愛污传媒

Business

    • Nigeria hopes new currency notes curb inflation, corruption

    In this photo released by the Nigeria State House, Nigeria's central bank governor, Godwin Emefile, left, presents the newly designed currency notes to Nigeria's President Muhammadu Buhari, right, during a launch in Abuja, Nigeria, on Nov. 22, 2022. (Sunday Aghaeze / Nigeria State House via AP) In this photo released by the Nigeria State House, Nigeria's central bank governor, Godwin Emefile, left, presents the newly designed currency notes to Nigeria's President Muhammadu Buhari, right, during a launch in Abuja, Nigeria, on Nov. 22, 2022. (Sunday Aghaeze / Nigeria State House via AP)
    Share
    ABUJA, Nigeria -

    Nigeria on Wednesday launched newly designed currency notes, a move that the West African nation's central bank says will help curb inflation and money laundering.

    The newly designed denominations of 200 (45 U.S. cents), 500 ($1.10) and 1,000 naira ($2.20) also would drive financial inclusion and economic growth, said Godwin Emefiele, governor of the Central Bank of Nigeria.

    Experts, however, are skeptical about such results in a country that has battled chronic corruption for decades, with government officials known to loot public funds that has caused more hardship for the many struggling with poverty.

    Nigeria's currency has not been redesigned in 19 years, and the new initiative is the latest introduced by policymakers in Africa's biggest economy in their quest for a cashless and more inclusive economy.

    The naira is "long overdue for a new look," Nigerian President Muhammadu Buhari said at the launch. The new paper notes designed in Nigeria and featuring enhanced security "will help the central bank to design and implement better monetary policy objectives."

    More than 80 per cent of the 3.2 trillion naira ($7.2 billion) in circulation in Nigeria are outside the vaults of commercial banks and in private hands, Emefiele said. Regulators last month announced a Jan. 31 deadline for old notes to either be used or deposited at banks.

    With inflation at a 17-year high of 21.09 per cent that is driven by soaring food prices, Emefiele said the new notes "will bring the hoarded currencies back into the banking system" and help the central bank regain control of the money being used in the country.

    "The currency redesign will also assist in the fight against corruption as the exercise will reign in the higher denomination used for corruption and the movement of such funds from the banking system could be tracked easily," the central bank chief said.

    Analysts, however, say that the newly designed notes would yield little or no results in managing inflation or in the fight against corruption in the absence of institutional reforms.

    "If you want to curb money laundering, your financial system needs to be better; if you want to curb ransom payment, security needs to be better; if you want to curb inflation, the level at which the total money supply in the economy is growing has to slow down -- so it is not about cash," said Adedayo Bakare, an analyst with Lagos-based Money Africa.

    Bakare said the move by Nigeria's central bank is at best an "expensive process that will cost the public a lot of pain because of the short period" required to either use or deposit cash in circulation.

    At least 133 million people, or 63 per cent of Nigeria's citizens, are multidimensionally poor, according to government statistics.

    "It could potentially slow down the economy if people do not have cash and people cannot exchange their cash for new notes at a fast pace," he said. "You can't phase out cash without fixing financial inclusion or electronic payment and even at that."

    Correction

    This story was first published on Nov. 23, 2022. It was updated on Nov. 24, 2022, to correct that 200 Nigerian naira amount to 45 U.S. cents, not 5 cents.

    CTVNews.ca Top Stories

    Angela Salvatore had been away from her father's hospital bedside for just over an hour when she says she got a frantic call from a nurse, pleading with her to calm him down.

    Canadian Ryan James Wedding finished in 24th place in the parallel giant slalom at the 2002 Winter Games in Salt Lake City, but the snowboarder wouldn鈥檛 go on to improve his results in Torino four years later.

    The mystery of a 100-year-old letter sent from Manitoba to Ireland is slowly unraveling thanks to the work of one amateur sleuth.

    Canada

    • The mystery of a 100-year-old letter sent from Manitoba to Ireland is slowly unraveling thanks to the work of one amateur sleuth.

    • Canadian Ryan James Wedding finished in 24th place in the parallel giant slalom at the 2002 Winter Games in Salt Lake City, but the snowboarder wouldn鈥檛 go on to improve his results in Torino four years later.

    • The Provincial Archives of New Brunswick (PANB) has uploaded dozens of dashboard camera videos from the 1970s to their YouTube channel.

    World

    Politics

    Health

    Sci-Tech

    Entertainment

    Business

    Lifestyle

    Sports

    Autos

    Local Spotlight

    A new resident at a Manitoba animal rescue has waddled her way into people's hearts.

    Hundreds of people ran to the music of German composer and pianist Beethoven Wednesday night in a unique race in Halifax.

    He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.

    A meteor lit up our region's sky last night 鈥 with a large fireball shooting across the horizon over Lake Erie at around 7:00 p.m.

    Residents of Ottawa's Rideauview neighbourhood say an aggressive wild turkey has become a problem.

    A man who lost his life while trying to rescue people from floodwaters, and a 13-year-old boy who saved his family from a dog attack, are among the Nova Scotians who received a medal for bravery Tuesday.

    A newly minted Winnipegger is hoping a world record attempt will help bring awareness for the need for more pump track facilities in the city.

    A Springfield, Ont. man is being hailed a 'hero' after running into his burning home to save his two infant children.

    Hortense Anglin was the oldest graduate to make her way across the platform at York University's Fall Convocation ceremony this week. At the age of 87, she graduated with an Honours degree in Religious Studies.

    • The final count of ballots in the 2024 B.C. election begins Saturday, with more than 66,000 mail-in and absentee votes potentially yet to be counted across the province's 93 electoral districts.

    • There were tense moments at a ferry terminal outside Victoria, B.C., on Friday after the lion鈥檚 share of standby spots on an early sailing were claimed by 鈥渁ssured loading鈥 passengers 鈥 leaving regular customers who had been waiting for hours out of luck.

    • The countdown to the arrival of Taylor Swift鈥檚 Eras Tour is on, with three dates planned in Vancouver this December - and some condo owners are looking to cash in on the fan frenzy.

    • Canadian Ryan James Wedding finished in 24th place in the parallel giant slalom at the 2002 Winter Games in Salt Lake City, but the snowboarder wouldn鈥檛 go on to improve his results in Torino four years later.

    • Angela Salvatore had been away from her father's hospital bedside for just over an hour when she says she got a frantic call from a nurse, pleading with her to calm him down.

    • Ontario Premier Doug Ford said he doesn't "think it's fair" nurses and doctors have to pay for parking at the hospitals and health-care facilities that they work at, after 愛污传媒 Toronto highlighted the issue earlier this week

    • The Alberta legislature is set to reconvene on Monday and the Danielle Smith government will be providing more details about its plans for the session.

    • Saturday will mark the end of the CFL regular season, and the Saskatchewan Roughriders will have their eyes on Winnipeg鈥檚 matchup versus Montreal to know if they have a chance of clinching the West Division.

    • A former CTV Ottawa broadcaster is headlining an art gallery with landscape paintings this weekend.

    • Ottawa Fire Services says a driver has been safely extricated from a vehicle that landed in a ditch following a three-vehicle collision in the city's east end Friday afternoon.

    • An Ottawa dietitian says the health trends on social media might not be the best option for you, citing some risks.

    • Montreal police (SPVM) are investigating an alleged case of voyeurism on the metro involving an 18-year-old woman, with video footage of the incident now circulating on social media

    • In the wake of the Bedford school controversy, opposition parties called on the government to defund private religious schools, a proposal that Quebec鈥檚 main private school association says would end up costing the government and parents more.

    • Quebec's social services minister says he's outraged by reports that educators at a detention centre for youth in Montreal had sexual relations with minor detainees 鈥 and that one of the employees allegedly had a baby with a teenage resident.

    • Stuart Skinner made 27 saves for his fifth career shutout and Evan Bouchard and Mattias Ekholm each had a goal and an assist as the Edmonton Oilers snapped a two-game losing skid with a 4-0 victory over the Pittsburgh Penguins on Friday.

    • A former Alberta teacher has been sentenced to four years for sexually abusing a student.

    • The GoFundMe page for the family of an employee found dead at a Halifax Walmart last weekend has paused donations after almost $200,000 was raised in roughly 24 hours.

    • Halifax police have arrested a fourth person in a homicide case involving a 16-year-old boy who went missing two years ago.

    • Students at Port Elgin Regional School in New Brunswick have a new accessible playground that all students can enjoy thanks to a community effort.

    • The mystery of a 100-year-old letter sent from Manitoba to Ireland is slowly unraveling thanks to the work of one amateur sleuth.

    • Winnipeg police are looking for a suspect after a woman's dorm room was broken into at the U of M and she was assaulted.

    • Repairs to the historic 110-year-old rail bridge at The Forks could come with a multi-million dollar price tag.

    • Saturday will mark the end of the CFL regular season, and the Saskatchewan Roughriders will have their eyes on Winnipeg鈥檚 matchup versus Montreal to know if they have a chance of clinching the West Division.

    • With an attempt to address the shortage of housing available in the community, the City of Yorkton has started a housing incentive program where new builders will receive a 50 per cent rebate on residential lots, and a full tax exemption for five years.

    • As the final day of voting for the Saskatchewan election inches closer, voters may be wondering when official winners will be declared.

    • Geovanny Villalba-Aleman, the man who stabbed three people in a gender studies class at the University of Waterloo, says he 鈥榓cted dumb鈥.

    • All the evidence has now been called at the trial of Erick Buhr, who has pleaded not guilty to second degree murder in the death of his grandmother, Viola Erb.

    • Residents spotted smoke coming from a waste management site in Waterloo on Friday afternoon.

    • A Saskatchewan woman is worried her child might die before receiving life-saving surgery and tests as he sits on the province's surgical waitlist.

    • The Saskatchewan RCMP is releasing the names of two suspects arrested on Thursday for a violent vehicle theft that triggered a widespread police search.

    • Police have still not confirmed the identity of a body discovered in Prince Albert last week.

    • Angela Salvatore had been away from her father's hospital bedside for just over an hour when she says she got a frantic call from a nurse, pleading with her to calm him down.

    • The Town of Cochrane plans to roll out its $10-lot program in a month or two.

    • There was a sea of blue and white lining the corridors of the Northgate Shopping Centre on Friday evening. Toronto Maple Leafs fans were eager to meet one particular Leafs legend -- Mats Sundin.

    • Cornelius Woelke and his two boys, who were badly burned in a fire in Springfield, Ont., are continuing their recovery in hospital.

    • In case you missed it, 愛污传媒 London has gathered all of the top local stories from this week into one video for your convenience.

    • Fall is in full swing in the Forest City and across the region.

    • Provincial police say there is an active investigation going on in the Town of Huntsville.

    • Several students have been banned from being spectators at school sporting events, and others suspended from school, after verbal and physical exchanges at a high school soccer game.

    • A 15-year veteran officer with the South Simcoe Police Service has been charged with discreditable conduct following an allegation of sexual assault.

    • In case you missed it, 愛污传媒 Windsor has compiled all of the top local stories from this week into one video.

    • Fall is in full swing in the Rose City and across the region.

    • The Windsor Police Service is investigating a suspicious death in south-central Windsor.

    • The final count of ballots in the 2024 B.C. election begins Saturday, with more than 66,000 mail-in and absentee votes potentially yet to be counted across the province's 93 electoral districts.

    • There were tense moments at a ferry terminal outside Victoria, B.C., on Friday after the lion鈥檚 share of standby spots on an early sailing were claimed by 鈥渁ssured loading鈥 passengers 鈥 leaving regular customers who had been waiting for hours out of luck.

    • Hulitan Early Years Centre is a brand new, 48-seat childhood learning centre in Colwood. It was built to support Indigenous children throughout the capital region.

    • More than two years after Alannah Brown and Douglas Barker were found dead north of Penticton, police are asking for help identifying a vehicle they believe was associated with the crime.

    • Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.

    • A U.S. District Court judge in Montana has sentenced a 27-year-old man from Kelowna, B.C., to 18 months in prison for using fake names to buy guns with the aim of selling them in Canada.

    • About 15,000 students are enrolled at Lethbridge鈥檚 post-secondary schools, and now the city is working with those schools to try to find ways to get them s to stick around a while.

    • With Halloween less than a week away, organizations in Lethbridge are preparing to get in on the trick-or-treating fun.

    • The City of Lethbridge is bringing forward a water conservation policy, the first of its kind for the city.

    • The union that represents hospital workers across the province is used a symbol from Greek mythology Friday in Espanola to drive home its campaign about the perils of privatization in health care.

    • CTV's Coats for Kids is nearing the end of its donation window, with the need as strong as it鈥檚 ever been.

    • The Anishinabek Police Service and the Ontario Provincial Police are investigating the circumstances around a death in Fort William First Nation.

    N.L.

    Shopping Trends

    The Shopping Trends team is independent of the journalists at 愛污传媒. We may earn a commission when you use our links to shop.聽Read about us.

    Stay Connected
    Follow 愛污传媒