Business
E-Naira: Things To Know As CBN
The Central Bank of Nigeria (CBN) will launch a digital currency, e-Naira in October to coincide with the nation’s independence anniversary.
Governor Godwin Emefiele has assured that the advantages of the Central Bank Digital Currency (CBDC) are enormous.
The apex bank chief urged Nigerians to embrace the e-Naira and explained it is safer than cryptocurrencies.
Things to know and the benefits:
Digital currency is the electronic form of fiat money issued by governments. However, many confuse it with cryptocurrency which is a store of value secured by encryption.
The central bank of a country supervises digital currency. Cryptocurrencies are not regulated by any government, reason why authorities warn against bitcoin, ethereum and the likes.
According to The Atlantic Council, more than 80 countries are now exploring a CBDC against 35 countries in May 2020.
The American think tank says China – which banned crypto dealings – is ahead, allowing foreign visitors to use digital yuan if they provide passport information to the People’s Bank of China,
The Bahamian Sand Dollar was the first CBDC to become widely available; over 14 countries are in the pilot stage while 5 have fully launched.
They are the Bahamas, Saint Kitts and Nevis, Antigua and Barbuda, Saint Lucia, and Grenada.
In 2017, the CBN took the decision to digitize the Naira, following the rise in the use of digital payments and acceptance of the digital economy.
In late August 2021, the regulator announced the selection of Fintech company, Bitt Inc., as the Technical Partner.
The firm was key to the development and launch of the CBDC pilot of the Eastern Caribbean Central Bank (ECCB) in April 2021.
The e-Naira would only exist in digital and electronic form. Individuals and financial institutions can track transactions easier.
e-Naira local and international transfers can be made within a little time and at cheaper rates. It simplifies cross-border trade and guarantees a faster inflow of remittances.
Users would be able to transfer existing funds in bank accounts to their digital currency account.
e-Naira is expected to help Nigerians create new business opportunities, financial products and services, reduce the cost of operations and cash management.
The digital currency would be implemented through a two-tiered model to enable a structure that allows public-private partnerships.
The CBN will design the e-Naira but disseminate it through regulated financial institutions. They would provide digital cash to persons and businesses.
(DAILY POST)
Business
Naira Records Massive Appreciation Against US Dollar Into Christmas Holidays
The Naira gained massively against the United States dollar in the last three days at the official foreign exchange as trading ended for the Christmas holidays.
Central Bank of Nigeria data showed that the Naira strengthened further on Wednesday to N1,443.37 per dollar, up from N1,449.99 on Tuesday.
This means that since Monday this week, the Naira has recorded a significant N13.18 gain against the dollar, according to the apex bank data.
READ ALSO:Naira Records Depreciation Against US Dollar Across Official, Black Markets
Similarly, at the black market, the Naira traded on Wednesday at N1,490 per dollar, an appreciation from the N1,500 exchanged on Monday but the same rate as on Tuesday.
The uptrend comes amid the rise in the country’s external reserves to $45.24 as of December 23rd, 2025.
DAILY POST reports that the Naira gained against the dollar at the official market on Monday and Tuesday.
Business
Report Any MRS Filling Stations Selling Fuel Above N739 Per Liter — Dangote Refinery To Nigerians
Dangote Refinery has urged Nigerians to report any MRS filling station outlets nationwide selling fuel above the N739 per liter announced price.
The company disclosed this in a statement on Sunday.
The refinery insisted that its petrol being at retail outlets remain N739 per liter while the gantry price is N699.
It further called on other filling station owners to patronize its refined petroleum products at the N699 rate.
“We also call on other petrol station operators to patronize our products so that the benefits of this price reduction can be passed on to Nigerians across all outlets, ensuring broad-based relief and a more stable downstream market.”
READ ALSO:Dangote Sugar Announces South New CEO
Recall that Aliko Dangote, the president of Dangote Refinery, had pegged the retail price of his petrol at a maximum of N740.
DAILY POST reports that MRS filling and other filling stations had reduced fuel prices to between N739 and N912 per liter in Abuja.
However, reports emerged that some MRS filling stations were selling above the N739 per liter announced price benchmark.
Business
Naira Records Significant Appreciation Against US Dollar
The Naira recorded significant appreciation against the United States dollar on Monday at the official foreign exchange market to begin the week ahead of Yuletide on a good note.
The Central Bank of Nigeria’s data showed that the Naira strengthened to N1,456.56 per dollar on Monday, up from N1,464.49 traded on Friday last week, 19th December 2025.
This means that the Naira gained N7.93 against the dollar when compared with the N1,464.49 was exchanged as of Friday, December 19, 2025. DAILY POST reports that Monday’s gain at the official FX market is the first since December 15th.
READ ALSO:
Meanwhile, at the black market, the Naira remained stable at N1500 per dollar on Monday, according to multiple Bureau De Change operators in Wuse Zone 4, Abuja.
The development comes as the country’s external reserves stood at $44.66 billion as of last week Friday.
News4 days agoUBTH CMD Marks 120 Days In Office, Expresses Commitment To Providing Conducive Working Environment
- News5 days ago
FIRS Confirms NIN As Tax ID
- Metro4 days ago
Fintiri Pardons Man Sentenced To Death For ‘Killing Herdsman In Self-defence’, Others
- News3 days ago
JUST IN: Kano Lawmaker, Sarki Aliyu Daneji, Dies Hours After Colleague’s Passing
- News4 days ago
FULL LIST: Churches That Don’t Celebrate Christmas
News5 days agoOPINION: My Man Of The Season
- News5 days ago
KWAM 1 Withdraws From Awujale Race, Ends Court Challenge
- Metro4 days ago
Petrol Tanker Crashes Into Akpabio’s Convoy, Kills Police Dispatch Rider
- Headline2 days ago
JUST IN: US Forces Bomb Terrorists Camps In Nigeria
- News2 days ago
Okpebholo Slams ₦25bn Libel Suit On Edo PDP Chairman
