The Senate Committee on Banking, Insurance and other Financial Institutions on Monday directed the Central Bank of Nigeria (CBN) to suspend the introduction of N5,000 note until the Senate was properly briefed. The Chairman of the Committee, Sen. Bassey Otu (PDP- Cross River) issued the directive while speaking to newsmen in Abuja. Otu noted […]
Tag: Central Bank of Nigeria
CBN to print N5, 000 note, others with N40bn
The Central Bank of Nigeria will spend N40.3bn to produce its new coins and naira notes, The PUNCH has learnt. Out of the amount, N11.8bn will be spent on the new N20, N10 and N5 coins. “The bank is spending over N40bn on the production of new coins and notes. […]
CBN converts more dollar reserves into Chinese yuan
The Central Bank of Nigeria is converting more of the nation’s foreign reserves from the dollar into the Chinese renminbi or yuan. The Financial Times reported that in August, the central banks of Nigeria and Tanzania joined their counterparts from other continents in adding more renminbi to their reserves. The […]
