The Nigerian currency, naira, is one of the world’s worst-performing currencies, after Ghana’s cedi and the Sri Lankan rupee, a Bloomberg report says. According to the report, though the naira was performing pretty well against the dollar at the official market, ordinary Nigerians are grappling with a 37 per cent drop in the widely-used black market, where the exchange rate of the local currency is largely determined by the level of demand for the dollar. “While the naira...

ONITSHA — Despite the huge revenue potential of Anambra State, only a paltry sum finds its way into the government coffers. In Onitsha alone, the main market is acclaimed to be the biggest in West Africa. With all the commercial activities in top gear across the state, Anambra still has no place in the league of the top ten states in Internally Generated Revenue across Nigeria. What this means is that given the direct correlation...

Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), has disclosed the value of transactions on the eNaira platform. According to him, the eNaira transaction has hit $8 billion. The platform was launched in October 2021. Speaking on Wednesday at CBN’s in-house executive seminar in Abuja, Emefiele said the eNaira has been globally acclaimed as a success story. He was represented at the event by Aishah Ahmad, CBN deputy governor in charge of...

LAGOS — A week after the Central Bank of Nigeria (CBN) announced the launch of redesigned banknotes, saying that the existing notes would cease to be legal tender by 31 January 2023, the naira has fallen to N800/$1. Though some outlets report the exchange rate between N815—N865/$1, sources at several bureaus de changes our correspondent spoke to suggest that rates range between N780—N805/$1. An operator at Allen Roundabout in Lagos, Ismail Muhammed said dollars were...

A former presidential aspirant, Kingsley Moghalu, says he is in support of the move by the Central Bank of Nigeria (CBN) to redesign bank notes. He said it is a necessary step. Moghalu made his view on the CBN’s plan known via his Twitter page on Friday after our correspondent requested his opinion on the much-debated issue. The political economist said the measure would go a long way to ensure that the naira in circulation outside...