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Naira Exchanges For N562 Per Dollar

Naira

Naira exchanges for N562 per dollar, as CBN moves to stop the slide

The Nigerian currency continues its free fall against the US dollar on the black market, as it exchanged at N562 per $1 on Wednesday.

Wednesday rate indicates Naira dropped N5 at the black market when compared to the N557/$1 it traded on Tuesday.

At the same market, the Nigerian currency depreciated against the Euro by N3 to close at N648/€1 in contrast to N645/€1 on Tuesday but was steady against the British pounds at N760/£1 same rate on Tuesday.

At the unofficial market, Data recorded on the FMDQ securities exchange window where forex is officially traded, showed that the naira closed at N412.06 per $1 the same rate it exchanged on Tuesday.

Forex liquidity at the market also was unchanged from Tuesday with $175.10 million recorded.

Read also: Naira heading to N600/$1, British pounds goes for N760/ £1

At the end of trade on Wednesday the difference between the official and unofficial market rates was pegged at N149.94.

Meanwhile, the Central Bank is expected to announce measures to stem the decline of the naira at the black market.

You may recall that the Central Bank issued a strong warning to deposit money banks, threatening to revoke their forex operating licenses for a year if they were found to be lacking in foreign exchange operations.

The CBN stated in the letter that the directive was necessary due to recent occurrences in the FX market, while also urging banks to always exercise due diligence when carrying out FX transactions.

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Business

New Naira Notes Ready For Issuance- CBN

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said the newly redesigned Naira notes are already in banks and ready for issuance.

In a statement on its official twitter handle, the CBN quoted Emefiele to have made the disclosure in Daura, Katsina State, while on a visit to brief the president on the Naira redesign and the recently reintroduced cashless policy.

“The newly redesigned N200, N500, and N1,000 banknotes are now in banks and ready for issuance to members of the public,” the statement said.

The CBN governor clarified that the currency redesign and reintroduced cashless policies were not targeted at anybody but were for the good and development of the Nigerian economy, and urged Nigerians to embrace the various electronic channels available for banking and financial service transactions in Nigeria.

Emefiele further said the CBN deferred the cashless policy severally to prepare and deepen Nigeria’s payments system infrastructure.

He, therefore, advised Nigerians to take their old N200, N500, and N1,000 banknotes to the banks before the January 31, 2023 deadline.

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Business

NIBSS Says e-Payment Transactions Hit N38.9trn In November

The Nigeria Inter-Bank Settlement Systems (NIBSS) has revealed that transactions worth N38.9 trillion were performed electronically in November through the NIBSS Instant Payment platform (NIP).

This is the highest monthly transaction record on the platform.

Compared with the N34.5 trillion recorded in the preceding month, the November figure also shows a 12.7 per cent increase.

The latest data also shows that the November figure brought the total value of NIP deals in the last 11 months to N345 trillion.

Year on year, the e-payment value increased by 50 per cent compared with the N25.9 trillion recorded in November last year.

The value of the e-payment recorded was a reflection of the increase in the volume of deals within the month. The NIP volume rose to 492.2 million in November, showing a 53.8 per cent increase over the N319.9 million recorded in the same period last year.

The NIP is an account-number-based, online-real-time Inter-Bank payment solution developed in the year 2011 by NIBSS. It is the Nigerian financial industry’s preferred funds transfer platform that guarantees instant value to the beneficiary.

According to NIBSS, over the years, Nigerian banks have exposed NIP through their various channels, that is, internet banking, bank branch, Kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), POS, ATMs, etc. to their customers.

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CBN Insists It Won’t Reverse New Withdrawal Policy

Godwin Emefiele, Governor of the Central Bank, says there would be no reversal on the new cash withdrawal policy adding that the limitations was not intended to hurt anyone.

He disclosed this on Thursday following his visit to President Muhammadu Buhari in Daura, Katsina State.

The National Assembly had earlier faulted the CBN’s unveiling of revised cash withdrawal limits with a maximum of N100,000 for individuals and N500,000 for companies, claiming that it might worsen the current economic situation.

But while reacting to the objections from the National Assembly and the public outcry over the cash withdrawal policy, Emefiele said;

“And we think Nigeria, as the biggest economy in Africa, needs to leapfrog into the cashless economy.

“We cannot continue to allow a situation where over 85 per cent of the cash that is in circulation is outside the bank.

“More and more countries that are embracing digitisation have gone cashless,” he said.

He added that there would be no rigidity on the policy and no reversal, appealing to Nigerians to embrace the new policy.

According to the Governor of the CBN, the new naira notes have already been disbursed to the various commercial banks and expects that the banks would begin distribution to the public.

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