On Thursday, January 26th, 2023, the Central Bank of Nigeria (CBN) officially unveiled its national domestic card scheme in a session co-hosted by the Nigerian Inter-Bank Settlement System (NBSS). The domestic card scheme, which is named AfriGo, is part of the apex bank’s strategies towards advancing cashless payments and deepening financial inclusion in the country.
February 21, 2023
Nigeria Economic Update (Issue 3)
Related
Nigeria Economic Update (Issue 41)
The
naira continued its downward trajectory in the review week. Specifically, naira
depreciated significantly at the parallel segment by 3.5 percent to a record
low of N440/$ on September 23, 2016. Notably, this was driven by
the worsening liquidity constraints at the interbank market which left the
excess forex demand to be sourced at the parallel market, and thus exerted
downward pressure on the naira. The naira is likely to further
weaken given that most of the liquidity constraints are exogenously determined
and thus forex supply will likely remain subdued by its demand.