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Central Bank of Nigeria (CBN)

Nigerian Banks Still Distributing Old Naira Banknotes as Demonetization Date Approaches

Nigerian Banks Still Distributing Old Naira Banknotes as Demonetization Date ApproachesWith just a few days left before old Nigerian naira banknotes are removed from circulation, some banks have accused the Central Bank of Nigeria of failing to distribute enough new banknotes. Despite growing pressure for it to extend the period for returning the old notes, the central bank insists the Jan. 31 deadline still stands. […]

CFTC report endorses tokenizing trading collateral 

New Nigerian Central Bank Document Discusses Regulation of Stablecoins and ICOs

New Nigerian Central Bank Document Discusses Regulation of Stablecoins and ICOsAccording to a recently unveiled document, the Nigerian central bank will in the future be open to developing a regulatory framework for potential implementations of stablecoins. The document also discusses the regulation of initial coin offerings (ICOs) and how these can become “a new way to attract foreign direct investment (FDI) and raise capital.” ‘A […]

CFTC report endorses tokenizing trading collateral 

Report: Nigeria to Stop Cash Withdrawals From Government Accounts

Report: Nigeria to Stop Cash Withdrawals From Government AccountsFrom the start of March, Nigerian public officials will be barred from withdrawing cash from government bank accounts, the head of the Nigerian Financial Intelligence Unit reportedly said. Public officials that want to be exempted from this new regulation will have to obtain a waiver from the Nigerian Presidency. Government Workers Vulnerable to Money Laundering […]

CFTC report endorses tokenizing trading collateral 

Report: Nigerian Security Agency Seeks to Arrest Central Bank Governor on Charges of Funding Terrorists

Report: Nigerian Security Agency Seeks to Arrest Central Bank Governor on Charges of Funding TerroristsThe Nigerian security agency, the Department of State Services (DSS), has reportedly instructed its operatives to arrest the Central Bank of Nigeria governor Godwin Emefiele as soon as he is seen in public. The DSS is still seeking to apprehend Emefiele despite losing its bid to have a Nigerian court sanction the arrest. Nigerian Court […]

CFTC report endorses tokenizing trading collateral 

Nigerian Central Bank Increases Cash Withdrawal Limits After Receiving ‘Feedback From Stakeholders’

Nigerian Central Bank Increases Cash Withdrawal Limits After Receiving ‘Feedback From Stakeholders’Barely a month after announcing the restricting of cash withdrawals to under $50 per week, the Central Bank of Nigeria said on Dec. 21 that individuals will be able to withdraw an equivalent of $1,120 per week starting on Jan. 9, 2023. The central bank said individuals and corporate organizations withdrawing amounts exceeding the new […]

CFTC report endorses tokenizing trading collateral 

Report: Nigerian Lawmakers Set to Pass Law That Diminishes Central Bank Influence on Crypto

Report: Nigerian Lawmakers Set to Pass Law That Diminishes Central Bank Influence on CryptoNigeria is expected to designate cryptocurrency as capital for investment if the country’s House of Representatives votes to approve a bill that seeks to amend the Investments and Securities Act of 2007, a report has said. A Nigerian lawmaker, Babangida Ibrahim, suggested that the Central Bank of Nigeria (CBN) is not well positioned to regulate […]

CFTC report endorses tokenizing trading collateral 

Nigeria Announces New Cash Withdrawal Restrictions — ATMs Limited to Less Than $44 per Day

Nigeria Announces New Cash Withdrawal Restrictions — ATMs Limited to Less Than  per DayIn a new directive to financial institutions, the Central Bank of Nigeria (CBN) said individuals can now only withdraw an equivalent of just under $222 per week while corporates can only withdraw cash not exceeding $1,111 during the same period. The new limits, which are in line with the CBN’s cashless policy, are set to […]

CFTC report endorses tokenizing trading collateral 

New Naira Banknotes to Make Monetary Policy More Effective — Nigerian Central Bank Governor

New Naira Banknotes to Make Monetary Policy More Effective — Nigerian Central Bank GovernorThe Central Bank of Nigeria governor, Godwin Emefiele, has said the newly designed naira banknotes are set to enhance the effectiveness of the organization’s monetary policy and bolster the financial inclusion cause. Forcing Currency Hoarders to Return to the Banking System According to the Nigerian central bank governor, Godwin Emefiele, the recently launched naira banknotes […]

CFTC report endorses tokenizing trading collateral 

‘Cryptocurrencies Like Bitcoin Make Global Commerce Easy’ — Founder of Nigerian Crypto Exchange

‘Cryptocurrencies Like Bitcoin Make Global Commerce Easy’ — Founder of Nigerian Crypto ExchangeDespite the Central Bank of Nigeria (CBN)’s Feb. 5, 2021 directive that instructed banks to block crypto entities from the financial system, the demand and use of cryptocurrencies have continued to grow. Not even the central bank’s subsequent crackdown on crypto entities it accused of defying the directive has succeeded in suffocating demand for cryptocurrencies. […]

CFTC report endorses tokenizing trading collateral 

Nigeria’s Rising Inflation and Foreign Exchange Shortages Fueling Devaluation Speculation — IMF Mission

Nigeria’s Rising Inflation and Foreign Exchange Shortages Fueling Devaluation Speculation — IMF MissionAccording to the International Monetary Fund (IMF)’s mission concluding statement, Nigeria’s rising inflation rate as well as the continuing shortage of foreign currency are fueling the naira devaluation speculations. To achieve a unified naira exchange rate, the global lender said Nigeria needs to dismantle “the various exchange rate windows at the CBN [Central Bank of […]

CFTC report endorses tokenizing trading collateral