CBN Makes Social Media Handle Mandatory KYC Requirements For Bank Customers
The Central Bank of Nigeria (CBN) has issued its Customer Due Diligence Regulations 2023, which apply to financial firms that fall within its regulatory ambit, as it takes a firm stance against financial crime. The Central Bank of Nigeria's latest step aims to improve compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) legislation while harmonizing with worldwide best practices. The...
I Trained My Ears, Hands To Detect Car Faults – Blind Mechanic
Murtala Shuaibu, a blind mechanic is one of the rare persons in the world today who can cling to their aims and principles despite the fog of disability. The sight-challenged technician, who is from Agbede in Edo State's Estako West Local Government Area, has been repairing cars for almost 30 years. Many inhabitants of Tugamaji, a town on the Gwagwalada Expressway...
High Court Reserves Ruling On Emefiele’s Bail Application
The Federal Capital Territory High Court in Abuja has deferred its decision in the bail application of suspended Central Bank of Nigeria Governor Godwin Emefiele until July 13, 2023. After hearing the views of all parties in the case, the presiding judge, Justice Hamza Muazu, issued the order. Emefiele is suing the Department of State Services (DSS) for his detention and...
Naira To Appreciate, Settle At N600/$1 In Coming Months, Says JP Morgan
According to JP Morgan, an American global financial services organization, the naira is likely to strengthen and trade at around N600 per dollar in the coming months. The estimate was provided by the financial institution in a statement issued on Thursday. The Central Bank of Nigeria announced on Wednesday the unification of all parts of the currency exchange (FX) market, indicating...
CBN Announces Operational Changes To FX Market
The Central Bank of Nigeria (CBN) would like to notify all authorized dealers and the general public of the following urgent modifications to operations in the Nigerian Foreign Exchange (FX) Market. Segmentation is being phased out. The Investors and Exporters (1&E) window now contains all segments. Medicals, school fees, BTA/PTA, and SME applications would continue to be processed through deposit...
Panic Grips Crypto Traders As SEC Bans Binance Operation In Nigeria; Declare It An Illegal Entity
The Securities and Exchange Commission (SEC) of Nigeria has declared the activities of Binance in Nigeria illegal. According to a statement published on its website, any Nigerian trading on Binance Nigeria Limited, a subsidiary of the well-known global cryptocurrency exchange Binance, is doing so at his or her own risk. SEC noted that the company’s activities are in violation of Nigerian...
The Beast Called Emefiele Must Face Full Wrath Of Law – Fani-Kayode
Femi Fani-Kayode has celebrated the suspension of Godwin Emefiele from the office of the Governor of the Central Bank of Nigeria. The APC chieftain in a statement issued on Friday labelled Emefiele a beast. Fani-Kayode alleged that Emefiele financed terrorism and committed monumental thievery and corruption. The former minister of aviation said: “The beast called Godwin “The Greed” Emefiele has finally been...
CBN Devalues Naira To 630/$1
The Central Bank of Nigeria (CBN) has depreciated the Naira to N631 per dollar, up from N461.6 sold at the Importers and Exporters (I&E) window the day before, according to Daily Trust. The devaluation occurred 48 hours after President Bola Ahmed Tinubu announced federal government plans to unify the country's exchange rate in order to promote the economy. In his inaugural...
ICAN To Train Officers Of Nigeria Police On Forensic Accounting
The Institute of Chartered Accountants of Nigeria (ICAN) has announced plans to commence forensic accounting training for police officers in the country. The ICAN’s President, Malam Tijani Musa, who disclosed this yesterday during the institute’s 2023 Faculties Induction Ceremony, said the training would further support the effective discharge of the officers’ public duties and responsibilities, as well as deepen ICAN’s...
Loan Sharks Barred From Accessing Customer’s Contacts, Pictures
Loan apps on Play Store, popularly called loan sharks will lose their ability to access their users’ contacts or photos from May 31, 2023. This came as the Federal Government said it would enforce the latest policy by Google, saying the action was consistent with the Nigerian authorities’ move to curtail the invasion of customers’ privacy by loan app firms. The...
