How The Binance P2P Cryptocurrency Exchange Works
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 […]
Fact Friday: #EndSARS Protestors’ Account Unfrozen By Court Order
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 […]
Bitcoin And Cryptocurrency Adoption In Nigeria
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 […]
How The CBN’s Ban On Cryptocurrency Bank Accounts Will Affect You
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 […]
How to Bridge Nigeria’s SME Funding Gap
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 […]
Easiest Ways To Receive Money From Abroad In Nigeria Today
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 […]
Is The Federal Government Rolling Back The Gains Of #EndSARS?
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 […]
CBN Releases Framework For N75bn Youth Investment Fund
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 […]
Did You Know? The First ATM In Nigeria
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 […]
Fact Check: Did NBC Fine Nigerian Info FM for N5 million
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 […]
App Of The Week: Sparkle
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 […]
The CBN has Prohibited Banks from Laying-Off their Workers
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 […]
COVID-19: How to Access the CBN ₦50 Billion Credit Facility for Businesses
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 […]
CBN, Dangote and Access Bank Lead ₦120 Billion Coronavirus Response Effort
The CBN is rallying Nigeria’s biggest private sector firms to fund the country’s battle against the coronavirus. The coalition, led by Dangote and Access Bank, will be supporting the current efforts to deal with the COVID-19 pandemic, the apex bank said on Thursday. Read more Corona Virus Governor of the Central Bank, Godwin Emefiele, explained […]
CBN Adjusts Naira: Dollar Exchange Rate to ₦380 for $1
The Central Bank of Nigeria has revised the Naira-Dollar exchange rate for one of its forex windows. A dollar is now being sold for ₦380 at the Investors and Exporters (I & E) window of the country’s foreign exchange markets. The new regime replaces the previously existing rate of ₦360/$1. Read more about Business In […]
How to Apply for the CBN’s ₦10 Million AGSMEIS Loan
The Federal Government, through the Central Bank of Nigeria (CBN), is offering agricultural businesses and SMEs in Nigeria loans worth millions of naira at a single-digit interest rate. This facility is part of the Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS), an initiative designed to boost the ventures at the lower end of the commercial […]