The country's top court ordered the government to extend a deadline for citizens to swap old bills for new ones. A judge said the president had behaved like a "dictator" in his rush to carry out the banknote redesign.
Data by the Central Bank of Nigeria shows that currency in circulation fell 53.3 per cent to 1.5 trillion naira from October 2022 to January 2023.
Russia has started selling its growing reserves of the Chinese currency to fill a budget deficit caused by falling oil and gas revenues and the costs of war. For how long will the yuan shore up Putin's ailing economy?
The CBN governor, Godwin Emefiele, said the decision was prompted by concerns with the management of the current series of banknotes, the increasing risk of naira counterfeiting as well as the persistent large-scale hoarding of the naira which has resulted in a worrisome situation where over 80 percent of the currency in circulation is outside the banking system.
Currencies are depreciating around the world and wreaking havoc on economies. But as the strong US dollar hits foreign demand, some American businesses are also experiencing painful losses.
27 Jul 2022
Zimbabwe introduces gold coins as local currency tumbles.
2 Dec 2021
Turkey's Finance Minister, Lutfi Elvan, has resigned amid another plunge in the value of the country's currency, the lira. He is being replaced by his deputy, Nureddin Nebati, who supports President Recep Tayyip Erdogan's controversial economic policies. The lira has lost almost half of its value this year as Erdogan has pushed for low interest rates, despite rising inflation. Also today, we look at how some French parents are choosing to rent toys for their children, instead of buying new ones.
22 Feb 2021
The change is a key reform demanded by foreign donors and the International Monetary Fund (IMF). The country is hoping to overhaul its debt-laden, inflation-hit economy.
27 Dec 2020
Hundreds of angry Iraqis protest in several cities against a currency devaluation that has slashed their purchasing power amid a pandemic-fuelled economic crisis. The Central Bank of Iraq (CBI) at the weekend devalued the currency by over a fifth against the US dollar, officially re-pegging the dinar at a bank rate of 1,460 to the greenback.
28 Oct 2019
Center-left candidate Alberto Fernandez has capitalized on rising poverty, soaring inflation and a battered currency under conservative incumbent Mauricio Macri. A Fernandez victory has spooked markets.
27 Oct 2019
Facebook's Libra, billed as an alternative to traditional banking, has sparked concerns from central bankers and regulators around the world. The currency has been criticized as a threat to sovereignty and stability.
15 Sep 2019
Jordan Rochester, a currency strategist at Nomura International, discusses Brexit and the pound on “Bloomberg Surveillance.”