Dollar may lose status as the world’s currency

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Though the US dollar continues to reign as the foreign reserve currency of choice, a new International Monetary Fund analysis shows that the currency has slumped to a 15-year low, heightening concerns that it may lose that status.

While the dollar currently constitutes 62 percent of the $6 trillion in foreign holdings by the world’s central banks, when a historical view is taken into account, Dick Bove, vice president of equity research at Rafferty Capital Markets says the dollar’s actual percentage of total money supply worldwide has gone from 90 percent in 1952 to about 15 percent today.
Bove, like many other analysts, believes that the rise of the Chinese currency, the yuan, is at the expense of the US dollar’s dominance as a safe haven.

Jonathan has officially green-lit a plan to introduce N5,000 currency note in Nigeria.

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Exclusive reports reaching us say President Goodluck Jonathan has officially green-lit a plan to introduce N5,000 currency note in Nigeria.
A trustworthy source from Mr. Jonathan’s administration disclosed the policy reversal in a telephone conversation.

It would be recalled that President's earlier approval of the plan to introduce the N5,000, suggested by Governor Lamido Sanusi of the Central Bank of Nigeria, had triggered criticism, condemnation and even some street protests. However, the policy was merely being suspended, not abandoned.

Arrested currency smuggler forfeits over N100m to federal govt

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You guys remember the bulk currency smuggler, Abubakar Tijani Sheriff, who was arrested on the 27th of September at the Murtala Muhammed International while attempting to smuggle about $7million out of the country? Well, he appeared before a Federal High Court today in Lagos and he got some of his seized money back, and lost quite a lot to the federal government of Nigeria.

The court asked EFCC to return the $4.5million he declared at the airport when he was traveling while he should forfeit 25 percent of the money he didn't declare to the Federal Government.