Tag: Central Bank of Nigeria
Business Finance

Nigeria’s naira plunges to record lows as citizens react to govt’s redesign plan

North Africa PostComments Off on Nigeria’s naira plunges to record lows as citizens react to govt’s redesign plan

Nigeria’s currency, the naira, has dropped to a record low against the US dollar as Nigerians scramble to stockpile the greenback ahead of a redesign of naira notes. It has been just over a week since the Central Bank of Nigeria (CBN) announced its plan to redesign the country’s highest paper denominations – the 200-, […]
Business Finance

Emirates suspends flights to and from Nigeria over blocked funds

North Africa PostComments Off on Emirates suspends flights to and from Nigeria over blocked funds

Dubai-based Emirates Airline suspended flights to and from Nigeria from October 29 over blocked funds, the airline’s spokesperson has confirmed, Zawya reports. “Emirates has continued to actively seek a solution for the repatriation of the remainder of its blocked funds in Nigeria. We were encouraged by the Central Bank of Nigeria’s efforts of reviewing our […]
Business Finance

Int. airlines promised to receive some of their funds trapped in Nigeria

North Africa PostComments Off on Int. airlines promised to receive some of their funds trapped in Nigeria

The Central Bank of Nigeria said (26 August) it has made US$ 265 million available for release to international airlines shortly after the Dubai-based Emirates airline announced that it has put a hold on flight operations in and out of Nigeria due to its inability to repatriate funds from the West African country. The money […]