The Central Bank of Nigeria (CBN) has announced its plan to redesign some naira notes. The CBN Governor, Godwin Emefiele, who disclosed this during a special press briefing in Abuja. Godwin Emefiele said the new design and issues will be effective from Thursday, December 15, 2022. He advised Nigerians to take old notes to banks
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has urged the trade associations and merchants to take advantage of the numerous benefits provided by the Central Bank Digital Currency (CBDC) also known as eNaira to promote and grow their businesses. Specifically, Emefiele said the availability of eNaira payment option on e-commerce
Rising from the September 2020 Monetary Policy Committee (MPC) meeting, the Central Bank of Nigeria (CBN) has dropped the benchmark lending rate by 100 basis points (bp), from 12.5 per cent to 11.5 per cent. The aim is to make more money available for lending to critical sectors as the economy braces for a looming
The Central Bank of Nigeria (CBN) has made known it’s preparedness to increase the number of bank account holders enrolled on the Bank Verification Number (BVN) System from over 40 million to 100 million in the next 5 years. According to the Nigeria Interbank Settlement System (NBISS), there are over 40 million active bank accounts
In efforts to build a more financial inclusion in the country, Fintech firms have seen capital inflow to the tune of $400 million in the year 2019. According to reports, the Central Bank of Nigeria (CBN), through its governor, Mr Godwin Emefiele revealed that this investment in fintech firms was part of the plan to
The Central Bank of Nigeria, CBN, is set to intensify policy measures to achieve $4 billion in non-oil exports revenue in 2020. This represents 100 percent growth when compared with $2 billion non-oil exports revenue achieved in 2019. The CBN Governor, Mr. Godwin Emefiele, revealed this in Lagos while unfolding policy priorities of the apex
A plan unfolded by its Governor, Godwin Emefiele, to set up a “national” microfinance bank “to enhance financial inclusion and credit to the agricultural sector, as well as small and medium scale enterprises” is another desperate lunge towards statism and bureaucratisation. It has never worked. A more realistic approach is a multi-pronged policy of strong
