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The Federal Government has disregarded the Central Bank of Nigeria Act (2007) as it moves to restructure its estimated $25.6 billion (an equivalent of N9.7 trillion) overdrafts with the monetary authority into a 30-year debt.
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• 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 sw...
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 ...
New cheque book As an increasing number of banking public switches to digital payment platforms, GEOFF IYATSE writes that the implementation of the Central Bank of Nigeria’s (CBN) new cheque standard, which kicks off on January 1, is received with cold attitude. From January to October this year, the Nigeria Inter-Bank Settlement System (NIBSS) processed a total of 3.94 million cheques. The volume is equivalent to 60 per cent of the 6.56 million it treated in the same period last year. The reduction in the volume of cheque transactions this year is understandable. Most of the decisions take...