Browsing: Central Bank of Nigeria (CBN)

 In December 2022, the Federal Government through Central Bank of Nigeria (CBN) introduced the demonetization Policy which has necessitated the redesigning of new Naira notes to replace the old ones. The policy also set February 10, 2023 as the deadline for the phasing out of high-value naira notes, otherwise known as Naira swap throughout the country.

Emefiele disclosed this in a keynote to the second edition of the bi-annual Non-Oil Export Summit held in Lagos, on Tuesday, November 29, 2022, noting that the figure was significantly higher than the $3.190 billion repatriated in 2021. He, however, explained that only $1.966 billion of this amount qualified for the rebate programme, just as he added that only $1.559 billion was sold at the Investors & Exporters (I&E) window or for own use. He further noted that the CBN had equally paid out about N81 billion in rebates to Nigerian exporters.

Emefiele made the assertion yesterday on innovation in Nigeria’s payments system ecosystem, he said the registration for the eNaira hackathon, geared towards ideating innovative solutions for the newly launched digital currency, organized by the Africa Fintech Foundry (an innovative hub established to identify and accelerate innovative startups in Africa), in partnership with the Central Bank of Nigeria (CBN), is billed to open on June 27, 2022 and run till July 21, 2022.