CBN/Commercial Banking

FG Fines Binance $10 Billion Over Alleged Influencing Of Nigeria’s Forex Crisis The federal government has slammed a $10 billion fine on crypto trading platform, Binance, over allegations of influencing the country’s forex crisis The special adviser to President Bola Tinubu on information and strategy, Bayo Onanuga, disclosed this Friday morning in an interview with the BBC. According to Onanuga, Binance profited substantially from its “illegal transactions” in Nigeria while the nation suffered huge losses. Onanuga noted that Binance is not registered in Nigeria and has no presence in the country. He alleged that people used the platform to arbitrarily…

Tony Elumelu of Heirs Holdings took an N41.5b loan @15% interest rate per annum and defaulted CBN There are still many of them roaming freely in an opulence lifestyle. If the CBN published all the names of defaulters,there are about 20 of them owing over N5 trillion Naira. The past government set up a committee through AMCON to get the money from them. But just like an elite game, Nigerians did not hear much of what happened. These men are super elites and above the law, most of the debts are now classified as bad debts. But they are sitting…

CBN Increases Interest Rate To 22.75% The Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) has announced a significant increase in the Monetary Policy Rate (MPR), raising it by four hundred basis points to 22.75% from the previous rate of 18.75%. CBN Governor Yemi Cardoso revealed the decision after Tuesday’s first MPC meeting of the year in Abuja. In addition to the MPR adjustment, the MPC raised the Cash Reserve Ratio (CRR) to forty-five per cent. However, the liquidity ratio remained unchanged at thirty per cent. The move suggests tightening monetary policy to address various economic challenges and ensure…

FG Blocks Binance, OctaFX, Other Crypto Firms Amidst Naira Crash In a bid to curb what it perceives as the continuous manipulation of the forex market and illicit movement of funds, the Nigerian government has taken decisive action by blocking the online platforms of prominent crypto firms, including Binance. The Nigerian Communications Commission (NCC) had directed telecommunication companies in the country to block access to these platforms. Alongside Binance, other affected platforms include Forextime, OctaFX, Crypto, FXTM, Coinbase, and Kraken. This move follows earlier considerations by the government to stem the free fall of the local currency, the naira. Sources…

EFCC Raids Bureau De Change Operators In Oyo, Kano, Abuja Some currency exchange operators in the famous Kano currency exchange market, WAPA, have been arrested by the Economic and Financial Crime commission (EFCC). According to an eyewitness, Malam Isma’ila Zico, officials of the EFCC were at the market in earlier hours of Wednesday. “They were so tactical in the operation, it was after the apprehension that we found out that they have been in the market since morning. When it was time for them to strike, we then saw their operatives with crested vests and some other security agents, and…