CBN/Commercial Banking

We’ll Block Loan Apps That Harass Customers – FCCPC The FCCPC has said it will block loan app that harasses customers. This was disclosed on the Commissions X page on Saturday, 4 May 2024. The acting Chairman of FCCPC, Adamu Abdullahi, made it known that it won’t happen again as they have begun to address the issue. Adamu said, ” It would soon be history in the country that online platforms that many people know as loan sharks, where some Nigerians access money quickly to solve urgent issues.” However, if they don’t pay back on time, some of these loan…

CBN Reportedly Bans Moniepoint, Opay, Kuda, Others From Taking New Customers The Central Bank of Nigeria has barred some microfinance banks, including Moniepoint, Opay and Kuda, from opening new accounts and accepting new customers. The ban is over allegations that they were being used to funnel cryptocurrency and manipulate the naira’s value, sources familiar told Peoples Gazette on Monday. Sources asserted that the CBN deemed the new-account-ban necessary to curb money-laundering activities which have seen the naira again plunge against the dollar in recent days. The naira, as of Monday evening, traded at N1350 against the dollar, which is a…

EFCC Arrests 34 Suspected Currency Speculators In Abuja Operatives of the Economic and Financial Crimes Commission, EFCC on Friday arrested 34 suspected currency speculators for alleged foreign exchange fraud at the Wuse Zone 4 area of the Federal Capital Territory, FCT Abuja. The suspected currency traffickers were arrested in a sting operation following credible intelligence about illegal sales of dollars, Dele Oyewale, spokesperson for the anti-graft agency said in a statement. The suspects were arrested by EFCC operatives attached to the Taskforce on Currency Mutilation, Dollarization of the Economy and Forex Malpractice. According to the statement, the arrest of the…