• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, August 8, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Currency swap will benefit all – CBN

Currency

The Matters Press by The Matters Press
February 12, 2023
Reading Time: 2 mins read
0
New Naira notes unavailable even as CBN campaigns for acceptance

The Central Bank of Nigeria (CBN) has expressed concern over the challenges being experienced by the citizens in getting cash from their bank accounts and other alternative channels.

RELATED POSTS

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

National Single Window initiative, a major step for efficient cross-border trade – TMSG

‎Group celebrates 45% increase in federal revenue in just one month

The Director, Corporate Communications Department in the bank, Mr Osita Nwanisobi stated this during the CBN Special Day at the ongoing 44th Kaduna International Trade Fair, on Saturday in Kaduna.

Represented by Mohammed Abbah, Director, Capacity Development in the bank, Nwanisobi said the advantages of the currency redesign were overwhelmingly enormous and would benefit the economy in the long run.

“Indeed, there have been reports of occasional transaction failures, we wish to assure you that the Nigerian payment system infrastructure is robust enough to handle the surging transaction volumes across all channels.

“We, therefore, urge Nigerians to embrace alternative payment channels, such as eNaira and internet banking as we embrace the cashless policy,” he said.

Nwanisobi said the policy was not targeted at anyone or any group of persons rather aimed at strengthening Nigeria’s macroeconomic fundamentals and better our socio-economic conditions.

He said the aim of the currency redesign was to make the country’s monetary policy more efficacious which resulted to relatively stable exchange rate.

The Director said the policy also aimed at combating banditry and ransom-taking while increasing financial inclusion by reducing the number of the unbanked population in the country.

According to him, the CBN is focus on stimulating productivity in the manufacturing sector, strengthening domestic industries, transforming agricultural output to ensure self-sufficiency and shield local economy from harm.

He said the apex bank in collaboration with the Nigerian Inter-Bank Settlement System (NIBSS) recently unveiled the National Domestic Card Scheme, the first in Africa.
The initiative, he said, would lower operating cost incurred by banks through huge charges for foreign card schemes while reducing foreign exchange commitments associated with operating such cards.

According to him, the apex Bank has released funds to support various initiatives such as the Anchor Borrowers’ Programme (ABP), the Commercial Agriculture Credit Scheme (CACS), and the Tertiary Institutions Entrepreneurship Scheme (TIES) between 2015 till date.

“Similarly, the bank has supported the Micro, Small and Medium Enterprises (MSMEs) sector, the Agribusiness/Small and Medium Enterprise Investment Scheme(AgSMEIS) and Micro, Small, and Medium Enterprise Development Fund (MSMEDF).

“Under the Export Development Fund (EDF) and Export Facilitation Initiative (EFI), the CBN has funded several projects for non-oil export commodity value-addition and production in excess of N11 billion and N3 billion, respectively”.

Tags: Currency
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Next Post
Black cap group, 40 vehicles for Buhari’s campaign

Jamaica plans to source vehicles from Nigeria- High Commissioner

CIIN president tasks Insurance directors on manpower development

International Energy Insurance spends N1.3bn on outstanding liabilities

Recommended Stories

Buhari markets Nigeria to investors

Buhari takes oath for 2nd term on Wednesday

May 28, 2019
Calabar Port receives 72 vessels in 5 months

Chamber laments de-marketing of Made in Nigeria Products

December 1, 2022
Trans-boundary investment in Africa tops ECA’s call

Nigeria tinkers with its bilateral investment treaties, NIPC Act

November 9, 2024

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎
  • National Single Window initiative, a major step for efficient cross-border trade – TMSG
  • ‎Group celebrates 45% increase in federal revenue in just one month

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us