GoldenNewsNG
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
No Result
View All Result
Golden News
No Result
View All Result

Naira Scarcity : Latest CBN News Today 11th June 2023

Enudi Golden by Enudi Golden
January 11, 2024
in business, Headline, News
Reading Time: 4 mins read
Naira Scarcity : Latest CBN News Today 11th June 2023
543
SHARES
Advertisements

Naira Scarcity : Latest CBN News Today 11th  June 2023: In the latest news from the Central Bank of Nigeria (CBN) on 11th June 2023, concerns have emerged regarding the scarcity of the naira, suspension of CBN Governor, Appointment of new CBN Governor, Naira Devaluation.  President Tinubu has expressed apprehension regarding the redesign of the naira and its impact on its availability. The CBN’s announcement provides insights into the current state of the currency and its potential consequences for the economy. Stay tuned for further updates as this issue continues to develop.

 

READ ALSO

SUG Leaders tasked to join fight against Sexual, Gender Based Violence in Higher Institutions across Niger state

DESOPADEC set to Commence N50,000 Bursary Payment

Under Godwin Emefiele Naira sets 24-year new record, as Tinubu seeks solution

During the nine-year tenure of suspended Central Bank of Nigeria (CBN) governor Godwin Emefiele, the Nigerian Naira experienced its worst performance in history. The Naira’s official exchange rate against the US dollar depreciated by 204.83%, from N155 to N472.50, during Emefiele’s leadership. On the parallel market, the Naira suffered even more significant depreciation, reaching a closing rate of N765/$, reflecting a depreciation of 357.4%. Comparing the performance of the Naira under various CBN governors since 1999, Emefiele’s tenure saw the most severe decline. Nigerian President Bola Tinubu is hopeful that the new leadership at the CBN will bring a solution to the currency’s weakening.

CBN Governor: Prominent Nigerians Who Asked for Godwin Emefiele to Be Sacked and Why

President Bola Ahmed Tinubu has suspended Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN). Prior to the suspension, prominent individuals, including human rights activist Femi Falana, had called for Emefiele’s removal. Falana expressed concerns that Emefiele, being a member of the All Progressive Congress (APC) and showing interest in the 2023 presidential election, could not be trusted with sensitive electoral materials stored in the CBN vault. Falana emphasized the need to remove Emefiele from office, citing the significant power wielded by the CBN governor and the potential dangers associated with their involvement in politics.

4 Things CBN Gov Emefiele Did to Offend Tinubu, Nigerians, Prominent Govs

On Friday, June 9, President Bola Ahmed Tinubu issued an order for the immediate suspension of Godwin Emefiele as the governor of the Central Bank of Nigeria (CBN). The decision to suspend the CBN governor came after an investigation into the affairs of the apex bank and the planned reforms in the country’s financial sector.

Since Emefiele’s tenure as CBN governor was set to end in June, this move raises legal questions and comes as a surprise. In light of these developments, GoldenNewsNg has delved into some of the major reasons why Emefiele’s office was threatened during the new administration headed by Tinubu.

  1. Economic Downfall: Emefiele’s policy reforms and the operations of the apex bank faced criticism from Nigerians, including prominent governors and elites in the country. Since assuming office in 2014, Emefiele has faced criticisms for his management of the economy, his politics, and the controversial policies of the CBN. The decline of the Nigerian currency, the naira, which currently trades at over N750 per dollar in the parallel market and N469.50 per dollar at the spot market, has been a point of concern.
  2. Naira Redesign Policy: The introduction of the naira redesign policy by the CBN in the last quarter of 2022 triggered uncertainty and chaos across Nigeria. The policy, which included restrictions on cash withdrawals, led to protests and poor banking operations. During the election campaign, Tinubu claimed that these policies were designed to hinder his chances of winning the presidential election. The implementation of the naira redesign policy was suspended on March 13 due to the economic slowdown and cash scarcity it induced.
  3. Limited Circulation of New Naira Notes: The limited circulation of new Naira notes, along with the deadline to stop using old notes, caused frustration among Nigerians. The scarcity of both the old and new notes led to demands for Emefiele’s removal. Tinubu, the APC presidential candidate, advised the CBN to allow the co-existence of old and new Naira notes for 12 months to alleviate the situation. Prominent Nigerians and figures in civil society called for Emefiele’s arrest and prosecution due to the cash policies imposed by the CBN.
  4. Emefiele’s Partisan Involvement: Emefiele’s controversial entry into partisan politics, including his bid for the presidential ticket of the ruling All Progressive Congress, attracted widespread condemnation. Concerns were raised about his impartiality as CBN governor and the autonomy of the central bank.

These are some of the reasons behind the threats to Emefiele’s position as the CBN governor during the new administration led by Tinubu. The decision to suspend him comes as a surprising move, and its legality will likely be questioned.

📢 JOIN OUR WHATSAPP GROUP 📢 JOIN OUR TELEGRAM CHANNEL
Previous Post

Black Market Dollar to Naira Today 11th June 2023 ( Aboki Exchange )

Next Post

Cabal Used Emefiele Against Tinubu – Ohanaeze Supports CBN Gov’s Suspension

Related Posts

SUG Leaders tasked to join fight against Sexual, Gender Based Violence in Higher Institutions across Niger state

  ... Want bill on sexual harassment passed into law Group photograph As part of efforts to end Sexual and...

Read moreDetails

DESOPADEC set to Commence N50,000 Bursary Payment

DESOPADEC Begins N50,000 Bursary Payouts in August

DESOPADEC to Begin Bursary Payment and Commission Completed Projects Across Delta Communities GoldenNewsNg reports that the Delta State Oil Producing...

Read moreDetails

Apply Now: Soft Girl, Hard Skills Mentorship Programme Empowers Young Nigerian Women

Hard Skills Mentorship Programme Empowers Young Nigerian Women

Apply Now for Soft Girl, Hard Skills Mentorship Programme Empowers Young Nigerian Women following the guidelines below.. Are you a...

Read moreDetails

Nigerian Banks Resume International Transactions on Naira Debit Cards

Nigerian Banks Resume International Transactions on Naira Debit Cards

Nigerian Banks Resume International Transactions on Naira Debit Cards as FX Liquidity Improves GoldenNewsNg reports that after nearly three years...

Read moreDetails

Over 51,000 Adamawa Residents Receive ₦75,000 Each Through FG Conditional Cash Transfer Programme

Over 51,000 Adamawa Residents Receive ₦75,000 Each Through FG Conditional Cash Transfer Programme More than 51,000 poor and vulnerable residents...

Read moreDetails

Apply for FG and Amazon Web Services Digital Skills Program for Nigerians

Apply for FG and Amazon Web Services Digital Skills Program for Nigerians

Apply for the FG and Amazon Web Services Digital Skills Program for Nigerians.   GoldenNewsNg reports that the Federal Ministry...

Read moreDetails

Apply Now: Lagos State TESCOM Teachers Recruitment 2025 | Application Portal, Requirements, and Deadline

Lagos State TESCOM Teachers Recruitment 2025

Lagos State Teachers Recruitment 2025 - The Lagos State Government is planning to restore the discipline, structure, ethics, and investments...

Read moreDetails

FG Partners DBN to Provide ₦100 Million Grant to 3MTT Nigeria Fellows

FG Partners DBN To Provide Grants To 3MTT Nigeria Fellows

FG Partners DBN to Provide ₦100 Million Grant to 3MTT Nigeria Fellows In a strategic move to empower Nigeria’s tech...

Read moreDetails

Dollar to Naira Black Market Exchange Rate today 5th July 2025 – AbokiFX

Dollar to Naira Black Market Exchange Rate today 5th July 2025 – AbokiFX

Dollar to Naira Black Market Exchange Rate today, 5th July 2025, can be accessed below.   GoldenNewsNg has obtained the...

Read moreDetails

Breaking: Court Reinstates Senator Natasha, Slams Senate Over Excessive Suspension

Breaking: Court Reinstates Senator Natasha, Slams Senate Over Excessive Suspension

Abuja, FCT – The Federal High Court in Abuja has ordered the Senate to immediately recall Senator Natasha Akpoti-Uduaghan, representing...

Read moreDetails
Load More
Next Post
Cabal Used Emefiele Against Tinubu – Ohanaeze Supports CBN Gov’s Suspension

Cabal Used Emefiele Against Tinubu – Ohanaeze Supports CBN Gov’s Suspension

SEARCH ADS

Latest Posts

Education

SUG Leaders tasked to join fight against Sexual, Gender Based Violence in Higher Institutions across Niger state

DESOPADEC Begins N50,000 Bursary Payouts in August
Education

DESOPADEC set to Commence N50,000 Bursary Payment

Hard Skills Mentorship Programme Empowers Young Nigerian Women
Headline

Apply Now: Soft Girl, Hard Skills Mentorship Programme Empowers Young Nigerian Women

Nigerian Banks Resume International Transactions on Naira Debit Cards
business

Nigerian Banks Resume International Transactions on Naira Debit Cards

Headline

Over 51,000 Adamawa Residents Receive ₦75,000 Each Through FG Conditional Cash Transfer Programme

Apply for FG and Amazon Web Services Digital Skills Program for Nigerians
Headline

Apply for FG and Amazon Web Services Digital Skills Program for Nigerians

Lagos State TESCOM Teachers Recruitment 2025
Headline

Apply Now: Lagos State TESCOM Teachers Recruitment 2025 | Application Portal, Requirements, and Deadline

FG Partners DBN To Provide Grants To 3MTT Nigeria Fellows
Headline

FG Partners DBN to Provide ₦100 Million Grant to 3MTT Nigeria Fellows

Dollar to Naira Black Market Exchange Rate today 5th July 2025 – AbokiFX
business

Dollar to Naira Black Market Exchange Rate today 5th July 2025 – AbokiFX

Breaking: Court Reinstates Senator Natasha, Slams Senate Over Excessive Suspension
Headline

Breaking: Court Reinstates Senator Natasha, Slams Senate Over Excessive Suspension

© 2024 Golden News

  • About Us
  • Advertise with Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms And Conditions
No Result
View All Result
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us

© 2024 Golden News