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The Supreme Court has ruled that both the old and redesigned Naira banknotes will continue to be valid legal tender in Nigeria beyond December 31. The court, led by Justice Inyang Okoro, issued this order, stating that the banknotes should stay in circulation until the Federal Government, after due consultation with relevant stakeholders, decides on the...
Showing posts with label Naira. Show all posts
Showing posts with label Naira. Show all posts
Wednesday, November 29, 2023
Sunday, November 12, 2023
CBN takes action against speculators and hoarders of dollars amid the depreciation of the naira.
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The Central Bank of Nigeria (CBN) is intensifying efforts to combat currency hoarding and speculation, which are believed to contribute to the depreciation of the naira against major foreign currencies. Speculators and hoarders, identified as undermining government initiatives to stabilize the naira, face increased scrutiny. Recent positive strides in...
Monday, October 30, 2023
Amid the forex crisis, labor holds government officials accountable and is scheduled to meet with the federal government today.
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The Nigeria Labour Congress (NLC) has voiced its concerns over the severe consequences of the forex crisis on the nation's economy. The NLC President, Joe Ajaero, attributed the sharp depreciation of the national currency to government officials' preference for foreign luxury goods. He warned that the economy was at risk of enduring a series of negative...
