The International Monetary Fund has warned that Nigeria and other emerging economies risk financial stability by continuously raising benchmark interest rates. In a new report entitled, “Interest Rate Increases Volatile Markets Signal Rising Financial Stability Risks,” the global lender noted…
Foreign Currency Inflows Dropped to $1.83bn in 2020, Year of Covid – CBN
The central bank explained that this was used to fund Bureaux De Change (BDC) operations, payment of estacode and Personal Travel Allowances (PTA) to Ministries, Departments and Agencies (MDAs). The CBN stated that receipt and authentication of foreign currency deposits…
Nigeria’s eNaira Platform Records One Million Hits Ahead Of October Launch
Afew hours after the official website of the upcoming Central Bank of Nigeria’s (CBN) digital currency, enaira.com, went live, it has recorded over one million hits. This comes one week to the planned launch of the initiative. The development could pass…
Nigeria Crypto Ban: Stakeholder Body, Politicians Assail Central Bank’s Directive to Financial Institutions
A body representing cryptocurrency and blockchain stakeholders in Nigeria has joined other crypto industry players in assailing the recent Central Bank of Nigeria (CBN) directive to banks. The CBN order, which seeks snuff out crypto entities from the banking system,…
Court orders CBN to unfreeze #EndSARS promoters’ accounts
The Abuja Division of the Federal High Court on Wednesday ordered the Nigerian Central Bank (CBN) to unfreeze the bank accounts of 20 #EndSARS protesters. Court documents first published by Peoples Gazette on November 6, revealed how Governor Godwin Emefiele…
Central Bank of Nigeria bans banks from servicing crypto exchanges
The Central Bank of Nigeria has placed a ban on all regulated financial institutions from providing services to crypto exchanges in the country. The prohibition was contained in a circular issued by the CBN on Friday. According to the central…
“AS A NATION, WE CANNOT AFFORD TO CONTINUE RELYING ON THE WORLD”- GODWIN EMEFIELE, CBN GOVERNOR
On Wednesday, April 15, 2020, the Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele released a document tagged ‘Turning The COVID-19 Tragedy into an Opportunity for a New Nigeria.’ The document issued by Emefiele stated that no one knows what…
COVID-19: CBN Releases Guidelines For Operations Of N100bn Credit Support For Healthcare
The Central Bank of Nigeria (CBN) has released guidelines for operations of N100 billion credit support for the healthcare sector following the outbreak of COVID-19 in the country. In a circular signed by Mr Kevin Amugo, Director Financial Policy Regulation…
CBN to increase LDR to 70%
The Central Bank of Nigeria (CBN) is reportedly set to increase banks’ Loan to Deposit Ratio (LDR) to 70% by 2020. According to a report published on Vanguard, the disclosure was made by CBN Director, Banking Supervision, Mr Hassan Belllo while speaking at…
CBN awards MTN subsidiary licence to provide financial services
The Central Bank of Nigeria (CBN) has awarded a subsidiary of MTN a licence that would allow it to provide financial services. CBN last year announced that it would allow telecom companies to provide banking services that are aimed at…