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NNPC: Allegations of manipulation take shine off historic profit dailytrust.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailytrust.com Daily Mail and Mail on Sunday newspapers.
Twitter ban: Nigerians lose N150.46bn in two months theadvocatengr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theadvocatengr.com Daily Mail and Mail on Sunday newspapers.
Twitter ban: Nigerians lose N150.46bn in two months punchng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from punchng.com Daily Mail and Mail on Sunday newspapers.
The 137th monetary policy meeting which was held on 27th July 2021 concluded with the Central Bank of Nigeria taking an aggressive stance to discontinue the supply of FX to Bureau De Change operators (BDCs) in order to clampdown on what Godwin Emefiele (CBN Governor) termed illegal activities being perpetrated by BDCs when foreign exchange is supplied to them. Reason for the ban The CBN governor outlined that the main angst with the BDC operators was that the BDCs continued to create artificial FX scarcity in a bid to seek “abnormal” profits thus introducing risks to the Nigerian financial system. He further noted several behaviours which were unhelpful to CBN’s price stability objectives such as rent-seeking BDC operators only interested in large margins, dollarization of the Nigerian economy, subversion of the cashless policy, common ownership of several BDC by the same owners to obtain multiple FX, and ‘regrettably’ international organization and embassy p ....
However, in what appears to be the most radical departure from the initial posture of staying away from the digital currency space, CBN recently announced that it will launch the pilot scheme of its digital currency on October 1. The apex bank’s Director of IT, Rakiya Mohammed, during a webinar disclosed that the bank had been conducting research on its digital currency since 2017 and might conduct a proof of concept before the end of the year. Mohammed further disclosed that the project, tagged “Project GIANT” would use the Hyperledger Fabric Blockchain. Prior to this announcement, the CBN Governor, Godwin Emefiele, announced that the bank would be working on a digital currency during the 306th Banker’s Committee meeting. ....