CBN/Commercial Banking

CBN Withdraws Circular On Implementation Of National Cybersecurity Levy The Central Bank of Nigeria (CBN) has withdrawn its earlier circular directing financial institutions to implement the national cybersecurity levy. The circular, issued on May 6, 2024 with reference PSMD/DIR/PUB/LAB/017/004, mandated commercial banks, mobile money operators, and other financial institutions to collect a 0.5 percent levy on all electronic transactions. This move comes amid widespread public criticism and concerns raised by various stakeholders regarding the levy’s potential impact on the financial sector and the overall economy. Critics argued that the levy would be an additional burden on Nigerians already grappling with…

Emefiele Arraigned For Printing N684m Notes With N18.96bn, Pleads Not Guilty The Economic and Financial Crimes Commission (EFCC), on Wednesday, arraigned a former Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele for approving the printing of N684.5m at the rate of N18.96bn. Emefiele pleaded not guilty to the four count charge when he was arraigned on these counts before Justice Maryann Anenih of the FCT High Court, Abuja. In the four-count charge filed against him, the EFCC alleged that Emefiele disobeyed the direction of law with intent to cause injury to the public during his implementation of the…

IMF Advises Nigerian Govt Over Crypto Trading Platforms The International Monetary Fund has advised the Nigerian government to ask global crypto trading platforms to register or obtain licences before operating in the country. This recommendation was made in the IMF’s latest staff report, released on Thursday following the conclusion of its 2024 Article IV consultation with Nigeria. According to the report, compelling global crypto trading platforms to register will subject them to regulatory requirements. The IMF emphasised the need for Nigeria to establish a robust regulatory framework to oversee the growing cryptocurrency market, ensuring financial stability and protecting investors. It…

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…