EFCC warns on danger of cryptocurrencies to world economy
Chairman, Economic, and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has said the growth of cryptocurrencies such as bitcoin portrays a far greater danger to the world economy.
Experts to discuss Bitcoin, other alternative currencies at NBA-SBL 2021
Experts and analysts have indicated that the session on "Alternative Currencies in The Digital Age" at this year’s annual business law conference of the Nigerian Bar Association Section on Business Law (NBA-SBL) must not be missed by legal practitioners, tech entrepreneurs, business executives and other stakeholders. Before the Central Bank of Nigeria’s announcement prohibiting financial…
Revisiting CBN ban on cryptocurrency transactions
On February 5, the Central Bank of Nigeria (CBN) released a circular addressed to banks and other financial institutions with the directive that transactions in cryptocurrencies...
Osinbajo differs with CBN on prohibition of Cryptocurrencies
Vice President Yemi Osinbajo, yesterday, faulted the prohibition of cryptocurrencies in the country, saying it should rather be regulated.
Cryptocurrencies should be regulated, not prohibited, Osinbajo tells CBN
Nigeria's vice president Yemi Osinbajo Friday called for the regulation of cryptocurrencies in the country, as against the prohibition of digital currencies. “There is a role for regulation here," Osinbajo said at the Bankers Committee Vanguard in Lagos State. "And it is in the place of both our monetary authorities and SEC to provide a…
Crypto restriction opens Nigeria to fresh foreign scramble
Foreign techies and innovators have renewed the historic scramble for the Nigerian market, following official restriction of local transactions in cryptocurrencies.
Nigeria suspends plans to regulate cryptocurrencies
Nigeria’s Securities and Exchange Commission has said it has put on hold plans to regulate cryptocurrencies in the country. “For the purpose of admittance into the SEC regulatory incubation framework, the assessment of all persons and products affected by the CBN circular of Feb. 5, 2021, is hereby put on hold until such persons are…
Atiku tackles CBN, calls for reversal of ban on cryptocurrencies
Former Nigeria vice president Atiku Abubakar on Saturday called for the reversal of the ban on cryptocurrencies trading in the country. "This is definitely the wrong time to introduce policies that will restrict the inflow of capital into Nigeria, and I urge that the policy to prohibit the dealing and transaction of cryptocurrencies be revisited,"…
CBN directs banks to close accounts related to cryptocurrencies
The Central Bank of Nigeria (CBN) has directed banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems. This is according to a circular dated 5th February 2021 distributed to deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs). "Further to earlier regulatory directives on the…
Experts want SEC, CBN clear directive on cryptocurrency in Nigeria
Financial experts have stressed the need for the Securities and Exchange Commission (SEC), and Central Bank of Nigeria (CBN) to work together and chart a clear, articulated and progressive course on cryptocurrencies in Nigeria and avoid regulatory overlap.