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CBN Injects $11.24bn To Economy In Seven Months
Date from the Central Bank of Nigeria has shown that the apex bank injected $11.24 billion into the economy to stabilise the value of the naira from January 2022 to July. This was contained in the banking regulator’s monthly economic reports on foreign exchange market developments. In the first five months of the year, CBN…
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In Two Months, CBN Defends Naira With $3.36bn
Figures obtained from the Central Bank of Nigeria’s January monthly report on ‘Foreign Exchange Market Developments’ showed that $1.71bn and $1.65bn were injected in December 2021 and January 2022 respectively. This is part of efforts to ensure the stability of the naira. In total CBN injected $3.36bn into the foreign exchange market in two months.…
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Currency in circulation rose by N129bn in October
The Central Bank of Nigeria has said that the currency in circulation in the country rose by N129bn to N2.97tn in October from N2.84tn in September 2021. Currency in circulation is defined as currency outside the vaults of the central bank – that is, all legal tender currency in the hands of the general…
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CBN Spends N58.6bn To Print 2.5bn Naira Notes
The Central Bank of Nigeria has spent the sum of N58.618 billion to print 2.518 billion Naira notes, valued at 1. 063 trillion in 2020. This was contained in the bank’s 2020 Currency Report indicating a decrease in the bank’s expenditure on currency printing, which stood at N75. 523 billion, in 2019 and N64. 040…
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Nigeria To KickOff Currency Minting Deal With Gambia
The Central Bank Of Nigeria has agreed on a currency minting deal with the Central Bank of Gambia. CBN Governor, Mr Godwin Emefiele, agreed to the currency minting proposal from the Governor of the Central Bank of the Gambia, Mr Buah Saidy, who led a delegation to visit him on Tuesday, June 15. According to…
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The Fall and Fall of the Nigerian Naira
According to the Central Bank of Nigeria (CBN), Nigeria’s currency, the Naira, fell by nearly a fifth of its value on the official exchange rate window, in the five months between March and August of this year from 305 to the U.S. dollar to 379 on August 21, for a roughly 24.3% decline. Nigeria’s currency,…