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☆ Nigeria's central bank hikes interest rate to 24.75% as it battles sky-high inflation, currency crisis
▼ + stars: | 2024-03-26 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

The Central Bank of Nigeria on Tuesday hiked its key interest rate by 200 basis points, as Africa's largest economy looks to recover from a historic currency crisis and soaring inflation. The CBN announced that its main monetary policy rate would rise to 24.75% from 22.75%, in its second consecutive hike after February's 400 basis point increase. Governor Olayemi Cardoso told a press conference that policymakers believed they need to continue tightening in order to tame runaway inflation, according to Reuters. "That may be a sign that some MPC members are concerned about the impact on growth from tighter monetary policy," he suggested in a note on Tuesday. Capital Economics expects further tightening, given Governor Cardoso's need to bring down the curtain on the country's inflation and currency crises.

Persons: Olayemi Cardoso, David Omojomolo, Cardoso's Organizations: Central Bank of Nigeria, CBN, Reuters, Capital Economics, MPC Locations: Africa

☆ Nigeria battles to halt spiraling currency crisis and rising food insecurity
▼ + stars: | 2024-03-05 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

IBADAN, Nigeria - Feb. 19, 2024: Demonstrators hold placards during a protest against the hike in price and hard living conditions in Ibadan on February 19, 2024. Inflation hit an annual 29.9% in January, driven by soaring food prices that have triggered a cost-of-living crisis in Africa's largest economy. The naira currency, meanwhile, plunged to an all-time low of around 1,600 against the U.S. dollar in late February. "With about 8 percent of Nigerians deemed food insecure, addressing rising food insecurity is the immediate policy priority." IBADAN, Nigeria - Feb. 19, 2024: Demonstrators are seen at a protest against the hike in price and hard living conditions in Ibadan on February 19, 2024.

Persons: Samuel Alabi, Bola Tinubu's, David Omojomolo, Olayemi Cardoso Organizations: Afp, Getty Images, International Monetary Fund, U.S, Bloomberg, Getty, Washington, D.C, IMF, Central Bank of, Capital Economics Locations: IBADAN, Nigeria, Ibadan, Getty Images Nigeria, Africa's, LAGOS, Lagos, Africa

☆ US Determined to Remain Strong Security Partner for Nigeria -Blinken
▼ + stars: | 2024-01-23 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

ABUJA/WASHINGTON (Reuters) - Secretary of State Antony Blinken on Tuesday said the United States is determined to remain a strong security partner for Nigeria, whose military is backed by the U.S., Britain and other allies in a long war against Islamist insurgents. "The United States is determined to be and remain a strong security partner for Nigeria," Blinken told reporters. Blinken added that he discussed how it is vitally important there be a focus on ensuring civilians are protected and humanitarian considerations. The coup in Niger was one of a series of military takeovers or attempted power grabs that occurred in West and Central Africa over the past three years. So far, about $2 billion of the backlog across sectors such as manufacturing, aviation, and petroleum have been paid, CBN spokesperson Hakama Sidi Ali said in a statement.

Persons: Antony Blinken, Blinken, Bola Tinubu, Mohamed Bazoum, Hakama Sidi Ali, Chijioke Ohuocha, Felix Onuah, Daphne Psaledakis, Humeyra Pamuk, Simon Lewis, Ismail Shakil, Mark Porter, Daniel Wallis Organizations: Islamist, European Union, France, Central Bank of Nigeria Locations: ABUJA, WASHINGTON, United States, Nigeria, U.S, Britain, Niger, West, Central Africa, Abuja, Africa, Cape Verde, Ivory Coast, Angola, Jan, Africa's, Washington

☆ Nigeria's Tinubu picks banker Cardoso as next central bank governor
▼ + stars: | 2023-09-15 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

ABUJA, Sept 15 (Reuters) - President Bola Tinubu has nominated the former head of Citibank in Nigeria, Olayemi Cardoso, to serve as the country's new central bank governor, days before its next interest rate meeting, a presidential spokesperson said on Friday. The central bank did not respond to a request for comment on whether Emefiele and his deputy governors had resigned. The central bank raised rates by a smaller-than-expected 25 basis points in July, contrary to analysts' expectations, under acting Governor Folashondun Shonubi, one of Emefiele's deputies. The central bank pursued unorthodox policies under Emefiele who kept the currency artificially strong, a policy backed by former President Muhammadu Buhari, which supported government borrowings on the international markets. He was a former commissioner for economic planning and budget in Lagos state when Tinubu was governor between 1999-2007.

Persons: Bola Tinubu, Olayemi Cardoso, Godwin Emefiele, Tinubu, Cardoso, Ajuri Ngelale, Ngelale, Folashondun Shonubi, Emefiele, Muhammadu Buhari, Camillus Eboh, Chijioke Ohuocha, MacDonald Dzirutwe, Richard Chang, Jane Merriman, Hugh Lawson Organizations: Citibank, Central Bank of Nigeria, Thomson Locations: ABUJA, Nigeria, Lagos

☆ Nigeria's Tinubu appoints investigator to probe central bank
▼ + stars: | 2023-07-30 | by ( ) www.reuters.com time to read: +1 min

[1/2] Nigeria's Central Bank Governor Godwin Emefiele briefs the media during the MPC meeting in Abuja, Nigeria January 24, 2020. REUTERS/Afolabi SotundeCompanies Tinubu Square Sa FollowABUJA, July 30 (Reuters) - Nigeria's President Bola Tinubu has appointed a financial watchdog to investigate the central bank, weeks after he suspended its governor, a copy of a letter from the president showed on Sunday. Tinubu on June 9 suspended Godwin Emefiele, who was then detained by state security agents for allegedly misappropriating funds and a "criminal breach of trust." In a letter dated July 28, Tinubu appointed the chief executive of Nigeria's Financial Reporting Council as special investigator of the Central Bank of Nigeria (CBN) and other government-owned entities. The investigator was to "provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments."

Persons: Nigeria's Central Bank Governor Godwin Emefiele, Bola Tinubu, Tinubu, Godwin Emefiele, Dele Alake, Felix Onuah, MacDonald Dzirutwe, Christina Fincher Organizations: Nigeria's Central Bank Governor, MPC, REUTERS, Nigeria's, Central Bank of Nigeria, Thomson Locations: Abuja, Nigeria, ABUJA

☆ Nigeria's security agency detains suspended central bank governor
▼ + stars: | 2023-06-10 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +2 min

LAGOS, June 10 (Reuters) - Nigeria's suspended central bank Governor Godwin Emefiele has been detained and is being held in custody for investigative reasons, the police's Department of State Services (DSS) said on Saturday. The country's new President Bola Tinubu suspended Emefiele with immediate effect on Friday, a measure the government said was linked to an ongoing probe of the governor's office and to planned reforms in the financial sector. "The Department of State Services (DSS) hereby confirms that Mr Godwin Emefiele, the suspended governor of the Central Bank of Nigeria (CBN) is now in its custody for some investigative reasons," the DSS statement said. Under Nigerian law, the permanent removal of a central bank governor from office would require a vote by the Senate. Economic analysts expect a series of changes at the central bank, including a gradual devaluation of the naira.

Persons: Godwin Emefiele, Bola Tinubu, Tinubu, Mr Godwin Emefiele, Emefiele, Razia Khan, MacDonald Dzirutwe, Alex Richardson, Mike Harrison, Helen Popper Our Organizations: police's Department of State Services, of State Services, Central Bank of Nigeria, Senate, Standard Chartered, Thomson Locations: LAGOS, Africa, Middle East, Nigeria

Nigerians were due to turn in old 1,000, 500 and 200 naira banknotes in exchange for newly designed notes by Friday as part of a central bank initiative to curb cash in circulation and control double-digit inflation. Supreme Court Judge John Inyang Okoro said the decision to suspend the deadline was unanimous, pending a legal challenge from three states who had argued that the note swap plan was causing hardship ahead of the elections. The court is due to hear the states' challenge on Feb. 15. Earlier on Wednesday, the IMF's resident representative in Nigeria urged the Central Bank of Nigeria (CBN) to consider extending the deadline for notes to be swapped given disruption caused by the shortage of new notes. About 1.3 trillion naira ($2.8 billion) in old notes has been deposited into the bank since the announcement in October, according to the bank.

Abuja, Nigeria CNN —Nigeria was forced Wednesday to delay plans to replace its banknotes with a redesigned currency after chaotic scenes at ATMs as millions of people struggled to get their hands on the new cash. The new naira notes are, however, “fortified with security features that make them difficult to counterfeit,” President Buhari said last year. Across the country, banks have increasingly become targets of mounting anger over the frustrating search for the new naira notes. Angry Nigerians vandalise Bank premises over frenzy of new naira notes. Nigerians are desperately relying on their banks to distribute new bills after the February 10 deadline to exchange the old currency saw many scrambling to deposit their old notes.

☆ Nigeria's Atiku joins calls to extend deadline on old banknotes
▼ + stars: | 2023-01-28 | by ( ) www.reuters.com time to read: +2 min

LAGOS, Jan 28 (Reuters) - Nigerian opposition presidential candidate Atiku Abubakar urged the central bank on Saturday to extend a Jan. 31 deadline to phase out old high-value banknotes, a measure many Nigerians fear will disrupt business in the cash-reliant economy. The central bank started releasing newly designed notes last month but many Nigerians say they are not yet available in banks. The Central Bank of Nigeria (CBN) says recalling the notes is part of plans to reduce the use of cash. About 1.3 trillion naira in old notes has been deposited into the bank since the announcement in October, the bank said this week. Nigerian legislators have also asked the central bank to extend the Tuesday deadline.

☆ Nigeria launches domestic card scheme in cashless bid
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

ABUJA, Jan 26 (Reuters) - Nigeria's central bank on Thursday launched a domestic card scheme to rival foreign cards like Mastercard and Visa, hoping to enhance its drive to make Africa's biggest economy a cashless society and save the country foreign transaction fees. The announcement by Central Bank of Nigeria (CBN) governor Godwin Emefiele follows the bank's decision last year to phase out old higher denomination bank notes. Emefiele told a virtual launch of the "AfriGo" card scheme that although penetration of card payments in Nigeria had grown over the years, many citizens remained excluded. AfriGo is owned by CBN and Nigerian banks and Emefiele said that Nigeria was joining China, Russia, India and Turkey in launching a domestic card scheme. International card service providers like Mastercard and Visa would not be stopped in Nigeria, he added.

☆ Nigerians unimpressed with resigned Naira banknotes
▼ + stars: | 2022-11-25 | by ( Nimi Princewill | ) edition.cnn.com time to read: +4 min

The Central Bank of Nigeria (CBN) says that the redesigned notes will replace notes currently in circulation by Jan. 2023. But many locals are not impressed, describing the supposedly redesigned banknotes as a mere color revamp, given their similarities to the old notes. “Snapchat filter, waste of time and resources, so a whole CBN cannot employ experts to redesign the naira notes. The Nigerian leader added that replacing the current currency with the redesigned notes will help to combat the hoarding of funds outside of the banking system. Old naira notes will be completely phased away by the end of January next year, the CBN says, as locals scramble to deposit their old notes at commercial banks.

☆ Nigeria hikes rate to highest level to head off inflation
▼ + stars: | 2022-09-27 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +3 min

read moreBut with inflation at its highest in 17 years, Central Bank of Nigeria Governor Godwin Emefiele said the Monetary Policy Committee had to continue with an aggressive stance. Tuesday's rate hike, the third in a row, means the central bank has delivered a total 400 basis-point increase this year, its most hawkish in a single cycle, analysts said. 1/2 A view shows Nigeria's Central Bank headquarters in Abuja, Nigeria November 22, 2020. "It also felt that an aggressive rate hike would slow capital outflows and likely attract capital inflows and appreciate the naira currency," Emefiele added. Responding to reporters' questions, Emefiele declined to rule out further rate hikes to fight inflation.

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