CBN sends message to workers after addressing circulation of old naira notes Nexovant
- The CBN has instructed treasurers of financial institutions to take action to protect their businesses’ financial stability
- It advised that treasurers should strategically position themselves to manage the changing trends in the economy
- Bismarck Rewane promoted a balanced monetary policy to prevent inflation-driven asset bubbles and stabilize the stock market
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Financial institution treasurers have been directed by the Central Bank of Nigeria to take steps to safeguard the financial health of their organizations.
CBN said the worldwide inflation rate is expected to continue to decline in 2025. Photo Credit: CBN
Source: UGC
Muhammad Abdullahi, Deputy Governor, Economic Policy Directorate, revealed this during the Financial Markets Association of Nigeria’s ninth annual Financial Markets Conference in Lagos,
The program was themed “Global Economic and Domestic Outlook: Implications for Nigerian Treasurers.”
In the face of the global economic climate, treasurers should strategically position themselves to manage the changing trend and maximize the good influence on the financial markets, according to Abdullahi, who was represented by Omolara Duke, CBN Director, Financial Markets Department.
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“So, (as) our distinguished treasurers, you bear the responsibility to relentlessly manage the ever-evolving opportunities and challenges presented by global dynamics and safeguard the financial health of your organisations.
“As treasurers and financial experts, you must recognise the interconnectivity of the global and economic system. The ability to tactically position treasury activities to manage the evolving global trend will have significant implications on our domestic markets,” he said.
According to Abdullahi, the worldwide inflation rate is expected to continue to decline in 2025, especially in the direction of the central bank’s long-term inflation goals.
He claimed that FMDA’s tenacity in persuading its members to accept and carry out the new policies is an example of its ongoing display of tremendous power.
In order to stabilize the stock market and avoid inflation-driven asset bubbles, Bismarck Rewane advocated for balanced monetary policies. He clarified that higher interest rates may draw money away from stocks by making fixed-income investments more alluring.
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CBN speaks on circulation of old naira notes
Legit.ng reported that the Central Bank of Nigeria has denied that the N200, N500, and N1,000 banknotes from the previous series will be recognized as legal money after December 31, 2024.
Sidi Hakama, acting director of corporate communications for the CBN, said in a statement released Thursday that the Supreme Court of Nigeria’s decision on Wednesday, November 29, 2023, to keep using old naira banknotes is still in force indefinitely.
The Supreme Court decided that the old series of N200, N500, and N1,000 banknotes will continue to be accepted as legal money in addition to the new ones.
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Source: Legit.ng
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