The Naira yesterday recorded its first closing gain of N39/$1 at the Investors and Exporters (I&E) window following the unification of exchange rates into the I&E window by the Central Bank of Nigeria (CBN). The Naira, which closed at N702/$1 on Thursday came back strong yesterday, closing at N663/$1, a N39/$1 appreciation, according to data from FMDQ Group. The policy, …

The Economic and Financial Crimes Commission (EFCC) has commenced probe of an actress and cosmetologist, Oluwadarasimi Omoseyin, for allegedly spraying and stepping on the redesigned Naira notes. Omoseyin was arrested by the anti-graft agency on Wednesday, on Awolowo Road, in the Ikoyi area of Lagos State. According to the commission, the 31-year-old actress was arrested after a video showing her …

The current economic and sociopolitical environment in which the Central Bank of Nigeria (CBN) possesses certain monopolistic, statutory powers in the creation and management of national currency and foreign reserves is characteristically pained, complicated and stressed. For instance, on the macroeconomic front, there is the unprecedented presence of virulent stagflation (the concurrent existence of unemployment and inflation) following import restrictions …

The Central Bank of Nigeria (CBN) has announced a new policy on over-the-counter withdrawals, effective 9th January, next year. The apex bank has mandated deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively per week. The revised cash withdrawal limits, contained in a circular …

Three existing Nigerian currency notes – N200, N500 and N1,000 – will cease to be legal tender from 31st January next year, that is 98 days away. The Central Bank of Nigeria (CBN) announced on Wednesday that Nigerians and others in possession of the notes should return them the banks, in place of the redesigned notes. According to the CBN Governor, …