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CBN Devalues Naira, Modifies Forex Rate.

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The Central Bank of Nigeria (CBN) adjusted the country’s exchange rate on its website to N413.49/$1 — in what seems to be another devaluation this new year. In May, the apex devalued the naira from N379 to N411 per dollar by adopting the…

Kuda Bank Targets Crypto Traders, Embarks on Account Closing Spree.

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Kuda Bank has has reitrated its firms resolve to close accounts of any of it’s customers who enages in crypto transactions of any sort, this was contained in a statement issued to the public following social media outcry over the…

Fintechs in Nigeria Receive $500 Million in 5 Years.

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Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele stated that Nigeria financial technology (fintech) firms attracted an investment of $500million between 2015 and 2020 due to improvement necessitated in the ecosystem by CBN. The Central Bank of Nigeria…

Pan African Payment and Settlement System (PAPSS) Kicks Off.

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African Export-Import Bank (Afreximbank) and the African Continental Free Trade Area (AfCFTA) Secretariat announced the take off of the Pan-African Payment and Settlement System (PAPSS), a financial market infrastructure to enable instant, cross-border payments in local currencies among African markets…

Pan African Payment and Settlement System (PAPSS) Kicks Off.

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African Export-Import Bank (Afreximbank) and the African Continental Free Trade Area (AfCFTA) Secretariat announced the take off of the Pan-African Payment and Settlement System (PAPSS), a financial market infrastructure to enable instant, cross-border payments in local currencies among African markets…

Update: CBN Declares Abokifx Founder Wanted.

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Central Bank of Nigeria has declared Oniwinde Adedotun Abokifx founder wanted for breaching National Economic Intelligence Act 2004 and for illegal dealing in forex. Godwin Emefiele, CBN governor, and while speaking today, September 17, at the end of the 280th…

Who Will Help Naira ? Falls Further To 570 Against Dollar.

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Naira depreciated further against the U.S. dollar at the forex and crypto unofficial market on Wednesday. However, the currency gained marginally against the hard currency at the official market. According to our findings, at the  parallel market rates in Lagos, the local unit closed…

Central Bank of Nigeria Collaborates With Int’l Fintech Company Bitt Inc For eNaira.

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The Central Bank of Nigeria (CBN) has revealed that Bitt Inc., an international fintech firm, will play the role of a Technical Partner for its digital currency, eNaira, which would be launched for usage later in the year. The report…

Nigerians in Diaspora Now Remits Fund Through Cryptocurrency As Official Remittance Falls by $6 Billion.

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Are Nigerians and in diaspora using cryptocurrencies to bypass a struggling naira when they send money home to support family or start an investment? Do Nigerian Central Bank seems to think so ? Is that the reason for launching an…