The Nigerian Naira traded lower to a United States Dollar in the parallel market commonly referred to as the black market.
Naira to Dollar exchange rate at the parallel market stood at N730 on Tuesday, a slight improvement from the N731 it traded to a United States Dollar on Friday.
Similarly, at the interbank section managed by the Central Bank of Nigeria (CBN), the Naira dropped slightly from N434.78 it exchanged against the United States Dollar on Friday, October 7 2022 to N435.27 on Tuesday.
However, Pounds Sterling and the Euro to Naira exchange rates improved at the interbank level. The Naira to Pounds Sterling exchange rate stood at N482.4533, up from N487.3449 on Friday.
Against the Euro common currency, the Naira appreciated from N425.867 it exchanged on Friday to N423.3001 on Tuesday.
At the official forex exchange section, the Investors and Importers forex window, the Naira opened at N439.40 against the U.S. Dollar on Tuesday before declining to N441.17. It’s closing price for the day.
Currency traders on the window transacted $73.66 million in currency value during the trading hours of Tuesday.
Brent crude oil, against which Nigerian oil is priced, shed $1.70, or 1.80% to $92.59 per barrel as at 3:58 pm Nigerian time. While the U.S. West Texas Intermediate oil lost $1.85 or 2.07% to $87.50 a barrel.
Nigeria, the largest crude oil producer in Africa has been witnessing a persistent decline in crude oil production since the beginning of the year. However, having lost its crown as the biggest crude oil producer on the continent to Angola following the drop in the nation’s crude oil production from over 2.1 million barrels per day to 937,766 barrels per day, Nigeria is looking to increase crude oil production by 500,000 barrels per day once activities begins on the Shell-operated Forcados oil terminal and the Trans Niger Pipeline.
In an effort to up production and boost foreign revenue generation, Nigeria has intensified its campaign against oil theft and recently reported the discovery of over 300 illegal refineries and several pipelines used to illegally breach crude oil from government-constructed crude pipelines in the Niger Delta region.
The Nigerian National Petroleum Corporation Limited (NNPCL) has said the expected 500,000 increase would bolster foreign revenue generation and help meet some financial obligations.
Bitcoin, the most capitalised cryptocurrency, dropped by 0.03% in the last 24 hours to a $19,060.60 a coin.
Ethereum (Eth), appreciated by 1.34% in the last 24 hours to $1,298.18 a coin. Binance coin (BNB), depreciated by -0.54% to $270.77 per coin.
CBN Will Redesign Naira Notes Every Five to Eight Years; Say Emefiele
The central bank will henceforth redesign the nation’s legal tender every five to eight years
Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has said the bank will henceforth redesign the nation’s legal tender every five to eight years.
The apex bank governor revealed at the unveiling of the new naira notes on Tuesday.
Godwin Emefiele explained that the naira redesign is in line with global best practice noting that the naira needed to be redesigned and re-issued every five to eight years.
According to the CBN governor, previous administrations lacked the political will to approve the redesign of the naira notes. Stating that it is regrettable that the naira has not been redesigned for the past 19 years.
“In the past, I have to confess that attempts by the CBN to redesign and re-issue the naira notes have been resisted. It is only President Muhammadu Buhari that has exhibited the courage to do so,” the CBN governor stated.
Emefiele added that going forward, naira notes will be redesigned at intervals to address some peculiar issues.
“After today, the CBN will begin to redesign and reissue the naira every five to eight years,” he said.
Investors King had earlier reported that President Muhammadu Buhari unveiled the redesigned naira notes at the Federal Executive Council (FEC) meeting today.
Among those who joined the president with the unveiling include the CBN governor and the EFCC chairman.
Recall, in October, the CBN announced it will redesign the N200, N500 and N1,000 notes in line with its mandate.
Meanwhile, the CBN governor has disclosed that the new naira notes can not be counterfeited because of the features embedded in them.
Similarly, he added that security agencies would be monitoring people making withdrawals at the counter to sniff out money laundering and unravel illegal usage.
“The CBN has moved to a cashless economy. We will restrain the volume of cash someone will withdraw over the counter. We will follow up with the person’s data to know the reason for such withdrawal,” he concluded.
President Buhari Unveils New Redesigned Naira Notes, See Pictures
Buhari launched the new naira notes as the CBN forges ahead with redesign plans.
President Muhammadu Buhari on Wednesday unveiled the new redesigned Naira notes at the State House in Abuja following a series of sensitisation to ensure that Nigerians are aware of the deadline for the old notes.
Godwin Emefiele, the governor of the Central Bank of Nigeria, who was also present at the launching explained that the redesigned notes would help curb counterfeit, reduce hoarding and support the apex bank’s cashless policy.
Earlier in October, the central bank announced it was redesigning the N200, N500 and N1,000 notes in line with its mandate. The apex bank further stated that the newly redesigned notes would be available on December 15, 2022.
However, Emefiele later announced the central bank won’t wait until December 15th before unveiling the new notes on November 2023.
He said, “100 days is enough for any person from any part of Nigeria to deposit his money in the bank and get his money when the new notes are released.
“For information, indeed, we are no longer waiting till December 15th to unveil and begin to release the new notes.
“By the special grace of God, tomorrow, which is the 23rd of November 2022, the President has graciously accepted to unveil the new currencies and the new currencies will be unveiled tomorrow at the Federal Executive Chamber by 10am.”
Meanwhile, the central bank-led monetary policy committee raised interest rates by another 100 basis points from 15.5% to 16.5%. Bringing the total increase in 2022 to 500 basis points despite the challenges Nigerians are facing amid weak job creation and poor earnings.
The committee claimed the decision was based on the rising inflation rate that rose to 21.09% in October. However, given Nigeria’s economic structure and current situation, the persistent increase was mainly to lure foreign investors to invest in the economy against the developed economies that are equally raising rates to curb escalating inflation.
President Buhari to Launch New Naira Notes Today
CBN says Buhari is expected to introduce redesigned naira notes to the public today at the Federal Executive Council (FEC) meeting in Abuja.
Nigerian President, Muhammadu Buhari is expected to launch the redesigned naira notes today at the Federal Executive Council (FEC) meeting in Abuja.
The launch will precede the circulation of the affected currency which is billed for December 15, 2022. The FEC meeting is a weekly (Wednesday) meeting of the executive arm of government often presided over by the President or the Vice President.
The Central Bank Governor, Godwin Emefiele disclosed on the sidelines of the Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday, that the new naira notes will be displayed for public view on Wednesday.
Therefore, the governor added that the CBN will not shift its deadline for all old notes to be returned to commercial banks in exchange for newly designed ones.
Investors King recalls that in October 2022, the central bank announced it will issue redesigned N200, N500, and N1,000 notes, effective December 15, 2022, while the new and existing currencies will remain legal tender and circulate together until January 31, 2023.
However, in a sudden change of schedule, the CBN governor noted that the unveiling will be done by the president today stating that the bank will no longer wait till December 15th to unveil and begin to release the new notes.
” By the special grace of God, tomorrow, (today) which is the 23rd of November 2022, the President has graciously accepted to unveil the new currencies and the new currencies will be unveiled tomorrow at the Federal Executive Chamber by 10am.” Emefiele started.
Meanwhile, the Monetary Policy Committee (MPC) which is the highest decision-making body for any issues related to Nigerian monetary policy has hiked the interest rates from 15.5 percent to 16.5 percent.
According to CBN, the hike in interest rate is to curtain inflation and maintain economic stability.
Speaking at the end of a two-day Monetary Policy Committee meeting yesterday, the CBN governor noted that the MPC voted to retain the cash reserve ratio at 32.5 percent and the liquidity ratio at 30 percent.
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