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Old Naira Notes: No going Back on January 31 Deadline, CBN Insists

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The Central Bank of Nigeria (CBN) has declared that it will not extend the January 31 deadline for N1,000, N500 and N200 notes to cease being legal tender despite pressure from Nigerians on the need for an extension of the deadline.

The apex bank also warned commercial banks in the country to desist from dispensing the old naira currency through their Automated Teller Machines (ATMs) or face sanction from the bank.

Addressing traders at the Katsina Central Market Thursday on the need to change their old currency, the CBN Director of Currency Operations, Ahmed Bello Umar, said there is no plan to extend the deadline.

The old notes are expected to be out of circulation by January 31 yet there is scarcity of the new notes as banks keep dispensing old notes to their customers across the country.

But Umar explained that the apex bank has enough new naira currency which have since been distributed across commercial banks for onward disbursement to their respective customers through ATMs.

He added that the management of the CBN has directed that from Friday last week, “all ATMs must carry only new notes. If the banks don’t have the new notes they should not load the old notes”.

He said: “The January 31 deadline is fast approaching and the CBN has no plan to extend the deadline. So, all those who have the old notes should please take them to their banks so that they will be exchanged or credited to their accounts.

“We are going round towns and cities in Nigeria to ensure that all the ATMs are loaded with new notes. And there is relaxation on the policy, they can dispense any of the notes either N1,000, N500 or N200 notes.

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Economy

Naira Makes More Recovery, Sells at N1,453/$1

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The Naira continued its appreciation at the official market on Thursday, March 21, 2024 to close at N1,453.28/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This represents an appreciation of N39.33 when compared to the N1,492.61/$1 it closed on Wednesday, March 20, 2024.

The intraday high was N1,598/$1, while the intraday low was N1,300/$1, representing a wide spread of N298/$1.

Similarly, the Naira appreciated against the dollar at the parallel window to trade at N1,500/$1, this represents an appreciation of N20.00 as against the N1,520 /$1 it traded the previous day.

The Naira also appreciated slightly against the British Pound to trade at N2,000/£1 as against the previous trading day’s price of N2,020/£1 representing a gain of N20 for the local currency.

The Canadian dollar, however, closed flat against the naira to trade at N1,270/CA$1 same as the N1,270/CA$1 it traded the previous day representing a decline of N20 in the local currency.

The Naira gained N30 against the Euro to trade at N1,670/€1 as against the previous closing price of N1,700/€1.

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Economy

Naira Gains Against Dollar, Trades at N1,603/$1

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The Naira, Tuesday continued its recovery against the American dollar as it traded at N1,603.38/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N15.48 when compared to the N1,617.96/$1 it closed on, on Monday, March 11, 2024.

The intraday high was N1,637/$1, while the intraday low was N1,425.35/$1, representing a lean spread of N211.65/$1.

Meanwhile, the Naira gained N12 against the dollar at the parallel market as the local currency appreciated to N1,603/$1 as against the N1,615 /$1 it traded the previous day. As it stands, the naira is trading at the same rate at both official and parallel windows.

The Naira, however, slumped against the British Pound to trade at N2,050/£1 as against the previous trading day’s price of N2,030/£1 representing a loss of N20 for the local currency.

After about two weeks of closing flat against the Canadian dollar, the naira slumped massively to trade at N1,300/CA$1 on Tuesday, representing a decline of N150 when compared to the N1,150/CA$1 it traded the previous day.

The Naira lost N35 against the Euro to trade at N1,740/€1 as against the previous closing price of N1,705/€1 representing a loss of N35 for the local currency.

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Economy

Binance to Close Shop in Nigeria, Stops Transaction, Trading in Naira

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By Reuters – Binance will stop all transactions and trading in Nigeria’s local currency after March 8 amid a country-wide crackdown on crypto exchanges that have been blamed by authorities for feeding a black market for foreign exchange.

It will stop supporting withdrawals after Friday and any remaining balances in Nigerian Naira will be automatically converted into Tether – a stablecoin whose value is pegged to the U.S. dollar.

Last week, Nigerian authorities detained two Binance senior executives on undisclosed charges as part of the crackdown.

They were still in custody, their local lawyer said before a parliamentary committee on Monday.

Source: Reuters

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