Sunday, October 17

Tag: CBN

All is not well in Nigeria, don’t deceive yourself – Ortom
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All is not well in Nigeria, don’t deceive yourself – Ortom

Benue State Governor, Dr. Samuel Ortom has opined that Nigeria 'is not well." Ortom, who spoke on Wednesday, September 29, while paying a condolence visit to the family members of the late Deputy Governor of the Central Bank of Nigeria, CBN, Dr Obadiah Mailafia, said Nigeria is on life support and that anyone who thought the country was doing well was just 'deceiving' themselve. Praising Mailafia he said; “Dr Mailafia was fearless and he stood on the side of the truth. As the Bible says, ‘You should know the truth and the truth shall set you free.’ Our brother stood for truth and justice. “Anyone saying that all is well in Nigeria is just deceiving himself. Nigeria is on life support. Nigerians have never been divided as it is today. “Let everyone know that Nigeria is greate...
CBN explains why Nigerians need its new Digital Currency, e-naira
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CBN explains why Nigerians need its new Digital Currency, e-naira

The Central Bank of Nigeria has explained the importance of e-naira, a digital currency it promised to launch in the country by the end of 2021. According to the CBN, the country's adoption of digital currency would boost cross-border trade and enable the apex bank to formulate better macroeconomic policies. The Director, Information and Technology, CBN, Rakitya Muhammed opined this while speaking virtually at the Third Quarter Industry Forum of the Committee of E-business Industry Heads held in Abuja on Wednesday, September 22, 2021. She said, “If people adopt more of the usage of the e-naira, then we will be able to have more data to formulate better macroeconomic policies. “And when countries come on board and create their own digital currencies...
CBN orders banks to Publish names and BVN of Forex Defaulters
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CBN orders banks to Publish names and BVN of Forex Defaulters

The Central Bank of Nigeria has instructed banks to publish the names and Bank Verification Numbers BVN of its customers who default on its Forex policy. In a circulate to banks dated Monday, August 30th, the apex bank lamented that it has “received and noted with concern reports of sharp practices by some unscrupulous customers to circumvent the new CBN policy on the sale of forex for overseas personal and business travel”. The bank said some of the unwholesome practices of some customers include “include the use of fake visas and cancellation of air tickets after purchase of PTA/BTA”. Haruna B. Mustafa Director Banking Supervision Department of the CBN, who signed the circular, noted: “this trend, if not curbed, portends risk to the integrity and stability of the forex marke...
CBN explains why Naira depreciates against US Dollar
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CBN explains why Naira depreciates against US Dollar

The Central Bank of Nigeria (CBN) has explained why there is recent sharp depreciation of Naira against the United States Dollar. Responding to questions from members of the House of Representatives Committee on Finance during the 2022-2024 MTEF/FSP stakeholders interactive session on Monday August 16, CBN Deputy Governor, Corporate Services, Edward Adamu blamed the depreciation on COVID-19 pandemic, shortage in foreign exchange supply and others. Adamu who disclosed that COVID-19 pandemic had a devastating effect on the country’s economy and reduced the availability of foreign exchange, added that crude oil sales which is the major source of forex for the country, dropped drastically last year. He said;   “We have proceeds from the s...
We can’t sanction spray of Naira notes, we are not a Law Enforcement Agency — CBN
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We can’t sanction spray of Naira notes, we are not a Law Enforcement Agency — CBN

The Central Bank of Nigeria (CBN) has said that it cannot enforce laws against violators of its currency or financial rules. Acting Director of CBN's Corporate Communications, Osita Nwanisobi who represented CBN Governor Godwin Emefiele at an interactive session with the organised labour in Calabar, Cross River state over weekend, warned against mishandling, defacing and rough-treating the Naira as the federal government spends much to print it. According to Nwanisobi, the cost of printing the Naira is usually borne by the people in the long run. He said; “CBN is not a law enforcement agency. But we completely frown at such an attitude where the national currency is not accorded its due respect as other nationals do their currencies." CBN's five year financial policy for 2019 t...
News

One Dollar now going for 523 Naira at Black Market

The naira has slumped further to 523/$ at the black market after trading was closed at the Nigerian Stock Exchange on Wednesday, July 28. The slump comes a day after the Central Bank of Nigeria stopped the allocation of foreign exchange to Bureau de Change operators in the country. After the Monetary Policy Committee meeting on Tuesday, the Governor, CBN, Godwin Emefiele, had accused the BDCs of abusing the privilege given to them and sabotaging efforts to ensure naira stability in the country. He said, “The facts abound that BDCs have turned themselves into agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria and we will go after all of them.“Throughout this meeting of the MPC, we extensively debated this matter...
CBN to launch digital Currency on Independence Day
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CBN to launch digital Currency on Independence Day

The Central Bank of Nigeria (CBN) has announced that it will be announcing its own digital currency on October 1, 2021. Nairametrics reported that the CBN alongside stakeholders picked Independence Day as its launch date. According to the publication, CBN's IT Director, Rakiya Mohammed at the conclusion of the 306th Banker’s Committee meeting, disclosed that the apex bank has been conducting research in regards to digital currencies since 2017 and may conduct a proof of concept before the end of this year. The project name is tagged Project GIANT and it will use the Hyperledger Fabric Blockchain. Nigeria’s central bank further revealed that the importance of eNaira includes Macro management and growth, cross border trade facilitation, financial inclusion, monetary policy effec...
Leave Naira abusers at Cubana’s mum’s funeral and expose terrorism financiers – HURIWA tells CBN
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Leave Naira abusers at Cubana’s mum’s funeral and expose terrorism financiers – HURIWA tells CBN

Civic advocacy group, Human Rights Writers Association of Nigeria, HURIWA, has asked the CBN to leave persons accused of abusing the Naira at the funeral of socialite Obi Cubana's mum alone and expose people financing terrorism across the nation. In a statement signed by its National Coordinator, Emmanuel Onwubiko, HURIWA said the spraying of naira at Obi Cubana’s event should not constitute a major talking point adding that there have been countless high societal functions where the naira was also abused. “The fact that friends and well-wishers who attended the event decided to show appreciation to Mr Obi Cubana, we in the Human Rights Writers Association Of Nigeria, think it should not become the talking point. The Central Bank of Nigeria under the current dispensation should ra...
Spray Naira Notes and go to Jail- CBN tells Nigerians
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Spray Naira Notes and go to Jail- CBN tells Nigerians

Worried by the rate at which Nigerians 'mutilate, deface, squeeze and even spray and sell' the naira notes during memorable occasions such as weddings and funerals, the Central Bank of Nigeria CBN has again warned that anyone caught doing such act will be arrested and sent to jail. An Assistant Director at the Currency Operations Department, Aladeen Badajo said this during the commencement of the CBN two-day sensitisation fair held in Abeokuta, Ogun state today June 10. He pointed out that the apex bank threatened that “abuse of the currency attracts a penalty of not less than six months or a fine of not less than N50,000 or both.” “Abuse of the currency attracts a penalty of not less than six months or a fine of not less than N50,000 or both.”Badejo reiterated at the event
Nigerians now charged compulsory N6.98 for USSD transactions
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Nigerians now charged compulsory N6.98 for USSD transactions

Many customers of USSD services in Nigeria on Friday have said a pop-up message has notified them of the new N6.98 charges for each transaction. USSD is a critical channel for delivering financial services, especially for those who do not have access to physical banking infrastructure or internet services. “Welcome to USSD Banking,” one notice said. “Please note, a N6.98 network charge will be applied to your account for banking services on this channel.” The decision to charge users was reached in March by the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC), Channels reported. The decision was part of an agreement reached with deposit money banks following a disagreement between banks and telecom firms over USSD and other text message transac...
First Bank Accepts CBN New Board As Adeduntan Resumes
Business

First Bank Accepts CBN New Board As Adeduntan Resumes

First Bank of Nigeria Limited on Friday said its Chief Executive Officer, Dr. Adesola Adeduntan, who was earlier removed has resumed back to his office in the same capacity. The bank also said it is cooperating with the Central Bank of Nigeria on the board newly constituted for the bank. This was sequel to the pronouncement on the reconstitution of new board of directors for the bank by the Central Bank of Nigeria on Thursday. At a press conference by the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, in Abuja on Thursday, said the boards of FBN Holdings Plc and First Bank of Nigeria Limited were dissolved and reconstituted, pursuant to its power under Banks and Other Financial Institutions Act (BOFIA) 2020. In a statement on Friday titled ‘Corporate state...
Why CBN Sacked First Bank Board — Emefiele (Full Text)
Business

Why CBN Sacked First Bank Board — Emefiele (Full Text)

GOVERNOR’S STATEMENT ON THE PURPORTED MANAGEMENT CHANGE AT THE FIRST BANK OF NIGERIA LTD 1.0 Good afternoon ladies and gentlemen. 2.0 The media has been awash with commentaries on the purported management changes at First Bank of Nigeria Ltd (FBN) and the related regulatory inquiry by the Central Bank of Nigeria (CBN) to the Board of First Bank of Nigeria Limited. It has therefore become necessary for me to address the public to clear any misconceptions. 3.0 Ordinarily the board is vested with the authority to make changes in the management team subject to CBN approval. However, the CBN considers itself a key stakeholder in management changes involving FBN due to the forbearances and close monitoring by the Bank over the last 5 years aimed at stemming the slide in the going co...
Oba Otudeko Rebuffed My Pleas On First Bank Crisis – Emefiele
Business

Oba Otudeko Rebuffed My Pleas On First Bank Crisis – Emefiele

The Governor of Central Bank of Nigeria, CBN, Mr. Godwin Emefiele has revealed how boardroom guru and major shareholder with the First Bank Nigeria Limited, Dr. Obafoluke Otudeko spurned his calls and pleas not to interfere with the running of the bank by engineering the removal of its managing director/Chief Executive Officer, Dr. Adesola Adeduntan. According to the CBN Governor, Otudeko, a major shareholder controlling about 10 percent of First Bank, rebuffed his calls and also refused to pick the calls of 2 other major shareholders of the Bank, sought to intervene. “I spoke to Mr. Oba Otudeko, he refused to grant my request. I had to call two of his fellow major shareholders to call him to ask the board not to take such decisions without the approval of the CBN. He refused to pi...
CBN Fires First Bank Directors
Business

CBN Fires First Bank Directors

The Central Bank of Nigeria wielded its big stick on First Bank of Nigeria Limited as the apex regulator of the activities of commercial banks on Thursday when it fired the entire members of the board of First Bank Holding and First Bank Nigeria Ltd. The PUNCH had earlier reported that the apex bank queried the Board of the bank for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer, as appointing Gbenga Shobo as MD/CEO designate without regulatory approval. The CBN had also faulted the appointment of Abdullahi Ibrahim as deputy managing director, as well as the appointment of Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu, as executive directors.
CBN Queries First Bank As CEO, Adesola Adeduntan Is ‘Purportedly Forced Out”
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CBN Queries First Bank As CEO, Adesola Adeduntan Is ‘Purportedly Forced Out”

The Central Bank of Nigeria (CBN) yesterday queried the board of First Bank Nigeria Limited over the removal of the Managing Director/Chief Executive of the bank, Dr. Adesola Adeduntan, saying the action was without regulatory approval. The apex bank said the board’s move has “dire implications for the bank and also portends significant risks to the stability of the financial system.” The central bank stated this in a letter dated April 28, 2021, signed by its Director, Banking Supervision, Mr. Haruna Mustafa, and addressed to the bank’s Chairman, Mrs. Ibukun Awosika, a copy of which was obtained by THISDAY. CBN also demanded a comprehensive response on the matter from Awosika to be delivered to the banking sector regulator latest 5pm today. The Board of Directors of First ...
Freeze Pantami’s Accounts – Rinu Oduala Urges CBN
Politics

Freeze Pantami’s Accounts – Rinu Oduala Urges CBN

An #EndSARS campaigner, Rinu Oduala, has urged the Central Bank of Nigeria to freeze the bank accounts of the Minister of Communications and Digital Economy, Isa Pantami, over his past controversial comments supporting the activities of terrorist groups including Taliban and Al-Qaeda. Pantami had since renounced his radical pro-terrorists comments, saying he now knows better but Nigerians have been unsparing and relentless in the call for the resignation or sacking of the minister. Oduala, who tweeted via @SavvyRinu on Thursday, urged the CBN Governor, Godwin Emefiele to freeze Pantami’s accounts just as the apex bank swiftly froze the accounts of at least 20 #EndSARS promoters last year over terrorism-related allegations. “Godwin Emefiele, when are you going to freeze the bank acco...
CBN Orders Banks, Forex Dealers to accept Old, Lower Dollar notes or Face Sanctions
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CBN Orders Banks, Forex Dealers to accept Old, Lower Dollar notes or Face Sanctions

The Central Bank of Nigeria (CBN) has ordered commerical banks and authorised foreign exchange (forex) dealers to henceforth accept both old series and lower denominations of the US dollars for deposit from customers. In a circular by the CBN's Director of Currency Operations Department, Ahmed  Umar, to all deposit money banks (DMBs), Bureau De Change (BDC) operators and the general public on Tuesday April 20, the apex bank threatened to sanction any banks or forex dealers who refuse to comply with the order. The Memo, entitled : “The rejection of old/lower denomination of the United States dollar by the DBMs/forex dealers.” reads in part: “The Central Bank of Nigeria (CBN) has in recent times been inundated with complaints from members of the public on the rejection of old/lo...
We’re not Aware – CBN reacts to Gov Obaseki’s claim of Printing N60 billion for States
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We’re not Aware – CBN reacts to Gov Obaseki’s claim of Printing N60 billion for States

The Central Bank of Nigeria and the Federal Ministry of Finance, Budget, and National Planning have said they are not aware of the N50-N60 billion Edo state governor, Godwin Obaseki, alleged was printed and disbursed to states to cushion the economic meltdown in the states. Governor Obaseki at a meeting in Edo last week alleged that the Federal government printed  between 50-N60bn to augment what the three tiers of government shared in March. “When we got FAAC for March, the federal government printed additional N50-N60 billion to top-up for us to share,” Obaseki had said. This April, we will go to Abuja and share. By the end of this year, our total borrowings is going to be within N15-N16 trillion. Imagine a family that is just borrowing without any means to pay back and nobody...
Why Nigeria Can’t Stop Borrowing – CBN
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Why Nigeria Can’t Stop Borrowing – CBN

The Central Bank of Nigeria (CBN) has said that Nigeria cannot stop burrowing, especially when it is necessary as it is part of fiscal responsibility. The CBN Governor, Mr. Godwin Emefiele, said this on Friday in Abuja at the National Dialogue on the Nigeria’s rising debt profile, titled: “The Rising Public Debt in Nigeria and the Challenges of National Development” organised by the ActionAid Nigeria (AAN). This is as AAN and stakeholders, expressed worry over unstable levels of borrowings and rising national debt profile under the President Muhammadu Buhari-led administration and rising poverty level. According to Emefiele, represented by the Assistant Director, Monetary Policy Department, CBN, Dr. Tawose Joseph, there is no crime in borrowing, but that there should be monito...
The Auditor General Lacks Power To Audit NNPC, CBN, Others – Adolphus Aghughu
Politics

The Auditor General Lacks Power To Audit NNPC, CBN, Others – Adolphus Aghughu

Nigeria's Auditor General has no constitutional power to audit NNPC, Central Bank of Nigeria, Nigeria Ports Authority and other big federal agencies. The Acting Auditor General for the Federation , Adolphus Aghughu, said on Thursday that his office lacked the constitutional power to audit the Nigerian National Petroleum Corporation, the Central Bank of Nigeria, the Nigerian Ports Authority, and other big federal agencies. Aghughu said this when the Senate Public Account Committee screened him ahead of his appointment’s confirmation by the Senate. Responding to a question by the panel on why the AuGF had not been auditing the accounts of the topmost federal agencies, Aghughu said, “It is the constitution that has issue.” He said, “ By virtue of the 1999 Constitution , we wil...
Report Banks Hoarding FOREX, CBN Tells Nigerians
Business

Report Banks Hoarding FOREX, CBN Tells Nigerians

In view of the lingering foreign exchange scarcity in the country, the Central Bank of Nigeria has urged Nigerians not to panic, saying there is enough forex for business owners, travelers and parents with students abroad to meet their obligations. CBN Governor, Godwin Emefiele, stated this on Tuesday at the 278th MPC Press Briefing in Abuja. He also said at least $80m are disbursed to banks on a weekly basis to enable Nigerians meet their forex responsibilities. He, therefore, charged Nigerians to report any bank withholding forex to a special call centre of the apex bank. The PUNCH had reported that the lingering foreign exchange scarcity in Nigeria was taking a heavy toll on foreign tuition payment, as many parents and guardians groan over difficulty in paying their children...
Cryptocurrency: Nigerians Are Free To Use Bitcoin – CBN
Business

Cryptocurrency: Nigerians Are Free To Use Bitcoin – CBN

The Central Bank of Nigeria (CBN) said there was no time the bank banned the activities of Cryptocurrencies in the country. The Governor of the bank, Godwin Emefiele, disclosed this in Abuja at the 30th seminar for Finance Correspondents and Business Editors organised by the bank. Emefiele, who was represented by Adamu Lamtek, Deputy Governor, Corporates Services, said what the bank did was to protect the banking sector from the activities of Cryptocurrencies and not a ban on its activities. "The CBN did not place restrictions from use of Cryptocurrencies and we are not discouraging people from trading in it. What we have just done was to prohibit transactions on Cryptocurrencies in the banking sector."
Banks, Telcos To Make Over Half A Billion Naira On New USSD Charge
Business

Banks, Telcos To Make Over Half A Billion Naira On New USSD Charge

Nigerian banks and telecommunication companies will realise at least N564 million in the next 12 months as proceeds from the new mobile banking fee approved by the Central Bank of Nigeria, according to PREMIUM TIMES estimates. The CBN and the Nigerian Communications Commission this week settled a prolonged row between banks and telcos by imposing a new fee for the banks’ short-code service, known as USSD, which allows millions of Nigerians to use their mobile phones to access financial services daily. The Association of Licensed Telecommunication Operators of Nigeria (ALTON) said its members were owed N42 billion by banks and threatened to suspend the service. Starting Tuesday, March 16, subscribers now pay a flat rate of N6.98 each time they use the USSD for banking transacti...
Business

Naira-4-dollar Scheme Ends May 8, Banks Tell Customers

Deposit Money Banks have informed customers that the Central Bank of Nigeria’s ‘Naira-4-dollar scheme’ will end on May 8. This is as they continued to woo their customers to take advantage of the incentive introduced by the regulator, which took effect on March 8. Fidelity Bank, in a mail to its customers, said, “Did you know that all recipients of diaspora remittances through licensed International Money Transfer Operators will be paid N5 for every $1 received as remittance inflows? “The new initiative tagged ‘Naira-4-dollar scheme’ is part of the Central Bank of Nigeria’s efforts to incentivise senders and recipients of international money transfer. “This offer ends on Saturday May 08, 2021. So, hurry now and take advantage of the wonderful opportunity to get extra naira ...
CBN Announces ₦6.98 Charge for USSD Transactions
News

CBN Announces ₦6.98 Charge for USSD Transactions

The Central Bank of Nigeria (CBN) has imposed ?6.98 service charge on Nigerians for all USSD transactions. A statement jointly signed by the apex bank and the Nigerian Communications Commission (NCC) and released today March 16, says customers will pay a flat fee of N6.98 per transaction every time they use USSD services from March 16. The deal was part of an agreement reached with banks following a disagreement between banks and telecom firms over USSD and other text message transaction requests. “Effective March 16, 2021, USSD services for financial transactions conducted at DMBs (Deposit Money Banks) and all CBN-licensed institutions will be charged at a flat fee of N6.98 per transaction,” the statement partly read. This replaces the current per session billing structure, ...
CBN’s NIBSS Launches Payment Solution, NQR To The Financial Sector
Business

CBN’s NIBSS Launches Payment Solution, NQR To The Financial Sector

Nigeria Inter-Bank Settlement System Plc (NIBSS) today announced the launch of the NQR payment solution; an innovative payment platform implemented on behalf of all financial service providers. The New Quick Response code solution offers a robust platform that delivers instant value for P2B and P2P transactions by simply scanning to pay. It is a solution that will unify the available closed QR Code schemes in the country for consistent user experience and accelerated digital adoption. This Payment Solution designed to be "low cost" for merchants would see shoppers scan a QR code generated by a seller to pay for an item. Each code will have unique details containing the information relating to the transaction and would link with a customer's Banking App, already enabled on their sma...
My Respect For Osinbajo Grew After Comment On Crypto Ban – Rewane
Politics

My Respect For Osinbajo Grew After Comment On Crypto Ban – Rewane

Bismarck Rewane, chief executive officer of Financial Derivatives Company, says Vice-President Yemi Osinbajo’s comment on the ban of cryptocurrency boosted his respect for him. The Central Bank of Nigeria (CBN) had recently directed banks and other financial institutions to close accounts of persons or entities involved in cryptocurrency transactions. The apex bank had said cryptocurrencies pose the risk of loss of investment, money laundering, terrorism financing, illicit fund flows and other criminal activities. But Osinbajo had urged the CBN and the Securities and Exchange Commission (SEC) to come up with robust regulations for cryptocurrencies. Delivering a paper at a public lecture organised by a pan-Nigerian coalition, Building the Future Forum (BTFF), in Abuja, Rewan...
CBN Facilitates Release Of 50,000 MT Of Maize
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CBN Facilitates Release Of 50,000 MT Of Maize

The Central Bank of Nigeria (CBN) has made good its word, as it has released 50,000 metric tonnes of Maize into the Nigerian market. The Bank's February 2021 release of Maize in fulfilment of its pledge to reduce the price of the commodity, was done through the Anchor Borrowers' Programme (ABP) to major poultry feed producers and poultry producers in the country. The CBN facilitated the release of the 50,000 metric tonnes of Maize in the second week of February, which has made an impact as the Maize Market has recorded a reduction in price from N200,000.00 per metric tonnes to about N180,000.00 per metric tonnes. It is still anticipated that the current will further reduce. Major beneficiaries of the February release include Premier Flour Mills, Crown - Olam, Grand Cereals, Anima...
FG To Sell Oil In Naira To Dangote Refinery
News

FG To Sell Oil In Naira To Dangote Refinery

THE Federal Government has concluded plans to sell crude oil to the $15 billion Dangote Refinery in Naira. This is part of measures adopted to strengthen the currency and by extension the nation’s economy. The governor, Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, who visited, Saturday, to inspect the ongoing construction of the Dangote Refinery, Petrochemicals Complex Fertiliser Plant, and Subsea Gas Pipeline project at Ibeju Lekki, Lagos, said: “We have taken the decision to sell the crude to the Refinery in Naira because we want to impact the economy. “We also hope that by the time the Refinery start to refine, and sell its petroleum products in Naira, the local currency will be stronger, and by extension the nation’s economy, which is still oil-driven.” Accordin...
VP Osinbajo Speaks Against Ban On Cryptocurrency (Video)
Politics

VP Osinbajo Speaks Against Ban On Cryptocurrency (Video)

Vice President Yemi Osinbajo has called for the regulation of cryptocurrencies in the country instead of the ban placed on it by the Central Bank of Nigeria. Osinbajo made the call when he spoke at the Bankers Committee Vanguard in Lagos State today February 26. He shared a video of his speech via his Instagram handle, with the caption; "First is that there is no question that blockchain technology generally and cryptocurrencies in particular will in the coming years challenge traditional banking, including reserve banking, in ways that we cannot yet imagine so we need to be prepared for that seismic shift. Clearly the future of money and finance, especially for traditional banking, must be as exciting as it is frightening. But as we have seen in many other sectors disruption...
Cryptocurrency: We Acted In Nigerians’ Best Interest – Emefiele
Business

Cryptocurrency: We Acted In Nigerians’ Best Interest – Emefiele

The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said the bank’s decision to prohibit deposit money banks, non-banking institutions and other financial institutions from facilitating trading and dealings in cryptocurrency is in the best interest of Nigerian depositors and the country’s financial system. Emefiele stated this yesterday while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime and Capital Market, on its directive to institutions under the apex bank’s regulation. Describing the operations of cryptocurrencies as dangerous and opaque, the CBN Governor said the use of cryptocurrency contravened an existing law. He said given the fact that cryptocurrencies were issued by unregulated and unlic...
SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored
Business

SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored

Timi Agama, head of registration, exchanges, market infrastructure and innovation department of SEC, was speaking at a virtual lecture organised by the Association of Capital Market Academics of Nigeria (ACMAN) in Abuja, on Sunday. The Central Bank of Nigeria (CBN) had asked commercial banks to block accounts of cryptocurrency traders in their systems. After the directive, Nigerians took to social media to condemn the decision. NAN quotes Agama as saying cryptocurrency is a $2 trillion market that cannot be ignored. He said the world cannot be moving forward while Nigeria remains static. Agama said although SEC or the capital market would not accommodate or encourage any fraudulent practices that allowed for money laundering, cryptocurrency is a market worth looking into...
Crypto Restriction Opens Nigeria To Fresh Foreign Scramble
Business

Crypto Restriction Opens Nigeria To Fresh Foreign Scramble

Foreign techies and innovators have renewed the historic scramble for the Nigerian market, following official restriction of local transactions in cryptocurrencies. The Guardian learnt that the number and intensity of online meetings with young traders on how they can circumvent the Central Bank of Nigeria’s (CBN)’s restriction on banks and other financial institutions from transacting have increased in several folds since last week. In one of the meetings in which The Guardian participated by proxy last week, Nigerian youths were invited to subscribe to a credit card launched a few months ago. The selling point of the card described as a lifestyle card is that it enables users to convert cryptocurrencies to five different benchmark currencies – dollar, pound, euro, yen and yuan....
Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban
Business

Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban

Nigeria’s Securities and Exchange Commission (SEC) announced Thursday it has put plans to regulate cryptocurrencies on hold in light of the central bank’s decision to ban them, according to a report by the Guardian Nigeria. The regulatory body released a statement officially confirming any plans to regulate the cryptocurrencies are now on hold following a Central Bank of Nigeria (CBN) directive ordering banks to close any accounts transacting with cryptocurrencies. “For the purpose of admittance into the SEC regulatory incubation framework, the assessment of all persons and products affected by the CBN circular of Feb. 5, 2021, is hereby put on hold until such persons are able to operate bank accounts within the Nigerian banking system,” the SEC said in a statement seen by the pu...
EndSARS: Moghalu Commends Court’s Order On CBN To Unfreeze Protesters’ Accounts
Politics

EndSARS: Moghalu Commends Court’s Order On CBN To Unfreeze Protesters’ Accounts

Former Central Bank of Nigeria, CBN Deputy Governor, Kingsley Moghalu, has welcomed a Federal High Court order for the apex bank to unfreeze bank accounts of Endsars protesters. The court, sitting in Abuja, had during the week ordered CBN to unfreeze the accounts of 20 people linked to last October's nationwide protests against police brutality and other national issues. The CBN had earlier said that the protester's accounts were frozen because they were umder investigation Moghalu, a 2019 presidential candidate, said the court's decision was in order in a statement he signed and made available to reporters on Friday. "I welcome the decision of the Federal High Court in Abuja, which ordered the Central Bank of Nigeria to unfreeze the bank accounts of 20 #EndSARS protesters ...
Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose
Politics

Crypto Ban: Northern Senators Support CBN, Southern Senators Oppose

The recent ban on cryptocurrency transactions via Nigerian bank accounts has divided opinions among Nigerian senators. The Central Bank had directed deposit money banks and other financial institutions to deactivate all customers’ accounts used for transacting all forms of virtual currencies. The CBN hinged its decision on claims that fraudulent transactions were being carried out via cryptocurrency dealings, thereby weakening the Naira. It also alleged that the exchange could be used to funnel illicit funding for terrorism and other threats to national security. Debating the development on Thursday at plenary, Senator Tokunbo Abiru, a former bank chief executive from Lagos, says he does not see the ban as the solution to the highlighted threats but suggested a public hearing ...
Court Dismisses Case Against CBN’s Directives On Bank Charges
News

Court Dismisses Case Against CBN’s Directives On Bank Charges

The Central Bank of Nigeria on Tuesday, said the Federal High Court sitting in Abeokuta, Ogun State Capital, dismissed a suit instituted by a legal practitioner, Olumide Babalola, challenging the CBN policy on current account maintenance fee contained in the guide to the charges by banks and other financial institutions of January 2020. It disclosed this in a statement titled, ‘Court dismisses case against CBN’s directives on bank charges’. The CBN stated that, “Babalola had instituted the action in the name of his law firm, Babalola LP, in which he contended that the policy and guidelines of the CBN violated his fundamental human rights. “The CBN, through its counsel, Adeleke Agbola, of Cheakley Chambers, however challenged the suit on the ground that the plaintiff lacked the...
Cryptocurrency Ban: Every Medium Of Exchange Is Subject To Fraud & Criminality — Moghalu Counters CBN
Politics

Cryptocurrency Ban: Every Medium Of Exchange Is Subject To Fraud & Criminality — Moghalu Counters CBN

Former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu has criticized the apex bank’s reason for stopping cryptocurrency transactions in the country. CBN had in a statement released on Sunday February 7, said it banned cryptocurrency transactions because they are largely speculative, anonymous, untraceable and are increasingly being used for money laundering, terrorism financing and other criminal activities. Reacting to this while appearing on an Arise TV program on Monday February 8, Moghalu stated that the excuse of "cryptocurrencies being used to perpetrate fraud" is not a serious argument. The former presidential candidate in the interview averred that every medium of exchange is subject to fraud and criminality. Moghalu said all the apex bank neede...
CBN Investigates Cryptocurrency Companies’ Bank Accounts For Fraud
News

CBN Investigates Cryptocurrency Companies’ Bank Accounts For Fraud

The Central Bank of Nigeria (CBN) has opened investigations into bank accounts of companies involved in the trading of cryptocurrencies with the intention of blocking those with suspicious transactions and fraud. A top central bank official while giving THISDAY more insight into last week’s decision mandating banks to close all accounts belonging to cryptocurrency traders, also pushed back criticism of the policy, saying the bank won’t abandon its regulatory roles to critics. The bank also insisted in a statement yesterday by its Director of Communications, Mr. Osita Nwanisobi, that the restriction regime is to protect Nigerians and the financial system. The CBN, however, got allies yesterday on its ban on cryptocurrency trading through banks as the Association of Bureaux De C...
Cryptocurrencies Have Become Well-suited for Conducting Many Illegal Activities – CBN
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Cryptocurrencies Have Become Well-suited for Conducting Many Illegal Activities – CBN

The Central Bank of Nigeria has explained why it banned cryptocurrency-related transactions in the country. The apex bank in a statement released on Sunday February 7, said cryptocurrencies have become well-suited for conducting many illegal activities including money laundering, terrorism financing, purchase of small arms and light weapons, and tax evasion. Daily Trust reported that CBN's Acting Director of Corporate Communications, Osita Nwanisobi said the ban on such transactions will not have any negative impact on fintechs. It read; “The use of cryptocurrencies in Nigeria are a direct contravention of existing law. “It is also important to highlight that there is a critical difference between a Central Bank issued Digital Currency and cryptocurrencies. As the names im...
CBN directs banks to close accounts of cryptocurrency traders
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CBN directs banks to close accounts of cryptocurrency traders

The Central Bank of Nigeria (CBN) has directed banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.   The apex bank gave the directive in a circular issued today February 5. The circular was addressed toall deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs).   In January 2017, the CBN had in a statement released, described bitcoin, litecoin, and others as digital currencies used largely used in terrorism financing and money laundering, considering the anonymity of virtual transactions and that such currencies are not accepted as legal tender in Nigeria.   Also in February 2018, the apex bank warned Nigerians against trading in such digital curre...
CBN Shuts Down Cryptocurrency Exchange Bank Accounts
Business

CBN Shuts Down Cryptocurrency Exchange Bank Accounts

LETTER TO ALL DEPOSIT MONEY BANKS, NON-BANK FINANCIAL INSTITUTIONS AND OTHER FINANCIAL INSTITUTIONS The Central of Bank of Nigeria's (CBN) circular of January 12, 2017 ref FPR/DIR/GEN/C1R,06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the pubic so the risk associated with transactions In crypto currency refers. Father to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in crypto curencies or facilitating payments for cryptocurrency exchanges is prohibited. Accordingly, all DMBs. NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating crypto currency exchanges within tier systemsand ...
Finance Act: Disquiet As FG Targets ₦850 Billion From Dormant Accounts
Politics

Finance Act: Disquiet As FG Targets ₦850 Billion From Dormant Accounts

The recently signed Finance Act, which empowers the federal government to help itself to a loan of N850 billion naira from dormant accounts and unclaimed dividends, is creating concerns amongst Nigerians. Through the Act, the federal government is targeting some N850bn from the said funds. It could be more as the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed said that the figure is still being computed but N850bn is within sight. “There would be as much as N850 billion. We have to get the exact report from the CBN and then Company’s Registrar to ascertain that so it could be realised into this special trust fund for unclaimed dividends and dormant accounts,” she said. The loan, the government said, would be used to fund the 2021 budget. Policy Will Dam...
Labour backs Emefiele on CBN’s Naira valuation
Business

Labour backs Emefiele on CBN’s Naira valuation

Organized labour has commended the recent measures of the Central Bank of Nigeria (CBN) aimed at shoring up the value of the Naira. The Naira recently reversed its depreciation trend in the parallel market, recording N20 gain against the United States Dollar closing at N470 per dollar due to what observers attributed to the new rules introduced by the CBN, which allowed beneficiaries of diaspora remittances and foreign exchange transfers into domiciliary account, and collect the proceed in foreign currencies. Speaking at the one-day interactive session with stakeholders on the five-year policy trust of the apex bank in Kaduna, weekend, Vice President of Industriall Global Union, Comrade Issa Aremu, hailed the CBN’s Monetary Policy Committee ( MPC) for resisting the pressures to b...
CBN Denies Freezing EndSARS Promoters’ Accounts
Politics

CBN Denies Freezing EndSARS Promoters’ Accounts

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has faulted claim that his bank obtained court orders to block accounts associated with promoters of the #EndSARS protests. Emefiele’s position was stated by his lawyer, former Attorney General of the Federation and Minister of Justice, Mike Aondoakaa (SAN) while appearing before a Federal High Court in Abuja. Aondoakaa is the CBN Governor’s lawyer in the case, marked: FHC/ABJ/CS/1384/2020)of CBN v. Bolatito Rachael Oduala and 19 others in which Justice Ahmed Mohammed granted an order freezing the accounts of the defendants for 90 minutes in the first instance. The former AGF spoke while reacting to remarks by Ebun-Olu Adegboruwa (SAN), lawyer to Albert A. Ugochuwu and others, whose accounts were also frozen i...
Hoarders In Trouble As Nigerian Rice Processors Slash Price To N19,000 Per Bag
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Hoarders In Trouble As Nigerian Rice Processors Slash Price To N19,000 Per Bag

The Rice Processors Association of Nigeria, RIPAN, has agreed to slash the price of 50kg bag of processed rice to N19,000 effective December 14, 2020. We gathered the current market price ranges from N28,000 to N30,000 per bag. The decision is coming after hike in rice prices occasioned by hoarding and closure of the nation’s land borders by the Buhari administration towards boosting self-sufficiency. Since the ban on rice import, some persons have been engaging in buying and storing the paddy, making huge profits. Worried by the rising prices, the RIPAN in collaboration with the Central Bank of Nigeria, CBN, on Tuesday set up task force headed by the Managing Director of Tiamin Rice, Aminu Ahmed, to monitor and ensure compliance with the new price regime. In an intervie...
CBN Asks Court Not To Unfreeze EndSARS Campaigners’ Accounts
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CBN Asks Court Not To Unfreeze EndSARS Campaigners’ Accounts

THE Central Bank of Nigeria has asked Justice Ahmed Mohammed of a Federal High Court in Abuja not to unfreeze the accounts of #EndSARS campaigners because they are still under probe for terrorism financing. The CBN said this in a counter-affidavit in opposition to a motion on notice filed by Gatefield Nigeria Limited, a company that sponsored freelance journalists to cover the #EndSARS protests in October. The apex bank had through an ex parte order frozen the account of Gatefield Nigeria Limited and 19 other persons who played a role in the protests. However, Gatefield opposed the CBN’s action in court, insisting that the act was illegal because the apex bank had frozen the accounts even before the court order to do so was obtained. In a counter-affidavit filed by a lawyer...
CBN Okays Withdrawals Of Dollars From Domiciliary Accounts
Business

CBN Okays Withdrawals Of Dollars From Domiciliary Accounts

The Central Bank of Nigeria (CBN) has announced the amendment of procedures for receipt of diaspora remittances in an apparent and frantic attempt to improve liquidity in the forex market and reduce the disparity between the black market and official I&E window. This disclosure was made in a circular issued by the CBN on Monday, November 30, 2020, to all authorized dealers and the general public and signed by its Director for Trade and Exchange Department, Dr O.S. Nnaji. What the CBN is saying In the new amended procedure, CBN stated that beneficiaries of Diaspora Remittances through International Money Transfer Operators (IMTOs) shall henceforth receive such inflows in foreign currency (US Dollars) through the designated bank of their choice. The CBN’s circular partly read...
Half Of CBN Looting: Gowon Denies Allegation Says ‘It Is Rubbish’
Politics

Half Of CBN Looting: Gowon Denies Allegation Says ‘It Is Rubbish’

Yakubu Gowon, a former military head of state, has described allegations that he looted half of the Central Bank of Nigeria as “rubbish”. Tom Tugendhat, a member of the United Kingdom parliament, had accused Gowon of looting Nigeria’s treasury when he left office. Speaking at the UK parliament committee debate on a petition on the #EndSARS crisis, Tugendhat had urged the UK to call out corruption and use its powers to stop who profit from Nigeria’s wealth and hide it in foreign countries. “Some people will remember when General Gowon left Nigeria with half of the Central Bank, so it is said, and moved to London,” he said. However, Tugendhat did not provide any evidence to support his claim. In reaction to the remark, Gowon told BBC: “I don’t know where he got that rubbish ...
CBN Looting: Adesina Dismisses UK MP’s Accusations Against Gowon
Politics

CBN Looting: Adesina Dismisses UK MP’s Accusations Against Gowon

Akinwunmi Adesina has shared his thoughts about the raging controversy surrounding General Yakubu Gowon. It is no longer news he has been accused by a British MP of being behind, arguably, the greatest theft of public funds ever witnessed by the country. But in his opinion, Adesina advised that people be circumspect in believing what has been said about the former Commander in Chief. He shared his thoughts on via twitter thus: Be careful of misinformation! H.E. General Yakubu Gowon, Nigeria’s former Head of State, is a man of great honour, decency, honesty, amazing simplicity, humility and integrity. I know him. A great and admirable elder statesman of Nigeria. His honesty and integrity are impeccable.

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