Business

Mobile money providers and the customers of organised banks have voiced their disagreement with the new limits on withdrawals issued by the Central Bank of Nigeria (CBN). They claim the bank intends to put them out of business due to the regulations.

The Central Bank of Nigeria (CBN) yesterday indicated that the redesign of the Naira was prioritised in light of the urgent need to combat counterfeits and rescue the country’s sagging economy.

Nigeria’s central bank data shows that the federal government took out loans totalling N6.3 trillion from January through October 2022.

The governor of Nigeria’s central bank, Mr Godwin Emefiele, explained on Friday that the country’s headline inflation rate, which has risen from 15.60% in January to 20.77% in September, is in line with global trends.