Despite CBN Ban On Crypto, Bitcoin Usage Increases By 27%

While the Central Bank of Nigeria has prohibited Nigerian financial institutions from engaging with anything crypto-related for the past three months, recent data shows that its people are gradually looking for other ways to access the world’s most famous cryptocurrency. According to data obtained from Usefultulips (a Bitcoin analytic data provider), Bitcoin peer-to-peer trading use in Nigeria has increased by 27% since the CBN directive went into effect 85 days ago, with Nigerians moving over $103 million worth of Bitcoins through just the Paxful and LocalBitcoins networks alone. Despite the recent N5/$ rebate scheme launched by the Central Bank of […]



Governors’ Request To Borrow N50 Billion From The CBN Rejected By The FG

Mrs. Zainab Ahmed, Minister of Finance, Budget, and National Planning, explained how the federal government rejected governors’ bid to borrow N50 billion from the Central Bank of Nigeria (CBN) to cover a revenue deficit in March and allocate the money through the Federation Account Allocation Committee (FAAC). According to the minister, who appeared on a National Television Authority (NTA) program monitored in Abuja, the federal government found reports by Edo State Governor, Mr. Godwin Obaseki, that it printed N60 billion to supplement funds shared to states in March surprising. Governors bemoaned the state’s precarious finances as a result of the[…]



COVID-19: CBN, bankers’ committee to support airlines, media

The Central Bank of Nigeria and the Bankers’ Committee have agreed to extend special facilities to Nigerian-registered airlines and the media industry in Nigeria to enable them to address the negative impact of the COVID-19 pandemic. CBN said the agreement, which was on the prompting of its Governor, Godwin Emefiele, was made on Tuesday. It said Emefiele, while addressing banks’ chief executives at the bi-monthly virtual meeting of the Bankers’ Committee, urged the banks to do all within their powers to support airlines in Nigeria. The CBN boss said such support was critical to helping the industry recover from the[…]