currency

Naira Needs Redecimalisation Not CBN’s Clueless Redesigning

November 7, 2022 1:58 am

The Nigerian economy which used to be a powerhouse in Africa is currently facing what might be its greatest threat yet, and the managers appear to be clueless about the measures to take. For an import-driven economy that has failed to make any audacious move on economic diversification, it is only natural that the pressure on the Dollar remains high thus moving its value upwards while the local currency flounders. This has been the case for the past decade and current managers of the economy don’t seem to possess any iota of sincerity toward pulling the country out of the …

Nigeria, Sierra Leone Plan Currency Swap

January 2, 2020 8:22 am

The Chairman, Economic Community of West African States (ECOWAS) Committee of Governors of Central Banks, Prof. Kelfala Kallon, has disclosed a plan for currency swap between Nigeria and Sierra Leone.

Kallon, who is presently the Governor, Bank of Sierra Leone, also decried the increasing dollarisation of West African economies and subsequent depreciation of national currencies in the region.

Recall that the Central Bank of Nigeria (CBN), and Peoples Bank of China (PBoC), had in 2018, agreed on a currency swap worth $2.5 billion to reduce their reliance on the U.S. dollar in bilateral trade.

The agreement is aimed at providing …

Eco: Nigeria Govt Speaks On Single Currency For ECOWAS

December 31, 2019 12:49 pm

The Federal Government says it is studying the situation on change of West African Economic and Monetary Union (UEMOA) currency, Eco, to be used as ECOWAS single currency.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed,made this known in a statement by Yunusa Abdullahi, her Special Adviser, Media and Communication, in Abuja on Monday.

The News Agency of Nigeria (NAN), reports that eight West African countries have agreed to change the name of their common currency to Eco, thereby effectively severing the CFA franc’s links to former colonial ruler France.

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2020 ECOWAS Single Currency Takeoff Shaky – Ahmed

December 7, 2019 8:05 am

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed yesterday expressed skepticism over the possibility of the single currency regime of the Economic Community of West African States (ECOWAS) taking off next year. According to her, this is because only the Republic of Togo out of other ECOWAS nations has met the set criteria for achieving the target. Speaking at the ECOWAS Ministerial Committee of Ministers of Finance on the ECOWAS single currency regime in Abuja, Ahmed said with only one country meeting the criteria means it would be a very tall order to beat the 2020 takeoff deadline …

Umar Now CBN Director Of Currency Operations

December 7, 2019 5:00 am

The Central Bank of Nigeria (CBN) thursday announced the deployment of Mr. Ahmed Bello Umar, as the new Director, Currency Operations Department, with effect from Thursday, December 5, 2019.

Umar succeeds Mrs. Priscilla Ekwueme Eleje, who exited the Bank on Thursday, December 5, 2019, having reached the statutory retirement age.

A statement signed by the Director, Corporate Communications Department, Mr. Isaac Okorafor said Umar, until his redeployment, was the Director, Trade and Exchange Department at the Bank.

Born on July 10, 1963, Umar joined the services of the CBN in …

US sanctions caused Iran’s currency devaluation – Report

August 17, 2019 7:26 am

The UN expert on human rights in Iran has said in a report that US sanctions reimposed on the country in 2018 have hit oil sales and caused the devaluation of its currency.

“The negative impact of the reimposition of economic sanctions” by Washington has been “felt strongly by ordinary Iranians,” Javaid Rehman said in his report to the General Assembly circulated Friday.

“The sanctions have hit oil sales, imposed wide-ranging restrictions on traders and businesses and triggered the devaluation of the Iranian currency,” he said.

“All these factors have contributed to raising the scale of austerity and pushing inflation …

Switzerland sanctions 5 banks for currency trade cartels

June 6, 2019 7:48 am

Five of the world’s biggest banks have been fined about million Swiss francs (about 91 million dollars) for undermining competition in foreign exchange trading, Switzerland’s Competition Commission announced on Thursday.

The move by non-EU member, Switzerland, came three weeks after the European Commission, the European Union’s competition watchdog, imposed fines totalling 1.07 billion Euros (1.2 billion dollars) on these banks for cartel behaviour.

According to the Swiss commission, traders of the international banks had communicated in chat rooms to coordinate their actions in markets for 10 currencies, including dollars, Euros, British pounds, yen and francs.

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