Posts Tagged ‘Naira’

CBN dismisses report of naira devaluation

by Seun Adeuyion March 12, 2020
The Central Bank of Nigeria (CBN) has described as false and unwarranted, rumors and speculative activities of ‘unscrupulous’ players in the foreign exchange market that it is on the verge of devaluing the Naira. This was contained in a press statement signed by the CBN Director of Corporate Communications, Isaac Okorafor, made available to BreakingTimes […]

CBN adopts recycling of naira notes; to end open-air burning

by Chuks Azotanion February 12, 2020
The Central Bank of Nigeria (CBN) has announced its decision to stop the burning of currency notes withdrawn from circulation. In a notice posted on the bank’s website, the apex bank said it will soon commence the recycling of mutilated banknotes. The apex bank disclosed that although it destroys about 100 tonnes of bad naira notes […]

Nigeria May Introduce Contracts to Manage Naira Risk for a Decade [See Graphics]

by Ikokwu Ikembaon September 6, 2019
Nigeria wants to offer naira futures of as long as 10 years to help cushion against foreign-exchange risks and attract longer-term funding to Africa’s top oil producer. The Central Bank of Nigeria started selling foreign-currency futures contracts on the FMDQ Securities Exchange Plc in 2017 with a maximum duration of 13 months. This was to […]