Tag: domiciliary accounts

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Nigerian Currency Depreciation: Central Bank Head Reaffirms Commitment to Reviving Confidence in the Economy

February 8, 2024

The Nigerian central bank remains committed to building confidence in the economy but that hinges on the implementation of “bold reforms” and residents’ help in easing pressure on the naira. However, critics have faulted the central bank’s policies including the devaluation of the local currency in 2023 for worsening the plight of millions. Ordinary Nigerians…
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Nigerian Lawmaker Proposes Closure of All Domiciliary Accounts in Order to Save Imperiled Naira

September 30, 2021

Nigerian lawmaker Ibrahim Obanikoro has called on Nigerian authorities to “close all domiciliary accounts for the next 12 months.” Such a move, he argues, will help to ease pressure on the naira, which has depreciated by more than 10% in the past two months. The Naira’s Continuing Depreciation The call by Obanikoro comes nearly…
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