CRYPTOCURRENCIES

CBN revokes licenses of 132 microfinance banksThe operating licenses of 132 Microfinance Banks, three finance companies and four primary mortgage banks have been revoked by the Central Bank of Nigeria. The CBN said the Microfinance Banks, Finance Companies and Primary Mortgage Banks ceased to carry on, in Nigeria, the type …

Ahead of the inauguration of the next administration, the US dollar has risen to N760 as politicians, including contenders for the presiding officers of the National Assembly, scamper for the foreign currency. The inauguration of the next administration will be held on May 29, 2023. It is expected that the …

Despite the ban placed on cryptocurrency trading by the federal government, Nigeria topped the list of countries where citizens use cryptocurrency regularly. According to data presented by BitcoinCasinos.com, Nigeria and Turkey lead in crypto ownership, with 47 per cent and 31 per cent of the population respectively owning a cryptocurrency …

With rising concerns around the seeming disappearance of newly redesigned notes, the Central Bank of Nigeria has said it is supplying more quantities of the new notes to banks.This was according to a statement by the CBN’s Acting Director, Corporate Communications, Dr Isa AbdulMumim, which was sent to Punch correspondent …

A Point of Sale (POS) operator, identified as Alfa Rafiu, has been arrested in Ilorin, Kwara State capital for allegedly spending the sum of N280 million mistakenly sent to his bank account. According to the Nigerian Tribune, the suspect, a resident of the Akuji compound, Abayawo area in the Ilorin …

Cyriacus Okeh, who runs a provision store, recently became frustrated, not only because he could not receive money from his customers but also because he was unable to re-stock his store due to the consistent failure of his bank app. But he admitted he never had any issue with his …

Nigeria’s annual inflation rate rose to 22.04 per cent in March from 21.91 per cent in the previous month, the National Bureau of Statistics (NBS) said Saturday. The statistics office said the March inflation rate showed an increase of 0.13 per cent points when compared to February 2023 headline inflation …

A new regulatory framework established by the Central Bank of Nigeria (CBN) will allow it to take over billions of naira from dormant bank accounts, store them, and use the revenues to buy treasury bills and other government securities. In recently released guidelines on the management of dormant accounts, unclaimed …

The Central Bank of Nigeria (CBN) plans to remove accounts not linked to the Bank Verification System (BVN) from the financial system.The objective is to clean up the sector and reduce the growing incidence of fraud. Blaise Ijebor, director Risk Management Department and Chief Risk Officer, CBN said this at …

The World Bank says the naira, Nigeria’s legal tender, lost 10.2 percent of its value against the United States dollar in 2022. In the latest edition of its Africa’s Pulse report, the organisation said rising food and fuel prices as well as the depreciation of the exchange rate were the …