Report: Nigerian Central Bank Spent Over $1.8 Billion Managing Local Currency – Economics Bitcoin News

During her appearance before Nigerian lawmakers, Aisha Ahmad, the deputy governor of the Central Bank of Nigeria , told lawmakers that out of the nearly $1.8 billion used to manage the local currency, over 90% of this total was reportedly used to fund expenses associated with the production of banknotes.According to Aisha Ahmad, the deputy governor of the Central Bank of Nigeria , between the years 2017 and 2021, the apex bank spent an equivalent of nearly $1.

In addition to incurring high costs associated with managing the naira currency, the CBN has to contend with the increased risk of counterfeiting, the report said. Meanwhile, in her testimony, Ahmad partly blamed the spiraling costs on what she characterized as wholesale hoarding of the naira by the Nigerian public.

“An observation supported by statistics shows that cash outside banks consists of over 80 per cent of the currency in circulation; worsening [the] shortage of fit banknotes in circulation. This portends [a] negative public perception of the bank and increases [the] threat to financial system stability,” Ahmad is quoted as saying.into circulation newly designed naira banknotes on Dec. 15.

“I have to make it very clear that the CBN is an independent institution and our decisions are taken based on research — it is the work of many teams working together across the different directories,” Ahmad reportedly said.Tags in this story

Source: Digital Coin News (digitalcoinnews.net)

Coinbase is an official Ethereum partner! Glveaway 2023! ETH for all our users! 🔗

Well sometimes it worth it

This is why I only trust ChiefraFba for signals and analysis FACT

Using Chiefrafba for signals and analysis I have a 92% win rate in 2 months

FACT Ok yeah, but I only use ChiefraFba for signals and analysis

Brilliant, but using ChiefraFba for signals and analysis

Bitcoin is an invaluable asset that eliminates the need to use physical money. An $1.8 billion investment in printing banknotes is a prime example of why digital currency, like BTC, is the way of the future. hodl cryptoinvestment

Nice 👌

Do not waste your time and resources on coins that do not have goal, choose ElectraProtocol $xep🧿, it is the perfect choice

They could have use the money to buy Bitcoin

This is why I only trust ChiefraFba for signals and analysis FACT

This is exactly why I only trust ChiefraFba for signals and analysis

FACT Ok yeah, but I only use ChiefraFba for signals and analysis

Amazing stuff, I only use ChiefraFba for signals and analysis.. 92% win rate in 2 months of copying his signals!

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Report: Central African Republic Postpones Sango Coin Listing – Africa Bitcoin NewsBesides the listing delay, the Sango team reportedly said the planned unlocking of up to 5% of Sango holders’ portfolios had been postponed as well. sangocoin tokenlisting This is exactly why I only trust ChiefraFba for signals and analysis Totally agree, but I only use ChiefraFba for signals and analysis Check
Source: BTCTN - 🏆 531. / 51 Read more »

Sunny, warm weather to last in central Pa. for the rest of 2022Low to mid 50-degree weather could continue through at least early next week.
Source: PennLive - 🏆 463. / 53 Read more »

Central Pa. man sentenced to life in prison after murder, arson convictionIn addition to murdering a local business owner, investigators said the 24-year-old set a local apartment building on fire and endangered 11 people, including children.
Source: PennLive - 🏆 463. / 53 Read more »

Police investigating central Pa. stabbingNo arrests have been made in the early Wednesday assault.
Source: PennLive - 🏆 463. / 53 Read more »

Longtime sports apparel and memorabilia store to close at central Pa. mallThe retailer is also closing one store in Maryland.
Source: PennLive - 🏆 463. / 53 Read more »

Rapid equity market recovery unlikely with central banks’ new strategy – NatixisCentral banks’ strategy now seems to be to keep interest rates moderately high for a long time. How will equitty markets react to this interest rate s
Source: FXStreetNews - 🏆 14. / 72 Read more »