cbn – DIGIT INFO

Nigerian central bank alleges unauthorized transactions by Binance

DIGIT — Sat, 06 Jul 2024 10:51:43 +0000

In a Nigerian court on Friday, July 5, Binance’s illegal operations were highlighted, with Central Bank official testifying on lack of necessary licenses and regulatory approval.

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Nigerian fintechs crack down on crypto, users face account blocks

DIGIT — Fri, 03 May 2024 08:43:45 +0000

The Nigerian central bank’s attitude to crypto has been inconsistent in recent years, and the crackdown contradicts a decision taken in 2021 to facilitate crypto account opening.

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Nigeria Extends Deadline for Returning Soon-to-Be Demonetized Naira Banknotes

DIGIT — Wed, 01 Feb 2023 10:49:57 +0000

After initially ignoring pleas to extend the period for returning old naira banknotes, the Nigerian central bank recently said it has shifted the deadline for returning old banknotes to Feb. 10. The bank’s governor, Godwin Emefiele, said some 30,000 so-called super agents have been deployed nationwide to help with the cash-swapping process. CBN Governor Says […]

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Report: Nigerian Central Bank Spent Over $1.8 Billion Managing Local Currency

DIGIT — Fri, 30 Dec 2022 05:30:12 +0000

During her appearance before Nigerian lawmakers, Aisha Ahmad, the deputy governor of the Central Bank of Nigeria (CBN), told lawmakers that out of the nearly $1.8 billion used to manage the local currency, over 90% of this total was reportedly used to fund expenses associated with the production of banknotes. The Growing Cost of Maintaining […]

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Report: Nigerian Security Agency Seeks to Arrest Central Bank Governor on Charges of Funding Terrorists

DIGIT — Tue, 27 Dec 2022 21:30:09 +0000

The Nigerian security agency, the Department of State Services (DSS), has reportedly instructed its operatives to arrest the Central Bank of Nigeria governor Godwin Emefiele as soon as he is seen in public. The DSS is still seeking to apprehend Emefiele despite losing its bid to have a Nigerian court sanction the arrest. Nigerian Court […]

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Nigerian Currency Recovers Versus US Dollar — Central Bank Says Importers Must Repatriate Forex Earnings

DIGIT — Sat, 06 Aug 2022 00:30:24 +0000

After touching a new all-time low of N710 per dollar in late July, a new report says the Nigerian currency has rebounded by as much as 10%. After initially blaming speculators, the Central Bank of Nigeria has said importers who fail to remit forex earnings may be contributing to the naira’s depreciation. Naira Depreciation Less […]

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Nigerian Central Bank Told to Consider Floating the Naira, Recent Interest Rate Hike Slammed

DIGIT — Tue, 02 Aug 2022 11:30:03 +0000

The Central Bank of Nigeria should be discontinuing the fixed exchange rate system and let the naira freely float against the major currencies, Alhaji Aminu Gwadabe, the leader of a Nigerian association of bureau de change operators has said. The leader also slammed the recent adjustment of the central bank’s interest rate to 13%, which […]

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Nigerian Currency Plunges to New All Time Low — Central Bank Blames Speculators

DIGIT — Sat, 30 Jul 2022 07:30:06 +0000

The Nigerian central bank has accused currency speculators of being behind the local currency’s recent plunge to a new all-time low of N710 against the greenback. The leader of a Nigerian association of bureau de change operators insisted crypto trading may be to blame for the naira’s recent plunge in value. Nigerians Converting to USD […]

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CBDC Ensures Nigeria Remains Competitive in Increasingly Digital World — Central Bank Governor

DIGIT — Sun, 26 Jun 2022 09:30:40 +0000

The governor of the Central Bank of Nigeria (CBN) has insisted the recently introduced e-naira digital currency can potentially boost trade and investment activities in the country. He added the digital currency “would be necessary in the future to ensure Nigeria is competitive as the world becomes increasingly digital.” CBDC Gateway to Digital Economy The […]

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Report: Nigerian CBDC Wallet Update to Enable Utility Payments, USSD Functionality to Be Added

DIGIT — Tue, 10 May 2022 22:00:05 +0000

The Nigerian central bank digital currency (CBDC) wallet app is set for an update that will see users given the ability to pay for utilities like pay television and for topping up airtime. The addition of the unstructured supplementary service data (USSD) functionality to the wallet app means people without bank accounts will be able […]

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