Browsing: CBN

Nigeria bank crackdown on fintech firms

Four days after the Central Bank of Nigeria {CBN} obtained a court order to freeze the accounts of fintech platforms Rise vest, Bamboo, Trove and Chaka for the next six months, Finance and investment analysts on weekend castigated this decision by such a reputable institution terming it as a desperate move that could hamper the long-term development of the economy.

This came as the Nigerian Exchange (NGX) Limited underscored the importance of FinTech’s in achieving an inclusive digital economy.

Market analysts at Cordros Securities said the freezing of the fintech accounts was “a desperate move to preserve the value of the naira” but it could further worsen the country\s economic perception.

“For us, this development could further worsen foreign investors’ perception of the country’s investment climate and may constrain private investment in the fintech space,” Cordros Securities stated.

The CBN had obtained a court order to freeze the account of …

A Nigeria Market by ft

Nigeria, the largest economy in Africa, has seen its inflation quickened to nearly two years high in January as food shortages caused by border closures continued to drive up the price of staples, the Nigerian National Bureau of Statistics revealed.

According to information from Bloomberg, the statistician report revealed that: consumer price rose to 12.1 per cent from a year earlier, compared with 12 per cent in December, which marks the fifth month of increases.

However, there were several crucial aspects in relation to the scenario, as revealed by Bloomberg.

It was highlighted that the nation’s monetary policy committee’s ability to raise interest rates to contain inflation is hampered by slow economic growth.

In January a Nigerian economist and Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele raised the number of money banks to need to deposit at zero interest with the central bank to clear up …