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Afam O-S, Author at Inside Business Africa
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Author: Afam O-S

CBN halts Cryptocurrency Transactions by Nigerian Banks

CBN halts Cryptocurrency Transactions by Nigerian Banks

Business, News
Nigeria's apex banking regulatory body, the Central Bank of Nigeria, CBN, in a circular dated 5th February 2021, warned financial institutions in the country to stop all transactions involving cryptocurrency. As a result, all banks, trading institutions and related entities are now prevented from attending to transfers, trade or exchanges involving cryptocurrency and are mandated to close all accounts related to crypto transactions. However this is not the first time the CBN has placed restrictions on bitcoin trade, in 2007 , the Central Bank of Nigeria “officially outlawed digital currencies.” citing reasons like money laundering and terror financing to prohibit banks to use, hold or transact virtual currencies, and they should ensure “existing customers that are virtual cur...
THE NIGERIA’S FX CRISIS:  OVERARCHING CONSEQUENCE OF INSECURITY AND STRUCTURAL DEFICIENCY

THE NIGERIA’S FX CRISIS: OVERARCHING CONSEQUENCE OF INSECURITY AND STRUCTURAL DEFICIENCY

Economy, Finance
The Nigerian Naira has lost close to 30% in value within the last one year, and more than 200% in the last 10 years. The situation has led to a spike in capital outflow, high unemployment, the alarming rate of inflation and other direct and indirect consequences associated with exchange rate crisis. While greater attention has been placed on COVID-19 as the root cause of the diverse economic challenges this year, the current FX situation should be looked at from diverse perspectives; primarily, the existing structural and policy challenges that have been limiting the country’s FX earnings over the years and also the COVID-19 induced shock on global energy demand. The COVID-19 Effect Earlier this year, as a result of restrictions imposed by countries when COVID-19 was declared a glob...