defended the decision of the Bank to redesign some Naira notes, insisting that he doesn’t need to consult with the Minister of Finance to do so. This signals an escalation in the war of words between the CBN and the Finance Ministry over the decision of the apex bank to redesign some Naira notes. READ ALSO BREAKING: Finance Minister Rejects CBN’s Plan to Redesign Naira Nigeria Plots To End Citizens’ Migration Overseas BREAKING: CBN to Change N200,…

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BREAKING: Finance Minister Rejects CBN’s Plan to Redesign Naira

ADEOLA YUSUF

Zainab Ahmed Raises The Alarm on Consequences of Emefiele’s plan to Redesign the Naira   Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, has rejected a plan by the Central Central Bank of Nigeria (CBN) to redesign naira, warning the apex bank of its consequences on the country’s troubled economy. Ahmed expressed her opposition to the policy in response to a question raised by Senator Opeyemi Bamidele during the 2023 budget defence session she had with  the Senate Committee on Finance. READ ALSO EXCLUSIVE: Finance Ministry Named As Multi-Million…

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