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Treasury Newsletter – November 5, 2021

CBN Reports N56.83 million worth of counterfeit notes in 2020 The Currency Operations department of Central Bank of Nigeria (CBN) in its 2020 annual report...

CBN Reports N56.83 million worth of counterfeit notes in 2020

The Currency Operations department of Central Bank of Nigeria (CBN) in its 2020 annual report revealed that a total of 67,265 pieces of counterfeit notes with a nominal value of N56.83million was confiscated in 2020, indicating a 20.80 per cent decrease in volume and 12.18per cent decrease in value, compared with 84,934 pieces valued at N64.71 million in 2019.

POS Transactions in Nigeria Drops despite Rise in Deployed Terminals

Point of Sale transactions in Nigeria dropped marginally by 0.74% to N552.26 billion in October 2021 compared to N556.36 billion recorded in the previous month and rose by 19.81% compared to N460.95 billion recorded in the corresponding period of 2020. This is according to recent data released by the Nigeria Inter-Bank Settlement System (NIBSS).

Cryptocurrency Watch: Squid Game Token Crash

A Squid Game token going by the ticker, ‘SQUID’, which was inspired by the popular Netflix hit series ‘SQUID GAME’, surged to more than 230,000% in the past week to trade as high as $2,861.80 per coin. According to coinmarketcap, the coin lost its entire market capitalization as the token traded less than half a cent. Binance, one of the world’s largest cryptocurrency exchange by trading volume is investigating the SQUID token crash and considers it a scam.

FX Market

The Naira depreciated against the US dollar to close at N415.1/$1 on Thursday 4th November 2021, representing a 0.07% decline compared to N414.8/$1 recorded at the close of trading activities on Wednesday. On the other hand, according to information obtained by Nairametrics from Bureaux De Change (BDC) operators in Lagos, the naira remained flat against the US dollar at the parallel market on Thursday to close at N570/$1, the same as recorded at the close of trading activities on Wednesday, 3rd November 2021.

 

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