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CBN
Buhari said he was convinced the economy stood to benefit from a reduction in inflation, currency counterfeiting, and excess cash in circulation
Nigeria it will seem is at an inflection point and to address its dollar needs, it will need to confront several obstacles most of which take time to be resolved
The naira suffered a historic plunge to N775/$ on Friday, two days after the CBN announced it was redesigning the 200, 500, and 1,000 naira notes
The plunge was attributed to a spike in dollar demands prompted by CBN’s plan to redesign the naira
The CBN said the policy would enable it to retake control of the excess money outside the banking system, thereby containing inflation
The latest policy of the central bank will likely affect the 2023 elections, corrupt money, money laundering, and the exchange rate.
Bawa said the move aligns with the objectives of the Money Laundering Prevention Prohibition Act 2022
Nigerians have expressed mixed reactions to CBN's plan to circulate redesigned naira notes
Some of the experts who spoke to Nairametrics said the move was unnecessary
New naira notes to start circulating from December 15, 2022
Over 3,305 merchants have successfully registered on the eNaira platform across the country
The Guidelines were developed to make sure that individuals who participate in contactless payments take the proper risk management steps