• Investors offload assets
• Moghalu knocks CBN over ‘knee-jerk’ approach
• Directive good for anti-money laundering war, says Gwadabe
Exchanges and investors in cryptocurrencies have started reviewing their business strategies as the Central Bank of Nigeria (CBN) sticks to its gun, saying its restriction of transaction in the digital assets is in the interest of the country and parties involved.
Nigerian investors across coin exchange platforms are cashing out to hold until they fully understand how the CBN’s directive would affect them, just as the platforms urged them to switch to card deposits as they equally monitor the new regulation.
In an extensive engagement, yesterday, former deputy governor of the apex bank, Prof. Kingsley Moghalu, disagreed with the CBN, saying there are better ways to regulate than adopting a “knee-jerk” approach. Moghalu, who was part of the CBN team that initiated the Bank Verification Number (BVN) and other inno
CryptocurrencyOn February 1, 2021, the billionaire Tesla boss, Elon Musk, added #bitcoin to his Twitter and hoped cryptocurrencies would get “broad acceptance”. The viral post cleared his position on the business which had kept him vacillating for eight years and helped in pushing the digital currency’s price up by as much as 20 per cent.
Four days after the Musk endorsement, the Central Bank of Nigeria (CBN) issued a circular, preventing financial institutions from “dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges.” In a letter, the CBN said it was reminding banking institutions that deal in digital currencies or facilitating their transactions was “prohibited”.
NDIC to appeal IST judgment on all states Trust Bank NDIC to appeal IST judgment on all states Trust Bank
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Nigeria Deposit Insurance Corporation (NDIC) has expressed intention to appeal against a ruling of Investment and Securities Tribunal (IST) asking it to pay Winners Medical Diagnostic & Research Institute Ltd the sum of 5,000,000. 00 at two per cent interest above the CBN MRR from March 2006 when NDIC took over All States Trust Bank until the full payment of the principal sum.
IST made the order after declaring that it was wrong for the NDIC, to classify or categorise the claim for return money for un-allotted shares regulated by ISA 1999 (repealed and re-enacted as ISA 2007) and SEC Rules and Regulations made pursuant thereto as general credits ranking subordinate to private deposits of the defunct All States Trust Bank, payable only after claims for depositors liabilities have been satisfied.
The pension industry in Nigeria has evolved over the years and introduction of the Transfer Window, which allows pension contributors to switch from one pension fund administrator (PFA) to another has been the talk of the town since November 2020 when it was officially declared open by the National Pension Commission (PenCom).
Recently, Stanbic IBTC Pension Managers hosted an Instagram Live Session to educate contributors on what they need to know before switching PFAs and why they are the preferred choice in the pension industry.
Below are highlights from the Instagram Live Session which held on 23 December 2020.
What Should You Know Before You Switch?
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Chijioke Dozie wondered how Nigerians would prefer to buy consumer electronics they could not afford or did not want to pay full price for at once.
As co-founder and CEO of Carbon, he oversees a profitable business that directly lends millions of dollars to consumers; but Chijioke knows the consumer credit surface has barely been scratched. So, on December 27th 2020, he tweeted a poll to his timeline.
If you needed to acquire an asset (Inverter/Generator/ AC/ Fridge) and didnât have all the funds required immediately, would you: Chijioke Dozie (@ChijiokeD) December 27, 2020
It was a tiny sample size but the favoured option harked back to Carbonâs early days. When the company was known as