Latest news on naira note

You're referring to the latest developments on the Nigerian Naira note!

Here are some recent news updates:

  1. New Naira Design: The Central Bank of Nigeria (CBN) has introduced a new design for the N500 and N1000 notes. The new notes feature a portrait of the late Chief Obafemi Awolowo, a Nigerian statesman and politician, on the obverse side. The reverse side features a collage of images representing Nigeria's agricultural and industrial sectors. (Source: CBN)
  2. Cashless Policy: The CBN has announced a cashless policy aimed at reducing the use of cash transactions and promoting electronic payments. The policy, which took effect in January 2022, restricts cash withdrawals to N500,000 per day for individuals and N3 million per day for corporate entities. (Source: CBN)
  3. Naira Devaluation: The Naira has continued to depreciate against major currencies, with the exchange rate currently standing at around N415 to the US dollar. The devaluation is attributed to a combination of factors, including a decline in oil prices, a rise in inflation, and a shortage of foreign exchange. (Source: Bloomberg)
  4. Currency Swap: The CBN has signed a currency swap agreement with the People's Bank of China, aimed at promoting trade and investment between the two countries. The agreement allows for the exchange of currencies between the Naira and the Chinese Yuan. (Source: CBN)
  5. Counterfeit Notes: The CBN has warned of a surge in counterfeit Naira notes in circulation. The bank has advised the public to be vigilant and report any suspicious notes to the authorities. (Source: CBN)

These are just a few of the latest news updates on the Naira note. If you have any specific questions or concerns, feel free to ask!