Archives Tag: CBN
Nigeria Plans To Launch Digital Currency Before 2022
April 19, 2022
The earlier speculation that the Central Bank of Nigeria (CBN) will be launching a digital currency has now been confirmed by the apex bank itself. Read more about FinTech The Director, Information Technology Department, Central Bank of Nigeria (CBN), Mrs Rakiyat Mohammed, stated on June 10 that the CBN will be launching a Central Bank … Continue reading Nigeria Plans To Launch Digital Currency Before 2022
By adedoyin
Institutional And Regulatory Framework For The Establishment And Operation Of Banks Under Nigerian Law
April 19, 2022
Bank means any person who carries on banking business. banking business is defined as the business of receiving money on current account from the general public, of paying or collecting cheques drawn by customers and making advances to customers. Read more about The law and you There are several laws that regulate banking business … Continue reading Institutional And Regulatory Framework For The Establishment And Operation Of Banks Under Nigerian Law
How The Binance P2P Cryptocurrency Exchange Works
April 19, 2022
Early in February, the CBN directed all banks in Nigeria to stop processing cryptocurrency-related transactions and to close accounts belonging to individuals or institutions involved in buying and selling cryptos. At the time, most people affected were uncertain about whether they could carry on with trading digital currency. The CBN’s action had effectively severed … Continue reading How The Binance P2P Cryptocurrency Exchange Works
Fact Friday: #EndSARS Protestors’ Account Unfrozen By Court Order
April 19, 2022
It was revealed on Wednesday, 10th February 2021, that the Central Bank of Nigeria (CBN) has been ordered to unfreeze the bank accounts of 20 members of the #EndSARS movement – a movement which took root last year. Read more about #EndSARS The #EndSARS protesters and promoters targeted in this case by the CBN … Continue reading Fact Friday: #EndSARS Protestors’ Account Unfrozen By Court Order
By adedoyin
Bitcoin And Cryptocurrency Adoption In Nigeria
April 19, 2022
On February 5, the banking regulatory body, Central Bank of Nigeria (CBN), issued a memo to banks in Nigeria banning transactions in cryptocurrency. The announcement came as a shocker to individuals who have come to depend on trade in cryptocurrencies such as Bitcoin for meeting their daily transaction needs. Within hours, cryptocurrency exchange platforms … Continue reading Bitcoin And Cryptocurrency Adoption In Nigeria
By adedoyin
How The CBN’s Ban On Cryptocurrency Bank Accounts Will Affect You
April 19, 2022
On Friday, February 5, the CBN issued a circular directing all banks and non-bank financial institutions to shut down accounts belonging to people or platforms engaged in trading cryptocurrencies. The statement mandates these institutions to close these accounts immediately. It also warns that banks and other financial service providers could face stiff penalties if … Continue reading How The CBN’s Ban On Cryptocurrency Bank Accounts Will Affect You
How to Bridge Nigeria’s SME Funding Gap
April 19, 2022
A majority of Nigerian SMEs aren’t getting the funding they need to scale. One report from the CBN says that between 2013 and 2017, only 5.3% of small and medium scale businesses in the country had access to bank credit. A staggering 85% of SMEs were unable to receive external funding. Read more about Business … Continue reading How to Bridge Nigeria’s SME Funding Gap
Easiest Ways To Receive Money From Abroad In Nigeria Today
April 19, 2022
The Central Bank of Nigeria recently placed restrictions on Nigerians receiving money transferred from abroad in naira. We will now only be able to collect those funds in dollars. This new rule means that digital transfer services such as TransferWise and Sendwave cannot be used to remit money to Nigerians in this way. Read … Continue reading Easiest Ways To Receive Money From Abroad In Nigeria Today
Is The Federal Government Rolling Back The Gains Of #EndSARS?
April 19, 2022
By now, it is evident that the little gains of reforms in governance which were rammed through during the #EndSARS campaign may have been rolled back one after the other. Particularly related to police interaction with civilians, a signal from the Inspector General of Police (IGP) which was made available to the public on … Continue reading Is The Federal Government Rolling Back The Gains Of #EndSARS?
By adedoyin
CBN Releases Framework For N75bn Youth Investment Fund
April 19, 2022
The Central Bank of Nigeria (CBN) has released the framework on which the proposed N75 billion Nigeria Youth Investment Fund (NYIF) will be implemented. CBN, in a statement by its Development Finance Department, disclosed that the fund was set up in response to the challenge of youth employment in Nigeria. Read more about Business … Continue reading CBN Releases Framework For N75bn Youth Investment Fund
Did You Know? The First ATM In Nigeria
April 19, 2022
The first ATM in all of Nigeria was actually installed in 1989,-more than 20 years before they became a thing, by National Cash Register for the now-defunct Societe Generale Bank of Nigeria (SGBN). Read more about Did you know? Thirty years later, ATM’s are now commonplace in the banking system but have not quite … Continue reading Did You Know? The First ATM In Nigeria
By david-okwara
Fact Check: Did NBC Fine Nigerian Info FM for N5 million
April 19, 2022
In the past few days, the Nigerian Broadcasting Corporation (NBC) has found itself in the middle of a number of controversial topics. Not only has the NBC been under fire for various reasons, the minister supervising the NBC, Alhaji Lai Mohammed, the Minister for Information and Culture, has also been under the radar of … Continue reading Fact Check: Did NBC Fine Nigerian Info FM for N5 million
By adedoyin
App Of The Week: Sparkle
April 19, 2022
Technology adoption in banking is now a huge driving force for financial inclusion in Nigeria. From the provision of basic amenities to the up-scaling of SMEs and access to useful and affordable financial products and services, there are so many ways in which financial inclusion can benefit Nigeria’s populace. Read more about App of … Continue reading App Of The Week: Sparkle
The CBN has Prohibited Banks from Laying-Off their Workers
April 19, 2022
The Central Bank of Nigeria and the Bankers’ Committee have agreed to halt the retrenchment of bank staff in the country. The decision applies to both part-time and full-time workers. This was disclosed in a press release issued by Isaac Okoroafor, the CBN’s Director of Corporate Communications, on Sunday. Read more about Coronavirus According to … Continue reading The CBN has Prohibited Banks from Laying-Off their Workers
COVID-19: How to Access the CBN ₦50 Billion Credit Facility for Businesses
April 19, 2022
The Central Bank of Nigeria has announced a ₦50 billion Targeted Credit Facility (TCF) for Micro, Small and Medium Scale Enterprises (MSMEs) in the country that have been affected by the COVID-19 pandemic. Under this program, the apex bank will give loans of up to ₦25 million to small businesses that have seen their activities … Continue reading COVID-19: How to Access the CBN ₦50 Billion Credit Facility for Businesses
