Tag: CBN

Arewa Youth Assembly backs Emefiele, says activities of Aboki FX designed to ruin CBN’s efforts at stabilising Naira

A northern socio-political group, The Arewa Youth Assembly (AYA), has applauded the decision of the Federal Government to shut down the operations of Aboki FX and go after its owner, Olusegun Oniwinde. The CBN Governor, Godwin Emefiele on Friday said the website, which provides currency exchange information  is an illegal[Read More…]

Emefiele threatens to shut down Aboki FX website and ‘go after’ owner

The Governor of the Central Bank of Nigeria, Godwin Emefiele has threatened that it will shut down the operations of Aboki FX and go after its owner, Olusegun Oniwinde.  According to the CBN Governor, the website is an illegal and criminal platform. Aboki FX is a website that provides currency[Read More…]

CBN refutes plan to convert currencies in domiciliary accounts

The Central Bank of Nigeria (CBN) has denied a report that it is planning to convert foreign currencies in the domiciliary accounts of bank customers to naira. The refutal was contained in a statement by its Director of Corporate Communications, Osita Nwasinobi on Saturday. The statement reads: “the attention of[Read More…]

CBN directs banks to publish names, BVN Verification details of FOREX Ban defaulters

The Central Bank of Nigeria has directed all commercial banks to publish on their websites the names and Bank Verification Numbers of customers who engage in fraudulent and unscrupulous practices to obtain foreign exchange from banks. In a circular issued by the on Tuesday, the bank outlined the fraudulent practices[Read More…]

CBN prohibits Microfinance banks from forex transactions

The Central bank of Nigeria (CBN) has prohibited MicroFinance Banks (MFBs) from executing foreign exchange transactions, citing concerns on their financial capability to handle such. This was stated in a circular by the apex bank dated August 19, 2021. The circular number FPRD/DIR/PUB/CIR/01/020 noted that some MFBs were engaging in[Read More…]

Just in: CBN gets order to freeze Risevest, Bamboo accounts for 180 days

The Central Bank of Nigeria (CBN) has been granted permission to freeze accounts of six fintech companies.  A federal high court in Abuja gave the order on Tuesday.   The fintech companies are Bamboo Systems Technology Limited, Bamboo Systems Technology Limited OPNS, Chaka Technologies Limited, CTL/Business Expenses, Trove Technologies Limited and[Read More…]

Central Bank stops forex sales to Bureau De Change operators

The Central Bank of Nigeria (CBN) has stopped forex sales to Bureau De Change (BDC) operators in the country. The Central Bank Governor, Godwin Emefiele announced this at the end of the monetary policy committee’s meeting in Abuja on Tuesday. Emefiele said BDC operators have become a conduit for illegal[Read More…]

CBN and global instability, vulnerability of cryptocurrencies

When in February, the Central Bank of Nigeria (CBN) directed banks and other financial institutions to cease transactions in cryptocurrencies and facilitating payment for cryptocurrency exchanges, several stakeholders raised concern about the directive.  In the memo, dated February 5, the apex bank instructed banks and other financial institutions to identify[Read More…]

CBN agrees to mint Gambian currency

The Central Bank of Nigeria (CBN) has agreed in principle to mint The Gambian Dalasi. CBN Governor, Mr. Godwin Emefiele, agreed to the currency minting proposal from the Governor of the Central Bank of the Gambia, Mr. Buah Saidy, who led a delegation to visit him on Tuesday. Emefiele said[Read More…]

CBN says Nigeria will launch its digital currency by end of 2021

The Central Bank of Nigeria (CBN) has unveiled plans to launch a digital currency before December. The Director, Information Technology, CBN, Ms. Rakiya Mohammed, made the announcement on Thursday during a virtual media briefing at the end of a Bankers Committee meeting. According to het, just like everybody has access[Read More…]