E-Naira: Things To Know As CBN

Published

4 years ago

September 18, 2021

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)

Naira Appreciates At Official Market

Published

2 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

3 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

3 weeks ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.