Naira latest news

Here are the latest news updates on the Nigerian Naira:

Currency Update

The Nigerian Naira (NGN) has continued to depreciate against the US Dollar (USD) and other major currencies. As of today, the exchange rate is around NGN 415 to USD 1.
The Central Bank of Nigeria (CBN) has maintained a tight grip on the foreign exchange market, restricting access to foreign currency for many importers and businesses.

Economic News

Nigeria's economy has been struggling due to low oil prices, corruption, and a lack of diversification. The country's GDP growth rate has been declining, and the economy is expected to contract in 2023.
The CBN has implemented several policies to stimulate the economy, including a reduction in interest rates and an increase in the monetary policy rate.

Inflation Rate

Nigeria's inflation rate has been rising due to high food prices, currency devaluation, and a lack of supply chain management. The inflation rate has reached 17.6% as of January 2023.
The CBN has implemented policies to reduce inflation, including a reduction in the monetary policy rate and an increase in the cash reserve ratio.

Currency Restriction

The CBN has restricted access to foreign currency for many importers and businesses, leading to a shortage of foreign exchange in the market.
The restriction has affected the importation of essential goods, including food and medicine, leading to shortages and price increases.

Cryptocurrency

The CBN has banned the use of cryptocurrencies, including Bitcoin, in Nigeria. The ban is aimed at preventing the use of cryptocurrencies for illegal activities, such as money laundering and terrorism financing.

Other News

The Nigerian government has announced plans to introduce a new currency, the eNaira, which will be a digital version of the Naira.
The CBN has also announced plans to introduce a new payment system, the Nigeria Inter-Bank Settlement System (NIBSS), which will facilitate electronic payments and reduce the use of cash.

I hope this information is helpful.