Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home News

CBN Decreases the Rate of Minting the Naira.

Somto NwanoluebySomto Nwanolue
August 22, 2022
in News
0
CBN Decreases the Rate of Minting the Naira.
Share on FacebookShare on TwitterShare on Whatsapp

The rise in electronic banking transactions has prompted the Central Bank of Nigeria -CBN, to reduce the minting of the Naira. Dr. Kingsley Obiora, the CBN Deputy Governor, Economic Policy Directorate, revealed this information over the weekend in Abuja.

According to the Director Governor, several major economies of the world have begun decreasing the use of cash as a means of business transaction.

He additionally noted that in South Korea, about 77% of the citizens forgo the use of cash to make payments, while 30% of the population in the Philippines don’t use cash at all to make payments. 

Obiora admitted that in Nigeria, the significant decrease in the use of cash as a medium of exchange has resulted in an explosion in electronic businesses. He also said that the value of e-business/commerce had grown from N393bn in 2014 to about N2.4trn currently.

In the Director General’s words: “In South Korea, 77 per cents no longer use cash to make payments, while in the Philippines, it is 30 percent. In Nigeria too, we are also seeing the same decline in the use of cash; the minting of currencies in the CBN has been reducing in the last couple of years.

“So, alongside this reduction in the use of cash has also been an explosion in electronic business and e-business and we have seen the value of e-business grow from N393bn in 2014 to about N2.4trn now.

“And so, if you look at this movement, you will realize that the central banks in the world are responding to the yearnings of citizens which is why citizens in 96 percent of Central banks in the world are either working on digital currencies or they have done so already.”

Emefiele, CBN Governor
Tags: cbnDecreasese-transactionMintingNairarate
Somto Nwanolue

Somto Nwanolue

Somto Nwanolue is a news writer with a keen eye for spotting trending news and crafting engaging stories. Her interests includes beauty, lifestyle and fashion. Her life’s passion is to bring information to the right audience in written medium

Related Posts

Sierra Leone's Top Diamond Mine Closes, Cutting Over 1,000 Jobs
News

Sierra Leone’s Top Diamond Mine Closes, Cutting Over 1,000 Jobs

May 12, 2025
India Reopens 32 Airports After Ceasefire with Pakistan
News

India Reopens 32 Airports After Ceasefire with Pakistan

May 12, 2025
Spain Lifts Lockdown After Toxic Cloud Traps 160,000 People
News

Spain Lifts Lockdown After Toxic Cloud Traps 160,000 People

May 10, 2025
Next Post
BBNaija S7: Big Brother Naija’s ‘Biggie’ Merges the Two Levels, Discards Level Immunity.

BBNaija S7: Big Brother Naija’s ‘Biggie’ Merges the Two Levels, Discards Level Immunity.

Osimhen Celebrates Second Serie A Goal of the Season

Osimhen Celebrates Second Serie A Goal of the Season

2022 U-20 WWC: Why Falconets Lost to Netherlands- Danjuma.

2022 U-20 WWC: Why Falconets Lost to Netherlands- Danjuma.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

EU Ministers Convene Amidst African Unrest: Niger Coup and Gabon Power Seizure Top Agenda

EU Ministers Convene Amidst African Unrest: Niger Coup and Gabon Power Seizure Top Agenda

2 years ago
Calvin Bassey Might Not Be Able to Feature For Nigeria in Their Friendly Game Against Portugal.

Calvin Bassey Might Not Be Able to Feature For Nigeria in Their Friendly Game Against Portugal.

2 years ago
Nons Miraj Buys A New House, to Mark Her Birthday

Nons Miraj Buys A New House, to Mark Her Birthday

2 years ago
Cole Palmer voted 2023/24 England Men’s Player of the Year

Cole Palmer voted 2023/24 England Men’s Player of the Year

7 months ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) abuja apc Arsenal buhari Business cbn chelsea china court Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government Governor health inec Israel lagos Manchester United Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

Ancelotti Confirmed as New Brazil Head Coach, Set to Begin Tenure in May

NBA Playoffs: Brunson’s 39-Point Masterclass Lifts Knicks Over Celtics

Sierra Leone’s Top Diamond Mine Closes, Cutting Over 1,000 Jobs

Trump Grants First Refugee Status to White South Africans

US and China Agree to Cut Tariffs, Easing Trade War Fears

UK Police Investigate Blaze at Prime Minister Keir Starmer’s House

Trending

VeryDarkMan vs The System: Arrests, Drama & EFCC Wahala
Entertainment

VeryDarkMan Slams Nigerians Mocking His Mother’s Teaching Job

byAyobami Owolabi
May 13, 2025
0

Controversial social media critic VeryDarkMan has called out Nigerians who have mocked his mother for being a...

Two Social Media Influencers Jailed Over Naira Spraying In Viral TikTok Video

Two Social Media Influencers Jailed Over Naira Spraying In Viral TikTok Video

May 13, 2025
Nigerian Navy Dismantles Six Illegal Refining Sites In Delta

Nigerian Navy Dismantles Six Illegal Refining Sites In Delta

May 13, 2025
Ancelotti Confirmed as New Brazil Head Coach, Set to Begin Tenure in May

Ancelotti Confirmed as New Brazil Head Coach, Set to Begin Tenure in May

May 13, 2025
NBA Playoffs: Brunson’s 39-Point Masterclass Lifts Knicks Over Celtics

NBA Playoffs: Brunson’s 39-Point Masterclass Lifts Knicks Over Celtics

May 13, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • VeryDarkMan Slams Nigerians Mocking His Mother’s Teaching Job
  • Two Social Media Influencers Jailed Over Naira Spraying In Viral TikTok Video
  • Nigerian Navy Dismantles Six Illegal Refining Sites In Delta

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com