The Central Bank of Nigeria (CBN) has said there was no time the bank banned the activities of cryptocurrency in the country. The CBN said what the bank did was to protect the banking sector from the activities of cryptocurrency and not a ban on its activities. The Central Bank of Nigeria (CBN) has said … Read more
Nigerians using unstructured supplementary service data (USSD) to carry out financial transactions will now be charged a flat fee of N6.98 for each transaction, Mobile Network Operators (MNOs) and Deposit Money Banks (DMBs) disclosed on Tuesday. The development is contained in a joint statement released by the Central Bank of Nigeria (CBN) and the Nigerian … Read more
Governor, Central Bank of Nigeria (CBN), Godwin Emefiele says the bank has invested the sum of N85.89 billion in its Health Sector Intervention Facility (HSIF). He made this known in Abuja on Tuesday while disbursing the sum of N253.54 million to five researchers for the development of Nigerian COVID-19 vaccines and vaccines for other diseases. … Read more
The Central Bank of Nigeria (CBN) on Monday donated food items to Internally Displaced Persons (IDPs) in Borno. The CBN Branch Controller in Maiduguri, Alhaji Lawan Tijjani, who presented the items to the IDPs, said that the gesture was to support displaced families at this critical time of needs. Tijjani said the items included 300 … Read more
In its bid to sustain the increase in inflows of diaspora remittances into the country, the Central Bank of Nigeria (CBN) has introduced a “Naira 4 Dollar Scheme”, an incentive that pays naira to senders and recipients of international money transfers. The policy is aimed at boosting dollar supply in the country, at a time … Read more
The Central Bank of Nigeria had prohibited dealing and facilitating payments in cryptocurrencies. Vice President Yemi Osinbajo on Friday opined that cryptocurrencies should be regulated in Nigeria in lieu of an outright ban. He made the remarks during a keynote at the CBN/Bankers Committee’s Initiative for Economic Growth. The CBN had recently reaffirmed its oppositional … Read more
The CBN had prohibited dealing and facilitating payments in cryptocurrencies The CBN Governor, Godwin Emefiele has arrived at the National Assembly to honour the request by the Senate Joint Committee on Banking Insurance and other financial institutions, (including ICT and cybercrime) to brief on the opportunities and threats of cryptocurrency on the nation’s economy. The … Read more
Two major Nigerian financial institutions, guarantee trust bank (GTB) and access bank have closed the account of customers over alleged involvement in digital currency trading. The move by the top-tier lenders is sequel to the banning of trade that involves Bitcoin and other digital currency in Nigeria by the central bank. According to screenshots shared … Read more
The federal government has disclosed the reason behind its refusal to lift the restriction placed on bank accounts of 20 #EndSARS protesters despite court orders directing it to unfreeze accounts of those affected. Speaking on Sunrise Daily, a Channels TV programme on Thursday, Abubakar Malami, attorney-general of the federation (SAN), explained why the federal government … Read more
Identification, CBN The directive was given by Dr Kevin Amugo, Director, Finance Policy Regulation Department, on Wednesday, in Abuja, through a memo to the banks, other financial institutions and payment service providers in the country. You May Also Like Cryptocurrency: ‘This Is Wrong Time,’ Atiku Faults CBN Directive The Central Bank of Nigeria (CBN) has … Read more
Collaboration Pantami said after making a presentation to National Economic Sustainability Committee, his attention and that 0f the CBN Governor were drawn to the need to replace BVN with NIN. The Ministry of Communications and Digital Economy is collaborating with the Central Bank of Nigeria (CBN) to ensure citizens with Bank Verification Number (BVN) are … Read more
The Central Bank of Nigeria on Friday, ordered all banks to close accounts of anyone who transacts in cryptocurrency According to the CBN, dealing in cryptocurrency or facilitating payments for cryptocurrency exchanges is prohibited Former presidential candidate, Kingsley Moghalu, has said that $500 million worth of Bitcoin has been traded in Nigeria within the last … Read more
The Central Bank of Nigeria (CBN) has reacted to condemnations trailing the directive to Deposit Money Banks (DMBs) to desist from transacting in cryptocurrencies. In a statement on Sunday, Acting Director, Corporate Communications, Osita Nwanisobi, clarified that the CBN circular of February 5, 2021, did not place any new restrictions on cryptocurrencies. He recalled that … Read more
The Central Bank of Nigeria has directed banks and other financial institutions to close customer accounts used in trading cryptocurrencies and other related transactions. The directive is contained in a circular issued by the apex bank on Friday. The Nigerian bank regulator ordered deposit money banks, non-bank financial institutions and other financial institutions to “identify … Read more
The monetary policy committee of the Central Bank of Nigeria (CBN) on Tuesday reached a consensus to retain the monetary policy rate (MPR), which determines interest rate, at 11.5 percent. Godwin Emefiele, governor of the CBN, announced the committee’s decision at the end of its two-day meeting. The monetary policy committee (MPC) also retained the … Read more
The Central Bank of Nigeria (CBN) said it has withdrawn the operating licences of seven payment services providers. Eko Hot Blog recalls that the CBN also recently revoked the operating licences of 42 Microfinance Banks across the country. A report titled ‘Revocation of operating licences of some payment service providers’ released by the apex bank … Read more
CBN, ATM The Central Bank of Nigeria (CBN) says it will investigate the scarcity of funds witnessed by customers in most Automated Teller Machines (ATMs) in Lagos State. The CBN‘s Acting Director, Corporate Communications, Mr Osita Nwanisobi told the News Agency of Nigeria (NAN), on Wednesday, that ATMs were introduced so as to ease the … Read more
Central Bank of Nigeria (CBN) has seized the operating licences of 42 microfinance banks across the country. The Nigeria Deposit Insurance Corporation disclosed this in an announcement on its website titled ‘Notice of closure of 42 microfinance banks’. It stated, “This is to inform the depositors, creditors, shareholders and the general public that the operating … Read more
The Central Bank of Nigeria (CBN) has enjoined Payment service providers to forthwith stop all local currency transfers in respect to foreign remittances through International Transfer Money Transfer Operators (IMTO). The apex bank issued the directive in release on Wednesday. Eko Hot Blog reports that the bank said all money market operators are to immediately … Read more
Oyo State House of Assembly has approved the request of Governor Seyi Makinde to access N2billion loan facility from the Central Bank of Nigeria (CBN), for the implementation of the Anchor Borrowers Programme. The facility is to be accessed from the CBN through Fidelity Bank. Eko Hot Blog gathered that the request was contained in … Read more