Fresh developments in the financial sector have shown that despite the Central Bank of Nigeria, CBN’s move to ameliorate the cash crunch situation by suspending charges for cash withdrawals above regulatory limits, scarcity of currency notes in the banks nationwide has continued to hit harder, even after the Yuletide season. Findings revealed ...
The naira yesterday depreciated to N1,240 per dollar in the parallel market from N1,235 per dollar on Wednesday. However, the naira appreciated to N895.23 per dollar in the Nigerian Foreign Exchange Market (NAFEM), thus widening the gap between the official and parallel market exchange rates to N344.77 per dollar yesterday from N199.88 per dol...
•CBN Governor Yemi Cardoso If there was a troublous period that characterised 2023, and which most Nigerians will never forget in a hurry, it is unarguably that of the period when Naira scarcity prevailed wherein not a few bankable and non-bankable Nigerians experienced difficulties in carrying monetary transactions by each passing day so much...
Naira has been rated among the world’s worst performing currencies in 2023. This is according to Bloomberg in its latest report. It said the currency is poised for its worst year since the return to democracy in 1999, with analysts predicting further depreciation in 2024. Bloomberg noted that the Naira plunged 55 per cent this […]
The year 2023 has been a challenging year for the global economy as inflation, rising interest rates, tight labour markets and geopolitical shocks hit forecasts and caused uncertainties. Nigeria, the largest economy in Africa was not exempted from these challenges as the country’s financial sector witnessed some highs and lows in the year in r...
The Economic and Financial Crimes Commission has uncovered a total sum of N37,170,855,753.44 allegedly laundered in the Ministry of Humanitarian Affairs under former minister Sadiya Umar-Farouk. Details of the ongoing probe exclusively obtained by this paper revealed that the money was transferred from the federal government’s coffers and sent...
•CBN Governor Yemi Cardoso The Trade Union Congress of Nigeria, TUC, today, told President Bola Tinubu to call the Central Bank of Nigeria, CBN, to order over the scarcity of Nigeria in the country. The TUC said that the unfortunate development has continued to subject Nigerians to needless excruciating hardship by insensitive and heartless ag...
•Tunde and Buhari The Special Investigator on the Central Bank of Nigeria and Related Entities, Jim Obazee, has indicated that the recent naira redesign wasn’t expressly approved by former President Muhammadu Buhari. Obazee had gathered that the approval came from Buhari’s aide, Sabiu Tunde ‘Yusuf’, reports The PUNCH. This was contained in the...
The Central Bank of Nigeria (CBN) has threatened to sanction banks and Point of Sales (POS) operators found to be complicit in the current Naira scarcity crisis. The apex bank, in a statement yesterday, urged members of the public to report infractions, especially hoarding of Naira by Banks and POS operators, in their areas to […]
•Market About a week to Christmas Day, shoppers have condemned the worsening naira scarcity, with many of them expressing frustration over their inability to make vital purchases for the Yuletide celebration. Findings by this paper yesterday revealed that banks were still rationing cash over-the-counter, while several Automated Teller Machines...
The Frontier is Nigeria’s leading online newspaper. It is published by Okims Media Links Limited headed by Sunny Okim, a veteran journalist who is widely known as The Grandmaster, fondly called so by colleagues and friends for being Nigeria’s pioneer movie journalist.
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