Nigeria freezes bank accounts for forex platforms, traps millions of dollars
The Central Bank of Nigeria has moved to court to freeze the bank accounts of forex trading platforms, claiming they contribute to naira’s depreciation.
Latest Central Bank of Nigeria News
Nigeria CBDC already in development with plans for pilot testing in 2021: report
The West African country has been cracking down on digital currencies for months, but according to one report, it has been working on the digital naira all this while.
Nigeria SEC working with central bank to lift digital currency ban
The Securities and Exchange Commission acknowledged that a recent ban by the bank had disrupted Nigeria’s digital currency industry, while pledging support to promote innovation in the nascent industry.
Fintech startups in Nigeria lose access to gov’t KYC/AML verification tool
Nigerian fintech startups, including those in the digital currency sector, have been relying on the bank verification number (BVN) as a primary know-your-customer (KYC) and anti-money laundering (AML) tool.
Nigeria’s central bank didn’t ban digital currencies, official clarifies
The central bank’s directive only applied to banks, prohibiting them from processing transactions related to digital currencies, an official said.
Nigeria rewarding users of mainstream remittance channels to combat digital currency use
The Central Bank of Nigeria announced its “Naira 4 Dollar Scheme” recently, targeting diaspora remittances.
Exclusive: Nigeria’s digital currency community speaks out on central bank ban
Despite thriving for years now, Nigeria’s digital currency industry faces its biggest threat yet following a central bank ban that has denied it basic banking services.
Regulate, don’t ban—Nigeria Senate tells central bank
Senators want the Central Bank of Nigeria governor to brief its Banking Committee on why it ordered banks to shut down digital currency-related accounts in the country.
Nigeria central bank prohibits banks from servicing digital currency firms
Digital currency firms in Nigeria will now face a challenge that’s common in many other developing nations—the lack of basic banking services, Steve Kaaru writes.