Nigerian art dealer Ebuka Joseph started using cryptocurrencies last year when business ground to a halt due to COVID-19. Now he is hooked even though the financial authorities disapprove.
The Central Bank of Nigeria (CBN) will launch the eNaira, its digital currency, in a couple of days from now, Governor Godwin Emefiele told a conference on Thursday.
Nigeria's president unveiled a record 16.39 trillion naira ($39.8 billion) budget for 2022 on Thursday, with a projected 25% year-on-year rise in government spending as the economy struggles with the impact of the pandemic.
Nigeria let the naira weaken to a record low against the dollar on the official market on Friday, according to traders, who said this could be a move by the central bank to unify multiple exchange rates.
Middle EastNigerian central bank leaves benchmark rate unchanged, denies new FX policy
ReutersChijioke OhuochaPaul CarstenChijioke OhuochaPaul Carsten
2 minutes read
Nigeria s Central Bank Governor Godwin Emefiele briefis the media during the MPC meeting in Abuja, Nigeria January 24, 2020. REUTERS/Afolabi Sotunde
Nigeria s central bank held its benchmark lending rate at 11.5% on Tuesday, said Governor Godwin Emefiele, who also denied that the country is adopting a new foreign exchange management policy.
The rate decision would allow the bank to deploy liquidity into employment generation and output-stimulating sectors of the economy, Emefiele said, speaking at a briefing to announce the decision. This would help consolidate the country s recovery process, he said.