"If Only FG Know That If They Invest 2021 Budget In Crypto For 10 Months, We Would Be Debt Free", A Twitter User Commented
Few hours ago, the Central Bank of Nigeria released a statement notifying Deposit Banks, Non-Financial Institutions and other financial institutions against doing business in Cryptocurrency and other digital assets in Nigeria. This particular news has not come down well to many Nigerians especially the youths who mostly take to this as a means of livelihood. Reacting to this unpleasant news, a Twitter user identified as Omo Kiikan has taken to popular social media platform, twitter to express his displeasure
The Central Bank of Nigeria (CBN) stated on Wednesday it has retained the minimal 65 percentage Loan Deposit Ratio (LDR) in the interim. The apex financial institution disclosed this in a circular signed by means of its Director of Banking Supervision, Mr. Ahmad Abdullahi, in Abuja. The CBN stated it had noticed a awesome amplify in the dimension of gross savings by the Deposit Money Banks (DMBs) to customers. It enjoined all DMBs to keep this level and make sure that common day by day figures had been util
Deposit Zenith Bank Media News Zenith Bank is now Nigeria's largest bank by Customer Deposit Zenith Bank Plc is now officially Nigeria’s largest bank by Customer Deposit. In its 2018 annual report and first quarter 2019 interim report released by the company, it reported that its total customer deposits are now a whopping N3.396 trillion as at end of March 2018. It was N3.43 trillion as at year-end December 2019. Zenith Bank has thus overtaken First Bank as Nigeria’s largest bank by Customer D
The central bank of Nigeria has introduced a scheme called the Naira for Dollar scheme.This is a scheme where dollar remittances paid into a particular account attracts an additional credit alert for each $1 received.
Good news to Nigerians as the Central Bank of Nigeria (CBN) has concluded plans to raise the amount of foreign exchange mapped out to banks across the federation in a bid to catch up with the requests of their customers. This is believed to have greater impacts on travelers seeking foreign exchange to accommodate their travel allowances, as well as payment of tuition and fees relating to medicals and others.
In what has come as completely left field, the Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs), Other Financial Institutions (OFIs) and Non-Bank Financial Institutions (NBFIs) local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges. The CBN is not stopping Nigerians not to deal in cryptocurrency trading but they cannot do it through the banking system. This means that you will not be able to use a card from a Nigerian bank or
The Governor of the Central Bank has said that Nigerians who have an open mind should have nothing to worry about.
Crypto currencies are digital money, that is, there is no physical coin or bill. It's all online. Crypto currencies can be bought with credit cards or debit cards and also through a process called mining. Most popular crypto currency is Bitcoin. Others are: Ethereum, Litecoin, Ripple, Stellar and a host of others. Just today, the Central Bank of Nigeria passed a notice to all Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OTIs) and members of the general public
Hours After CBN Banned Cryptocurrency Trading, See What A Northern Senator Said that Got Reactions Speaking of Cryptocurrency, according to Wikipedia, it is a digital asset which is designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. However, about some hours ago, the
Investing in cows better than cryptocurrency – Adamu Garba Adamu Garba, a former presidential aspirant, has opined that investing in cows is better any form of cryptocurrency business. Garba was lending his voice to the latest instruction to Deposit Money Banks (DMBs), other Financial Institutions (OFIs) and Non-Bank Financial Institutions (NBFIs) against having any transactions in crypto or facilitating payments for crypto exchanges. "Better Investments! Those who might have lost their monies through a shortcut
Former presidential aspirant Adamu Garba has opined that cow ranching business is more lucrative than all the cryptocurrencies while reacting to the banning of cryptocurrency exchanges in Nigerian bank by the Central Bank Of Nigeria (CBN). Mr Adamu Garba thanked the Central Bank of Nigeria for the proactive step that the CBN took to prevent incessant fraudulent activities of the cryptocurrency platforms on innocent Nigerians. He made this opinions and disclosures while speaking to Deposit Money Banks (DMBs)
The Central Bank of Nigeria earlier today disclosed after a comprehensive deliberation with senior managers of various financial institutions, that bank customers are to begin payment of over 6 Nairas anything they use USSD codes as means of transferring money.
It sounded like a well timed Christmas gift from the CBN when it released a statement via its twitter handle slashing the charges on ATM withdrawal from N65 to N35 after three withdrawals on another Bank’s ATM in a month. Nigerians reacted accordingly. More and more it seems the Nigerian Central Bank is a political tool in the hands of the Government per time. While this is expected to an extent in terms of providing fiscal and monetary oversight for the government of the day, it becomes disheartening whe
The Central Bank of Nigeria (CBN) has directed all Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs) and Other Financial Institutions (OFls) to close the accounts used for crypto currency operations. This was made known in circular issued on Friday, ordering all financial institution “to identify persons and entities transacting or operating crypto currency exchanges within their systems and ensure such accounts are closed immediately”. The circular signed by Director of Banking Supervision,
The cattle is our biggest source of milk and meat, mostly reared by the Fulani nomads. They travel from north to south each year to compensate for the lack of rain in the arid north. In this rather primitive ordeal lies a wealth of treasure. Like we mentioned earlier, cattle rearing is the biggest source of meat and milk in the country. Tapping into this opportunity presents one with hundreds of thousands of Naira each month in profits revenue. Although in a more advanced form of cattle rearing than the nomadic
Various condemnations trailing the directive to Deposit Money Banks (DMBs) to desist from making transactions in crypto currency has made the Central Bank of Nigeria (CBN) to react . The acting director of the Corporate communications , Mr Osita , made a statement clarifying that the Central Bank Of Nigeria (CBN) circular of February 5, 2021 did not place any new restrictions on crypto currencies. He further stated and recalled that various banks across the country had been earlier forbidden through the Central
Cryptocurrency adoption is on the rise in Nigeria. More people are now making transactions, investing and transferring funds with it. However, there are significant differences between national digital currencies and private cryptocurrencies such as bitcoin. Cryptocurrencies such as bitcoin are decentralized. The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) and other financial institutions to close accounts of persons who are using their systems for cryptocurrency trading. See screenshot
Adamu Garba has opined that's investment in cows is better than any form of Crypto business. The former presidential aspirant was reacting to the resecent banned of the Crypto trading in Nigeria. Recall that CBN have in there circular instructed Deposit Money Banks, Other Financial institution and Non Bank Financial institution not to have any transactions in Cryptocurrency or facilitate any of their payment if they wouldn't want to face the consequences. However mixed reactions have continued to trail on social
The new charge on single Unstructured Supplementary Service Data (USSD) transaction is really making people sick already.Recall that Telcons recently announced that they would be dropping the USSD services they provide over the 42 billion naira dept financial services providers are owing.