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Nigeria to Relaunch Currency Trade Scheme After Setback – CBN
Central Bank of Nigeria (CBN) says it will relaunch a national currency trade settlement scheme after earlier attempts failed to deliver expected results.....KINDLY READ THE FULL STORY HERE▶
CBN Governor Olayemi Cardoso made the announcement during a media briefing at the International Monetary Fund and World Bank annual meetings in Washington, D.C. He said the initiative will allow Nigeria to conduct trade with other countries using national currencies instead of relying on the U.S. dollar.
“We have had an experiment with using national currencies in bilateral trade, and to be frank, it did not work out very well for us,” Cardoso said. “That is not to say we are not interested in doing this. We are. We are really at an early stage of putting up a framework to ensure it is a win-win for everybody.”
The central bank chief explained that the new framework will be more structured and carefully designed to prevent the problems that weakened previous efforts. He said lessons learned from the failed attempt would guide the relaunch.
A Second Attempt at Local Currency Trade
Nigeria first introduced a currency swap deal with China in 2018 to encourage trade in the naira and yuan instead of the U.S. dollar. The agreement, worth about ₦720 billion (RMB 15 billion), aimed to reduce pressure on Nigeria’s foreign reserves.
However, the plan faced several challenges. Many importers and exporters continued to prefer using dollars, and banks struggled with limited yuan liquidity. Exchange rate instability and low awareness among traders also affected participation.
Despite the setback, Nigeria and China renewed their currency swap agreement in 2024, valued at N3.28 trillion (RMB 15 billion) and valid for three years. The deal aims to strengthen trade ties and reduce dependence on the dollar amid ongoing economic reforms.
Reforms to Strengthen the Naira
Cardoso said Nigeria’s recent foreign exchange reforms have improved transparency and built a stronger foundation for local currency trade. The CBN introduced a new “B-matching” system that makes foreign exchange transactions more open and competitive.
The bank has also started publishing audited financial statements and net reserves to boost confidence in its operations. Cardoso said these changes have made the naira more competitive, making it a better time to revive the currency trade scheme.
Analysts say the move could help Nigeria stabilize its currency, reduce dollar demand, and promote closer trade relationships with countries willing to trade in their local currencies.
Potential Benefits and Challenges
If successful, the relaunch could lower transaction costs and make trade more affordable for Nigerian businesses. It may also protect the economy from global currency fluctuations and strengthen the country’s external sector.
However, economists warn that key challenges remain. The central bank will need to maintain exchange rate stability, ensure liquidity in partner currencies, and improve communication with traders and banks.
Financial analyst Abiodun Ayodele said the plan could work if Nigeria develops strong monitoring systems and clear guidelines. “Without discipline and transparency, it may end up like the last attempt,” he said.
Next Steps
Cardoso said the CBN will begin consultations with trade partners and financial institutions to design the new framework. Details of the scheme, including which countries may participate first, are expected to be released after the bank completes its internal review.
The relaunch forms part of Nigeria’s broader economic reform plan aimed at restoring investor confidence, stabilizing the foreign exchange market, and supporting local industries.
Observers say the success or failure of the new currency trade scheme could shape Nigeria’s foreign trade outlook and determine how well the country can manage its dependence on the U.S. dollar in the years ahead.
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“Global Powerhouse Collab!” Shakira And Burna Boy Set To Ignite 2026 World Cup Stage In Mexico City.
FIFA has officially announced that Shakira will lead the 2026 World Cup opening ceremony in Mexico City. Alongside Burna Boy, she will perform “Dai Dai,” the tournament’s official anthem, which encourages fans with its title meaning “let’s go” or “come on”.....KINDLY READ THE FULL STORY HERE▶
The festivities are scheduled for June 11 at Estadio Azteca, occurring 90 minutes before the opening match between Mexico and South Africa. This performance is the first of several planned ceremonies across the host nations—Mexico, the United States, and Canada—and will feature a star-studded lineup including Alejandro Fernández, Belinda, Danny Ocean, J Balvin, Lila Downs, Los Ángeles Azules, Maná, and Tyla.
The song “Dai Dai” also functions as a charitable initiative to support the FIFA Global Citizen Education Fund, which seeks to secure $100 million for global education and football access for children by the tournament’s conclusion. In addition to the opening ceremony, Shakira is scheduled to headline the tournament’s final halftime show on July 19, appearing with Madonna and BTS.
FIFA has advised attendees to arrive early at the stadium, as gates will open four hours before kickoff to allow fans to enjoy exclusive pre-match activations and entertainment, with the ceremony itself beginning at 11:30 local time.
Would you like me to help you create another graphic, perhaps focusing on the final halftime show?
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“I Live In Constant Fear!” Movie Icon Kunle Afolayan Reveals He Is Terrified To Travel On Nigerian Roads.
Prominent Nollywood filmmaker Kunle Afolayan recently took to social media to voice his deep concern regarding the rising wave of insecurity and kidnappings throughout Nigeria. Afolayan noted that the current climate of violence has replaced daily routine with uncertainty and persistent fear for many citizens. Highlighting the dangers associated with road travel, he emphasized that he personally experiences significant anxiety when commuting. While calling on the government and security agencies to fulfill their duties to protect the populace, Afolayan also shared a message of resilience, urging Nigerians to maintain their faith in the country’s future despite the prevailing challenges.....KINDLY READ THE FULL STORY HERE▶
Kunle Afolayan has expressed his distress over Nigeria’s security crisis, stating that the frequent reports of kidnappings have made daily life a source of fear for the average citizen. The filmmaker admitted that road travel has become a nerve-wracking experience for him, mirroring the anxieties felt by families across the nation. In his message, he demanded accountability from those in power and those operating under the guise of anonymity, while offering prayers for the safety of all Nigerians. Despite his “heavy heart,” Afolayan concluded with a message of hope, reminding the public that Nigeria has historically persevered through difficult times.
The recent public remarks by Kunle Afolayan reflect the growing apprehension among high-profile Nigerians regarding the country’s deteriorating security situation. By publicly documenting his own fear of traveling on Nigerian roads, Afolayan has aligned his experience with that of the general population who are grappling with the constant threat of abduction. His statement serves as both a critique of the government’s inability to curb these security challenges and a spiritual appeal for national protection. Ultimately, the filmmaker’s post acts as a call to remain steadfast, encouraging citizens to hold onto hope and faith despite the grim reality depicted in the daily headlines.
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“It’s Mission Impossible!” Lawmaker Reveals Why Kidnappers Are Winning The War In Oyo.
Senator Abdulfatai Buhari, representing Oyo North, has revealed that 47 pupils abducted in Oyo State are currently being held as human shields by their captors. Appearing on Arise Television, the senator explained that a direct military assault is unfeasible because the gunmen have strategically positioned the children around them to prevent security intervention. He noted that the operation is further complicated by the fact that the abductors are highly mobile and are navigating a massive, dense forest that spans seven states and crosses international borders into Benin and Niger. Senator Buhari, who accompanied a federal delegation to console the affected families, emphasized that the government must prioritize a cautious, strategic rescue to ensure the children’s safety rather than treating the crisis as a conventional military conflict.....KINDLY READ THE FULL STORY HERE▶
Senator Abdulfatai Buhari has cautioned against a direct military response to the abduction of 47 schoolchildren in Oyo State, citing the captors’ use of the victims as human shields. According to the senator, the kidnappers are operating within a sprawling, cross-state forest corridor that makes tracking them extremely difficult. He suggested that many of these criminals are foreigners who move frequently to avoid detection. While the federal government has engaged with the grieving families—including those of a man killed during the attack—Buhari reiterated that the rescue mission remains a delicate process that requires patience to protect the lives of the students.
Option 3: Analytical Overview
The kidnapping crisis in Oyo State has entered a complex phase, as Senator Abdulfatai Buhari reports that the 47 abducted pupils are being exploited as human shields by gunmen. Addressing the tactical difficulties of the situation, the senator highlighted that the abductors are not stationed in a fixed location but are instead traversing a vast forest that links multiple Nigerian states with neighbouring countries. He argued that this reality renders standard military tactics ineffective and potentially fatal for the hostages. Amidst local fears and demands for increased security, the senator confirmed that the government is providing support to affected families while focusing on a rescue strategy that avoids direct confrontation.
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