The Central Bank of Nigeria has fined three Nigerian commercial banks a total of N800 million for failing to comply with regulations prohibiting consumers from transacting in cryptocurrencies. Stanbic IBTC Bank, Access Bank Plc, and United Bank for Africa are among the banks affected. According to Bloomberg, the sanctions areContinue Reading
The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to report Bank Verification Number (BVN) of a deceased customer to the Nigeria Interbank Settlement System (NIBSS) within 24 hours of confirmation. The directive is contained in the revised BVN guideline issued by the apex bank andContinue Reading
The Central Bank of Nigeria has said that it will launch its digital currency pilot scheme on October 1st, 2021. According to Nairametrics, the CBN with its stakeholders outlined its digital currency initiative via a private webinar held on Thursday. Recently, during the 306th Banker’s Committee meeting, the CBN Governor, GodwinContinue Reading
The Central Bank of Nigeria, CBN, says it is ready to mint the Gambian Dalasi at the Nigerian Security Printing and Minting PLC (NSPMC) facility when both parties sign the deal. Mr Godwin Emefiele, the CBN Governor accepted the proposal by the Governor of Central Bank of Gambia, Buah SaidyContinue Reading
The CBN has sacked the entire members of the board of First Bank of Nigeria. The Central Bank of Nigeria has announced the immediate removal of all of the directors of First Bank Nigeria Limited as well as FBN holdings. The announcement comes on the heels of the CBN’s ultimatumContinue Reading
CBN has listed the 47 approved International Money Transfer Operators in the country. The Central Bank of Nigeria (CBN) has listed the approved 47 International Money Transfer Operators in the country. This was disclosed by the apex bank on via its Twitter handle on Monday. The money transfer operators, accordingContinue Reading
Some organizations use the power of the Internet for good; others, for evil. Some leverage their digital power in full view of the world, legally (or just shamelessly) staking claims to online territories. Others are Anonymous. Anonymous is an amorphous group of computer-savvy people who sometimes work toward a commonContinue Reading