Emefiele charges Nigerians on agric boom

Emefiele charges Nigerians on agric boom   The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele says the Anchor Borrowers’ Programme of the Bank, has emphasised the need for all stakeholders to sustain current efforts championed by the bank to galvanize agricultural production towards meeting the requirements of Nigeria’s growing population. Mr. Emefiele gave the charge in Zauro, Kebbi State, on Tuesday, March 2, 2021, during the flag-off of the 2020 wet season harvest aggregation and 2020 dry season input distribution under the CBN-Rice Farmers’ Association of…

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Adopt pragmatic approach to cryptocurrency, Luno tells CBN

Luno CBN Cryptocurrency

Adopt pragmatic approach to cryptocurrency, Luno tells CBN     Luno, a globally recognised crypto platform, has called on the Central Bank of Nigeria (CBN) to adopt pragmatic approach to cryptocurrency (regulation). With over three million customers in Nigeria alone, Luno is one of the leading players in the country’s crypto space. In a statement issued today, the Company detailed its strategy to navigate the impact of the CBN’s circular as well as deeper context on the ban’s effect on Nigeria’s crypto sector. In its earlier statement following the ban…

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CBN moves to regulate Open Banking in Nigeria

CBN moves to regulate Open Banking in Nigeria

CBN moves to regulate Open Banking in Nigeria   The Central Bank of Nigeria (CBN) in line with its mandate to promote financial system stability has issued the Regulatory Framework for Open Banking in Nigeria. The framework establishes principles for data sharing across the banking and payments ecosystem, which will promote innovation, broaden the range of financial products and services, and deepen financial inclusion. The regulatory framework obtained from the financial institution on Thursday, stipulates, amongst others, data and Application Programming Interface (API) access requirements, principles for API, data, technical…

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FOREX: CBN defends naira with $21.18bn in 11 months

CBN defends naira

FOREX: CBN defends naira with $21.18bn in 11 months     In bid to meet demands and further strengthen naira, the local currency, the Central Bank of Nigeria (CBN) sold foreign exchange amounting to $21.18billion to authorised dealers between January and November last year, findings have shown. The figure is $13.40 billion less than the $34.58 billion that the regulator sold to authorised dealers in the corresponding period of the previous year. According to the November 2020 monthly economic report it released a few days ago, the CBN sold forex…

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Nigerian households get N44.62bn COVID-19 intervention funds – CBN

CBN moves to regulate Open Banking in Nigeria

Nigerian households get N44.62bn COVID-19 intervention funds – CBN     Households got N44.62 billion intervention funds to alleviate hardships from COVID-19 as of the end of November according to figures obtained from the Central Bank of Nigeria (CBN). The CBN disclosed that the figure rose from N35.43bn as of July, according to its monthly economic report. Part of the report read, “The bank continued with its intervention schemes in the economy to enhance credit delivery, bolster productivity and growth, as well as to cushion the effect of the prevailing…

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SEC reacts to CBN’s ban on cryptocurrency transactions

Bitcoin faces price turbulence

SEC reacts to CBN’s ban on cryptocurrency transactions   The Securities and Exchange Commission (SEC) has reacted to the placement of ban on all forms of cryptocurrencies by the Central Bank of Nigeria (CBN) last week. The commission explained that there is no policy conflict between the capital market apex regulator and the CBN over the ban placed on Bitcoin transactions in the banking industry. This was contained in a statement issued by the SEC, saying that contrary to the perceived policy conflict from some quarters, it saw no such…

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Senate to drill Emefiele over cryptocurrency ban

Senate to drill Emefiele over cryptocurrency ban

Senate to drill Emefiele over cryptocurrency ban   The Senate has summoned the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, for a briefing on the ban of Crypto transactions placed by the apex bank. The upper chamber made the order through its committees on Banking, Insurance and other Financial Institution, ICT and Cybercrimes and Capital Market. The federal lawmakers disclosed this via their official Twitter handle after Thursday’s plenary session. It was gathered that the committees are expected to drill Emefiele on the opportunities and threats of…

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No going back on Crypto ban, CBN insists

No going back on Crypto ban, CBN insists

No going back on Crypto ban, CBN insists   Says digital currencies breed illegal activities, raise risks The Central Bank of Nigeria (CBN) has insisted that the ban it places on cryptocurrencies trading in Nigeria stays, saying that the digital currencies breed illegal activities and raise risks, among other reasons. It said this on Sunday in a statement regarding various comments and reactions following its recent reminder to Deposit Money Banks (DMBs) to desist from transacting in/and with entities dealing in cryptocurrencies. The CBN stated, “The recent regulatory directive became…

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Just In: CBN bans cryptocurrency trading in Nigeria

Bitcoin Price

CBN bans cryptocurrency trading in Nigeria   The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) and other financial institutions to close accounts of persons who are using their systems for cryptocurrency trading. A cryptocurrency is a virtual or digital currency that appreciates or depreciates on the whims of market forces. Trading with Bitcoin, the most popular and capitalised a cryptocurrency type, has gained traction globally and in Nigeria lately; and most young people have been investing in the cryptocurrency world, buying and selling bitcoin and making…

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Fitch predicts $6.63 surge in Nigeria’s external reserves in 2021

Nigeria’s external reserves

Fitch predicts $6.63 surge in Nigeria’s external reserves in 2021   Fitch Ratings has predicted that Nigeria’s external reserves would surge by $6.63 billion to hit $42 billion in 2021, higher than the $35.374 billion it stood at the end of 2020. This is according to figures obtained from the website of the Central Bank of Nigeria (CBN). In a report titled, “Depreciatory Pressures on Key Sub-Saharan African Currencies to Lessen,” the global credit rating agency hinged the forecast on its expectation that Brent crude would average $53 per barrel,…

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