The Central Bank of Nigeria (CBN) is making progress on the development of its central bank digital currency (CBDC), the eNaira; nevertheless, the CBN is seeking assistance this time around. The Centr...
Tag: CBN
CBN to unveil new naira notes to improve exchange rate and inflation
The newly redesigned N200, N500, and N1000 notes are expected to enter circulation on December 15, 2022, according to the Central Bank of Nigeria (CBN). Recently, Governor Godwin Emefiele gave a speci...
CBN Sanctions Three Banks For Floating Crypto Regulation
TL;DR Breakdown The Central Bank of Nigeria(CBN) fines three commercial banks for violating its directive on cryptocurrency transactions. The banks sanctioned were Access Bank, Stanbic IBTC Bank, and ...
Nigeria’s CBN Slams $2m Fines on Four Banks for Crypto Transactions
The Central Bank of Nigeria (CBN) has imposed monetary sanctions of N814.3 million (nearly $2 million) on four commercial banks in the country for permitting cryptocurrency transactions, Bloomberg rep...
Despite CBN ban, Nigeria’s Bitcoin P2P trades rose by 16%
Last year, the Nigerian Central bank prohibited banks from facilitating crypto transactions citing the need to protect the economy and investors. While many would believe that the ban would hamper the...