Browsing: Central Bank of Nigeria

• The situation involving Binance in Nigeria has turned sour due to several events.
• For a few years, the Binance marketplace seemed to work well enough, but in 2023, the Nigerian government ended the naira’s peg to the US dollar as part of sweeping economic reforms.
• In what is now a testament to the sprained relationship between Binance and Nigeria, the authorities filed tax evasion charges against the cryptocurrency exchange.

Binance Under Regulatory Spotlight

Binance’s journey from a small start-up to one of the largest cryptocurrency exchanges globally has been impressive but not a smooth run. The platform’s rapid growth and global expansion brought it under the regulatory spotlight globally.

• Nigeria’s central bank has awarded the startup a PSSP licence, enabling it to operate as a payment solutions service provider within the country.
• This serves as a demonstration of the Nigerian central bank’s commitment to supporting fintech startups in the country.

Nigeria’s central bank, the Central Bank of Nigeria (CBN), has recently shown its commitment to supporting fintech startups in the country through its decision to award a Payment Solutions Service Provider (PSSP) license to fintech startup, Fincra.

This comes six months after the bank issued Fincra an approval-in-principle. This licence falls within the relatively new categorization of licences introduced by the apex bank in December 2020, which confers financial institutions the legal right to “engage in payment processing gateway and portals, develop payment solutions or merchant service aggregation and collections services”.

Founded in 2021 by Wole Ayodele, multiple-time founder and co-founder of the crypto exchange platform Quidax, Fincra was …

The Central Bank of Nigeria (CBN) has announced that it would redesign the country’s N200, N500 and N1, 000. The change would be done to reduce the amount of money in circulation and control inflation, according to the CBN Governor, Godwin Emefiele.

The CBN highlighted concerns of “illicit” funds in circulation, which it said bandits and kidnappers had been exploiting in perpetrating their crimes.

The regulator said as much as 85 per cent of currency in circulation were outside the vaults of the country’s banks, encouraging criminality, currency hoarding and reducing the efficacy of the central bank’s monetary policies.…

The licensing follows a solid end to 2021, which saw DPO partner with a global leader in travel technology, Amadeus. Customers can now accept local payments, including via mobile money and card payments, allowing international airlines to operate locally and African airlines to expand globally. As a result of the partnership, DPO is connected to multiple regional and international airlines via Amadeus’s airline passenger system.

DPO Group plans to Further extend its growth in 2022, targeting new product innovation and territory launches.

The increased partnerships momentum follows the 2021 landmark acquisition by Network International, a globally renowned facilitator of e-commerce in the Middle East and Africa region.…

• The evolution has allured intensive participation in the lending sector, stimulating the growth of the Nigeria Domestic Credit by 16.2 per cent year on year as of December 2021.
• There is no lending limit for the MFBs, and the Central Bank of Nigeria charges N400,000 to N500,000 for their registration. Operations are limited to Lagos State.
• The Money Lenders license is issued and regulated by the money lenders laws of the 36 states in Nigeria.

The business of lending in Nigeria has metamorphosized from the traditional system to a more digitally enabled flexible system for a faster and more convenient process.

The evolution has allured intensive participation in the lending sector, stimulating the growth of the Nigeria Domestic Credit by 16.2 per cent year on year as of December 2021.

The present state of the Nigerian economy, the need to expand for companies and businesses, and the insatiable desire for …

Buhari said that the rice pyramids would aid efforts to reduce the price of rice in Nigeria. He expressed his expectations for other agricultural organizations to join the Central Bank of Nigeria (CBN)-funded Anchor Borrowers’ Programme (ABP) that supports Buhari’s drive for food sufficiency.

Speaking at the event Central Bank’s governor, Godwin Emefiele, said that CBN collaboration with RIFAN increased the national output of rice to over 9 million metric tonnes in 2021, up from about 5.4 metric tonnes in 2015.

Productivity per hectare of smallholder farmers has also increased from 2.4 metric tonnes to about five metric tonnes over the same period.…

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 …