Some financial experts on Wednesday in Ibadan, Oyo State, lauded the ban placed on Cryptocurrencies in Nigeria by the Central Bank of Nigeria, CBN. They told the News Agency of Nigeria that the move was necessary considering nefarious activities that could be carried out under the guise of secrecy that …
Read More »Cryptocurrencies Don’t Hold Any Legal Status, CBN Insists
The Central Bank of Nigeria, CBN, has responded to the public condemnations over its decision to ban transactions in cryptocurrencies in the country, saying crypto doesn’t hold any legal status. “Most of these reactions reveal that there appears to be a need to provide further justifications about our position, especially …
Read More »CBN Orders Banks to Close Cryptocurrency Accounts
The Central Bank of Nigeria (CBN) has ordered banks to close corporate and personal accounts transacting in cryptocurrency in Nigeria. This is according to a circular dated 5th February 2021 distributed to deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs). “Further to earlier regulatory directives …
Read More »CBN Revokes 42 Microfinance Banks’ Licences, Depositors to Get Claims
The Central Bank of Nigeria has revoked the operating licences of 42 microfinance banks in the country. The Nigeria Deposit Insurance Corporation disclosed this on Friday in an announcement on its website titled ‘Notice of closure of 42 microfinance banks’. It stated, “This is to inform the depositors, creditors, shareholders …
Read More »CBN Directs Banks to Close Money Transfer Operators’ Naira Accounts
As part of the measures to ensure compliance with the new rules on diaspora remittances, the Central Bank of Nigeria on Friday directed the Deposit Money Banks to close naira accounts of International Money Transfer Operators. The new directive was contained in a circular tilted ‘Receipt of diaspora remittances: Additional …
Read More »Banks to Start Payment of Forex Remittances to Nigerians Friday
Nigerian commercial banks and international money transfer operators (IMTOs) and commercial have agreed to start paying beneficiaries of diaspora remittances in foreign currencies through the designated bank of their choice, the Central Bank of Nigeria has announced. This followed the apex bank’s insistence that all Deposit Money Banks (DMBs) must close all …
Read More »CBN Devalues Naira, Fixes Rate At N392/Dollar
The Central Bank of Nigeria (CBN) has directed bureau de change operators in the country not to sell dollars higher than N392 to end users. The Central Bank also devalued the Naira by N6 to Dollar, this brings the Naira closer to the exchange rate unification policy recommended by the …
Read More »CBN Retains 11.5% Monetary Policy Rate
The Central Bank of Nigeria’s Monetary Policy Committee has retained the Monetary Policy Rate at 11.5 per cent, the CBN Governor, Godwin Emefiele, announced Tuesday after the committee’s two-day meeting in Abuja. It also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent …
Read More »Nigeria’s Manufacturing Index Improve to 50 Points After 6 Months Contraction
The Manufacturing Purchasing Managers’ Index (PMI) for November 2020 recorded expansion after six consecutive months of contractions (May to October 2020). However, non-Manufacturing PMI sustained negative direction while unemployment level also remains negative for the eighth consecutive month. In its PMI Report for November released yesterday, the Central Bank of …
Read More »CBN Orders Commercial Banks to Offer Youths Agric Loans at 5% Interest
The Central Bank of Nigeria, CBN, has authorised commercial banks to give up to N2 billion maximum loan to youths interested in going into agriculture. According to the loan guideline released on Tuesday and sighted by The Nation, the scheme comes is under the Accelerated Agriculture Development Scheme, AADS, in …
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