Following the Naira Scarcity in Nigeria, GoldenNewsNg has compiled Latest CBN News and Update on Naira Notes Today 11th April 2023.
CBN lists gains of naira redesign
The Central Bank of Nigeria (CBN) has stated that the recent redesign of some Naira denominations is positively impacting the country’s economy, supporting macroeconomic fundamentals, moderating inflation, and increasing financial inclusion rates.
The policy is in line with international best practice and has also helped security agencies combat banditry and ransom-taking in the country.
The CBN is encouraging Nigerians to embrace alternative payment channels, such as eNaira, USSD, and internet banking facilities, as the world moves towards alternative payments.
Under the Anchor Borrowers’ Programme (ABP), the bank has sponsored over 4.6 million smallholder farmers across 21 agricultural commodities on 6.02 million hectares of farmland.
The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) commended the CBN for its policy measures to ensure stability in the economy, particularly in the financial and banking sectors
Currency risk: Firm dumps naira for dollar
Nigerian aviation firm, Falcon Aerospace Limited, has adopted the US dollar as its transaction currency to protect itself from the risks associated with the Nigerian naira. Its CEO, Chukwuerika Achum, said the company’s services are priced in dollars as it provides a natural hedge against currency devaluations. Falcon Aerospace has launched technology platforms – Vivajets, CharterXE, and FlyPJX – to ease business jet booking and promote inclusive access to its services. The firm has focused on meeting increased demand for business aviation in Africa by non-African and African customers. The company aims to “democratize” business aviation and make the service accessible and affordable to more people.
How Resurfacing Of Naira Notes Might Be Fuelling Resurgence Of Insecurity
CBN Set to Close Millions of Bank Accounts in GTB, Access, Zenith, First Bank, and Others- See Reasons
The Central Bank of Nigeria (CBN) has recently made an announcement to address the increasing incidents of fraud in the financial sector. As part of their efforts to combat this problem, the CBN has planned to close millions of bank accounts that are not linked to a Bank Verification Number (BVN).
CBN tight monetary policy affecting banks’ profits, says operator
The CEO of Cowry Asset Management, Johnson Chukwu, has said that more Nigerian banks will pursue cross-border expansion due to the Central Bank of Nigeria’s adoption of a hawkish monetary stance.
The CEO explained that the hike in the benchmark interest rate has led to higher lending yields and consequently eaten into banks’ net interest margins, spurring Nigerian banks to move into other African markets to benefit through risk diversification and greater profit opportunities for shareholders.
The adoption of Holdco structures by many local lenders will help swathe the increasing competition from fintech and diversify their earnings in the face of the present tight monetary policy regime, thus enhancing their topline.
The banking sector has seen an upsurge due to the increase in transactions electronically and through several payment options.
