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2023 Nigerian Currency Crisis
The 2023 Nigerian currency crisis was precipitated by a shortage of cash currency (the naira) and an attempt by the Nigerian government to force citizens to use a newly created government-sponsored central bank digital currency. This led to extensive street protests in mid-February 2023. Central Bank governor Godwin Emefiele initially cited Nigerians hoarding notes in their homes as the reason for the currency redesign. However, he later claimed that it would deter counterfeiters and those paying kidnappers' ransoms, and that it was a step towards a cashless society. He also argued that it would help reduce inflation. Some analysts and politicians have said that a motive of the CBDC introduction and deprecation of the old currency was to curb vote buying, by thwarting politicians who had amassed a stockpile of naira in preparation for election day. See also * 2023 Nigerian elections The 2023 Nigerian elections were held in large part on 25 February and 11 March 2023. The presi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nigerian Naira
The naira (sign: ₦; code: NGN; , , , ) is the currency of Nigeria. One naira is divided into 100 ''kobo''. The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federal Republic of Nigeria. It controls the volume of money supplied in the economy in order to ensure monetary and price stability. The Currency Operations Department of the CBN is in charge of currency management, through the designs, procurement, distribution and supply, processing, reissue and disposal or disintegration of bank notes and coins. A major cash crunch occurred in February 2023 when the Nigerian government used a currency note changeover—delivering too few of the new notes into circulation—to attempt to force citizens to use a newly created government-sponsored central bank digital currency. This led to extensive street protests. History The naira was introduced on 1 January 1973, replacing the Nigerian pound at a rate of £1 = ₦2. The coins of the ne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Of Nigeria
The federal government of Nigeria is composed of three distinct branches: Federal Ministries of Nigeria, the executive, the National Assembly (Nigeria), legislative, and the Supreme Court of Nigeria, judicial, whose powers are vested and bestowed upon by the Constitution of Nigeria, Constitution of the Federal Republic of Nigeria. One of the primary functions of the constitution is that it provides for separation and balance of powers among the three branches and aims to prevent the repetition of past mistakes made by the government. Other functions of the constitution include a division of power between the federal government and the states, and protection of various individual liberties of the nation's Citizenship, citizens. Nigerian politics take place within a framework of a Federation, federal and Presidential system, presidential republic and a representative democracy, in which the president holds executive power. Legislative power is held by the federal government and th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Digital Currency
A central bank digital currency (CBDC; also called digital fiat currency or digital base money) is a digital currency issued by a central bank, rather than by a commercial bank. It is also a liability of the central bank, unless it is dividend-yielding, then it is an ownership stake in the central bank, and is a new form of legal tender, unlike cash like retail CBDC which is the digitization of sovereign currency, which applies to physical banknotes, coin, and existing wholesale CBDC reserves that are used in the reverse repo and repo market. The two primary categories of CBDCs are retail and wholesale. Retail CBDCs are designed for households and businesses to make payments for everyday transactions, whereas wholesale CBDCs are designed for financial institutions and operate similarly to central bank reserves. Retail CBDCs can be distributed through various models. In the intermediated model, the central bank issues the CBDC and manages core infrastructures, while financial ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Of Nigeria
The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959. The major regulatory objectives of the bank as stated in the CBN Act are to: maintain the external reserves of the country; promote monetary stability and a sound financial environment, and act as a banker of last resort and financial adviser to the federal government. The central bank's role as lender of last resort and adviser to the federal government has sometimes pushed it into murky political controversies. After the end of colonial rule, the desire of the government to become proactive in the development of the economy became visible, especially after the end of the Nigerian civil war, the bank followed the government's desire and took a determined effort to supplement any show shortfalls, credit allocations to the real sector. The bank became involved in lending directly to consumers, contravening its ori ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Godwin Emefiele
Godwin Ifeanyi Emefiele (born 4 August 1961) is a Nigerian politician, economist and banker who served as governor of the Central Bank of Nigeria from 4 June 2014 until he was succeeded by Folashodun Shonubi, on 9 June 2023. Early life and education Godwin Emefiele was born in present day Lagos State, Nigeria on 4 August 1961. He is a native of Agbor, Delta State, Nigeria. He attended Ansarudin Primary School and Maryland Comprehensive Secondary both in Lagos, before proceeding to the University of Nigeria Nsukka (UNN) for his tertiary education. He obtained a Bachelor’s Degree in Banking and Finance, finishing as one of the top students in his class, in 1984. Soon after his National Youth Service, he returned to UNN for a Masters Degree in Finance, which he obtained in 1986. He is also an alumnus of Executive Education at Stanford University, Harvard University (2004) and Wharton School of Business (2005). He was conferred with an Honorary Doctorate Degree in Business A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2023 Nigerian Elections
The 2023 Nigerian elections were held in large part on 25 February and 11 March 2023. The president and vice president were elected on 25 February, with incumbent President Muhammadu Buhari ineligible to run, being term-limited. Additionally, there were also elections on the same day for the Senate and the House of Representatives. On 11 March, twenty-eight gubernatorial elections were held alongside elections to state houses of assembly in all 36 states. Three additional gubernatorial elections will be held later in the year alongside potential rerun elections for regularly scheduled elections annulled from earlier in the year. Electoral system The President of Nigeria is elected using a modified two-round system with up to three rounds. To be elected in the first round, a candidate must receive a plurality of the votes and over 25% of the vote in at least 24 of the 36 states and the Federal Capital Territory. If no candidate passes this threshold, a second round will be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2023 In Nigeria
Events in the year 2023 in Nigeria. Incumbents Federal government * President: Muhammadu Buhari ( APC) (ended 29 May); Bola Tinubu (APC) (Started 29 May) * Vice President: Yemi Osinbajo (APC) (ended 29 May); Kashim Shettima (APC) (Started 29 May) * Senate President: Ahmed Lawan (APC) (ended 11 June); Godswill Akpabio (APC) (Started 13 June) * House Speaker: Femi Gbajabiamila (APC) (ended 11 June); Tajudeen Abbas (APC) (Started 13 June) * Chief Justice: Olukayode Ariwoola Governors * Abia State: Okezie Ikpeazu (PDP) (Until 29 May); Alex Otti ( LP) (Starting 29 May) * Adamawa State: Ahmadu Umaru Fintiri (PDP) * Akwa Ibom State: Udom Emmanuel (PDP) (Until 29 May); Umo Eno (PDP) (Starting 29 May) * Anambra State: Charles Soludo ( APGA) * Bauchi State: Bala Mohammed (PDP) * Bayelsa State: Douye Diri (PDP) * Benue State: Samuel Ortom (PDP) (Until 29 May); Hyacinth Alia (APC) (Starting 29 May) * Borno State: Babagana Zulum (APC) * Cross River State: Benedict Ayade (APC) (U ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
