Business
CBN Reverses Ban On Cryptocurrency Transactions
The Central Bank of Nigeria (CBN) has reversed its ban on cryptocurrency transactions within the country, opting to regulate these operations instead.
Initially imposed in February 2021 due to money laundering concerns, terrorism financing risks, and the lack of regulatory safeguards for consumers, the ban prohibited banks and financial institutions from servicing cryptocurrency providers.
In a circular dated December 22, 2023, referencing number FPR/DIR/PUB/CIR/002/003 and signed by Haruna Mustafa, the Director of the Financial Policy and Regulation Department, the CBN highlighted the necessity to regulate virtual asset service providers (VASPs), encompassing cryptocurrencies and crypto assets.
The decision stemmed from global trends indicating the imperative to oversee these activities.
In line with this change, the Central Bank noted that the Financial Action Task Force (FATF) updated Recommendation 15 in 2018, emphasizing the regulation of VASPS to prevent the misuse of virtual assets for money laundering, terrorist financing, and proliferation financing.
It said “Furthermore, Section 30 of the Money Laundering (Prevention and Prohibition) Act, 2022 recognises VASPs as part of the definition of a financial institution.”
The CBN also highlighted that the Securities and Exchange Commission had taken steps in May 2022 by issuing rules regarding the issuance, offering, and custody of digital assets and VASPs.
These rules aimed to establish a regulatory framework governing their operations within Nigeria.
“In view of the foregoing, the CBN hereby issues this guideline to provide guidance to financial institutions under its regulatory purview in respect of their banking relationship with VASPs in Nigeria,” the bank said.
The Nigerian Economic Summit Group (NESG) has projected that the country has the potential to achieve a 5.5% growth in Gross Domestic Product (GDP) if critical policy reforms are sustained.
This was disclosed on Thursday during the launch of the NESG’s 2025 Macroeconomic Outlook report.
Speaking at the event, the Chief Economist and Director of Research & Development at NESG, Dr. Olusegun Omisakin, highlighted the need for more efficient policy implementation to unlock Nigeria’s economic potential.
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“We believe at the optimal level, if we embark on more efficient policy reforms, the Nigerian economy has the potential, the GDP to end up at 5.5 per cent, and we believe that this is achievable,” Omisakin stated.
More to follow……….
The Central Bank of Nigeria (CBN) has announced the release of the Nigerian Foreign Exchange (FX) Code, a set of guidelines designed to promote ethical conduct among authorized dealers in the country’s FX market.
In a statement, the apex bank disclosed that the official launch of the Code would take place on Tuesday, January 28, 2025, at the CBN Head Office Auditorium in Abuja.
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“The Central Bank of Nigeria has approved the release of the Nigerian Foreign Exchange (FX) Code as a guideline to the banking industry to promote the ethical conduct of authorised dealers in the Nigerian Foreign Exchange Market,” the statement read.
The introduction of the FX Code is expected to enhance transparency, accountability, and professionalism within Nigeria’s foreign exchange ecosystem, aligning it with global best practices.
The event is anticipated to attract key stakeholders in the financial and banking sectors, as well as representatives from authorized FX-dealing institutions across the country.
The 47th President of the United States, Donald Trump attracted up 3 trillion dollars in investments into the country’s economy in his first full day at work.
This was gleaned from the verified handle of the POTUS on micro-blogging site, X, on Wednesday.
Biztellers reports that the POTUS is focused ensuring at least $1 trillion investment daily for the first seven days of his return to the White House, which would be driven by key clearly identified areas, including artificial intelligence.
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President Trump wrote, “In total, before the end of my first full business day in Washington and the White House, we’ve already secured nearly $3 trillion of new investments in the United States.
“And probably, that’s going to be six or seven by the end of the week.”
In a short video clip accompanying the statement, President Trump assured that the surge in investments would likely hit $7 trillion within his first seven days as the 47th POTUS.
He highlighted that artificial intelligence had proven to be an area lots of willing entrepreneurs had shown much appetite for.
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