CRYPTOCURRENCIES

The House of Representatives is seeking the adoption of the Chinese Yuan (CNY) as an official foreign exchange reserve currency alongside other major international currencies to mitigate the impact of Naira’s depreciation.This followed the adoption of a motion moved by Hon. Jafaru Gambo Leko from Bauchi State at plenary on …

The Central Bank of Nigeria (CBN) has explained the reasons behind scarcity of naira notes in the country. This comes following a series of complaints by some bank customers on the scarcity of naira notes at the counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change …

Our Media reports that Opay, a popular fintech company, has experienced an outage for over an hour, preventing Nigerians from sending money through its app on Monday evening.Concerned Nigerians have taken to various social media platforms to express their apprehensions amid the prolonged downtime of Opay, highlighting the impact on …

Customers of some commercial banks in Osogbo, Osun State over the weekend, expressed dissatisfaction with the poor services provided by Automated Teller Machines (ATMs).Findings by Daily Post indicate that many ATMs of commercial banks were not dispensing cash, causing inconvenience for customers. Several banks visited were observed to be empty …

The naira, on Friday, depreciated marginally to N927.19 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the country’s official exchange rate window. The rate represents a decline of 11.40 percent from the N832.32 recorded yesterday. According to data from FMDQ Securities Exchange, a platform that oversees foreign exchange (FX) …

The Central Bank of Nigeria (CBN) says beginning from April 2024 , it will freeze accounts without a Bank Verification Number (BVN) or National Identification Number (NIN).  A circular released by the apex bank on Friday, December 1, instructed banks to place a “Post no Debit” restriction which prevents customers …

The Governor of the Central Bank of Nigeria, Dr Olayemi Cardoso, has said that the apex bank will be asking Deposit Money Banks to increase their capital base in order to service the $1tn economy projected by President Bola Tinubu. Speaking on Friday at the 58th Annual Dinner of the …

The Central Bank of Nigeria has instructed all its branches nationwide to continue issuing various denominations of both old and redesigned banknotes in ample quantities to deposit money banks. The apex bank disclosed this in a statement signed by its Director, Corporate Communications, Isa AbdulMumin, and posted on its X …

Management of Dangote Industries Limited (DIL) has refuted allegations that it engaged in illegal foreign exchange deals, warning those peddling the allegation of economic sabotage against the company to desist from such underhand practices. It gave the warning following claims in some sponsored reports in the online media, suggesting that …

The Kenyan shilling sank to a new all-time low of 150 to the dollar on Monday, adding to the woes of people already battered by high inflation and a raft of new taxes. The shilling has been in decline for several years and plunged by almost 24 percent over the past year, …