Connect with us

Economy

CBN’s New Naira: Peter Obi Breaks Silence, Requests Patience from Nigerians

Published

on

CBN's New Naira: Peter Obi Breaks Silence, Requests Patience from Nigerians

Peter Gregory Obi, the presidential candidate for the Labour Party, has urged Nigerians to be patient with the Central Bank of Nigeria over the New Naira notes.

The former governor of Anambra State, who finally spoke out about the new naira notes, claim that the currency redesign will have major long-term economic advantages.

He stated; “The currency redesign is not peculiar to Nigeria. It is an exercise that comes with some inconvenience and pain but it has significant long-term economic and social benefits. Even though there are improvements that can be made.

READ ALSO: Buhari Vows To End Naira Scarcity, Sets Deadline

“I urge Nigerians to bear with the CBN and Federal Government with the hope that the general populace and Nigeria will harvest the gains that will come with the reforms.”

Peter Obi also begged the Central Bank of Nigeria (CBN) and the banks to speed up efforts to make the new currency available to small depositors and the unbanked in order to lessen the suffering of Nigerians, particularly the poor and those living distant from banks in rural regions.

Remember that the Central Bank of Nigeria declared on October 26, 2022, that the 200, 500, and 1,000 notes will be redesigned.

The new naira notes came into circulation on December 15, 2022, and is used alongside the current notes (which will expire on the 10th of February).

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

Dollar To Naira Exchange Rate Today (Tue. Mar. 28, 2023)

Published

on

Dollar To Naira Exchange Rate Today (Tue. Mar. 28, 2023)

Dollar to naira, on Tuesday, March 28, 2023, opened at (undisclosed) at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).

This would mean that the Nigerian currency either gained or dropped in value against the United States dollar, as the foreign exchange (forex) trading closed at N460.35 per $1 on Monday, March 27.

How much is the dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last traded between ₦745 in the black market in the state.

It is however pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

Continue Reading

Economy

Dollar To Naira Exchange Rate Today (Mon. Mar. 27, 2023)

Published

on

Dollar To Naira Exchange Rate Today (Mon. Mar. 27, 2023)

Dollar to naira, on Monday, March 27, 2023, opened at (undisclosed) at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).

This would mean that the Nigerian currency either gained or dropped in value against the United States dollar, as the foreign exchange (forex) trading closed at N460.48 per $1 on Wednesday, March 22.

How much is the dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last traded between ₦735 and ₦750 with an average of ₦740.00 in the black market in the state.

It is however pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

Continue Reading

Economy

Banks Comply With CBN Order, Now Operate On Weekends

Published

on

Banks Comply With CBN Order, Now Operate On Weekends

In compliance with the Central Bank of Nigeria’s (CBN) latest directive, commercial banks have announced that their various branches will be open on weekends for customers to deposit and withdraw cash.

Earlier today, the CBN said that it evacuated banknotes from its vaults to commercial banks across the country.

This came after the Nigeria Labour Congress (NLC) threatened to embark on a strike from Wednesday, March 29, 2023, over the protracted cash shortage in the country.

The apex bank, in efforts to ease the circulation of banknotes of various denominations, also instructed all commercial banks to open for operation on Saturdays and Sundays.

Hours after the CBN directive was announced on Friday, major banks sent out emails, asking their customers to visit their branches at specific times on Saturday and Sunday for cash withdrawals.

In emails, financial institutions such as Guaranty Trust Bank and Union Bank in Lagos said customers can visit their branches across the state between 9am and 4pm.

All our branches will open on Saturday 25th, and Sunday, March 26th, 2023 from 9:00 am to 4:00 pm for cash deposits and withdrawals,” Union Bank said.

On the other hand, Standard Chartered Bank said customers can access its facilities from 10am to 3pm.

“To ease the challenges faced in relation to access to naira cash, we are pleased to inform you that our branches… will open over the weekend for withdrawals and deposits of naira notes, Saturday, March 25, 2023, from 10.00 am to 3.00 pm and Sunday, March 26, 2023, from 10.00 am to 3.00 pm,” the email reads.

Continue Reading

Trending