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How Nigeria can sustain economic growth — Osinbajo, Emefiele, Sanwo-Olu, Zulum, Salami, Rewane, Akabueze, others at Banks CEO Summit

How Nigeria can sustain economic growth — Osinbajo, Emefiele, Sanwo-Olu, Zulum, Salami, Rewane, Akabueze, others at Banks CEO Summit
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Weighing the Ban on Cryptocurrency Transactions

Oluchi Chibuzor writes on the ban of cryptocurrency transactions in Nigeria’s banking and payment systems The Central Bank of Nigeria (CBN) recently directed banks and other financial institutions to close any accounts dealing in cryptocurrency or facilitating payment for cryptocurrency exchange, with immediate effect. It also directed banks to expose any individual and entity running such accounts, warning that failure to adhere to the directives would attract strict sanctions. The apex bank in the circular, cautioned deposit money banks (DMBs), non-bank financial institutions (NBFIs) and other financial institutions (OFIs) and members of the public on the risk associated with transactions in cryptocurrency.

United statesMiddle beltNigeria generalSaudi arabiaKingsley moghaluAlhaji aminu gwadabeWarren buffettBello hassanMusa jimohOluchi chibuzorOsita nwanisobiAndrew baileyNwada chiamakaGodwin emefieleFinancial action task forceCentral bank

CBN Hammers Cryptocurrency Traders, Directs Banks to Close Their Accounts

Festus Akanbi The Central Bank of Nigeria yesterday directed banks and other financial institutions to immediately close any accounts dealing in cryptocurrency or facilitating payment for crypto currency exchange, with immediate effect. A cryptocurrency (or crypto) is a digital unregulated currency that can be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions. Much of the interest in the currency, not backed by any government, is to trade for profit, with speculators at times driving prices skyward. The banking regulatory authorities directed banks to expose any individual and entity running such accounts, warning that failure to adhere to the directives would attract strict sanctions.

Abuja federal capital territoryJohnson chukwuBello hassanFestus akanbiItsay sagayMusa jimohGodwin emefielePresidential committee against corruptionCowry asset managementCentral bankNigerian communications commissionGovernor of central bankPayments system management departmentFinancial derivativesBanking supervisionCryptocurrency not