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Over $26bn from Unknown Sources Passed through Binance Nigeria in one year – CBN

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Central Bank of Nigeria (CBN) governor, Yemi Cardoso has stated that over $26 billion passed through the crypto app, Binance Nigeria in the last one year.

Cardoso stated this on Tuesday, February 27 after the Monetary Policy Committee (MPC) meeting in Abuja.

“In the case of Binance, in the last one year, 26 billion dollars has passed through Binance Nigeria from sources and users who we cannot adequately identify,” Cardoso told reporters in his first MPC meeting since assuming office as the CBN governor.

The CBN also raised the country’s Monetary Policy Rate (MPR) by four hundred basis points to 22.75 percent from 18.75 percent.

The MPR has been 18.75 percent since the last MPC meeting between 24th and 25th July 2023.

With inflation now at 29.90 percent, Cardoso said the new MPR is part of moves to tackle the country’s inflation.

Cardoso who chairs the MPC also said the Cash Reserve Ratio (CRR) has been raised to 45 percent while the liquidity ratio was left unchanged at thirty percent.

Cardoso added that the CBN is not responsible for Nigeria’s woes.

“I laugh at that question but it’s not a laughing matter and I think it is very important for Nigerians to understand that the Central Bank Governor — I and my team — are not responsible for the woes that we have today; we are part of the solution,” the former Lagos State Commissioner for Economic Planning and Budget said.

“We are determined to ensure that we work hard to get out of the mess that Nigeria is in. We assumed responsibility in a time of crisis of confidence; there was a crisis of confidence and you may all want to go to bed and wish that crisis of confidence was not there but it was, and we can’t turn back the clock.

“All we can do is do the difficult things to make a bad situation better and I do believe that the efforts that we are making are beginning to bring back confidence because to be frank, without confidence in your business, you are not going to get far.”


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

Don’t Panic, All Deposits in Nigerian Banks are Safe-  CBN

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Central Bank of Nigeria (CBN) has assured Nigerians not to panic as it has put in place policies to ensure that all monies deposited in financial institutions across the country are secured.

Don’t Panic, All Deposits in Nigerian Banks are Safe-  CBN

The development comes following a fresh uproar across the country on Monday, warning customers of certain banks to immediately withdraw their deposits.

A statement by Hakama Ali, the apex bank’s acting director, Corporate Communications,on Tuesday, reassured the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system.

The statement said, “The CBN actively ensures that banks adhere to established regulations and best practices to maintain the integrity of our financial system. Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient.

“In addition, the CBN has implemented Early Warning Systems that proactively detect and address emerging risks, allowing us to provide timely solutions to any foreseen issues.

“The Bank’s approach to Risk-Based Supervision ensures that it focuses its regulatory efforts on institutions that may pose the highest risk to the financial system. This targeted strategy allows it to maintain a robust oversight mechanism while promoting the overall health of the banking sector.”

Furthermore, the CBN said it has established Memoranda of Understanding with the various countries where Nigerian banks’ subsidiaries are located.

“This collaboration enhances regulatory coordination and ensures that our banks operate within a safe and sound framework in accordance with banking regulations, both domestically and internationally.

“The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds. It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system,” the statement added.


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E-Financial

SEC Vows to Tackle Crypto Fraud, Others

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Securities and Exchange Commission (SEC) has vowed to combat fraud, money laundering, and market manipulation in the country’s rapidly evolving cryptocurrency sector.

SEC Vows to Tackle Crypto Fraud, Others

Emomotimi Agama, director general, SEC, who stated this during the opening of the International Organisation of Securities Commissions World Investor Week in Lagos, said, “As the aforementioned framework continues to evolve, enforcement action against illegal crypto platforms will significantly increase in severity.

“As financial products become more complex and technology-driven, from fintech innovations to cryptocurrency trading, it is critical and responsible for stakeholders to commit to equipping investors with the knowledge to navigate these markets confidently and responsibly.”

To address the unique challenges posed by the crypto landscape, he disclosed that the SEC had developed and released comprehensive frameworks aimed at regulating Virtual Asset Service Providers.

Agama emphasised that those frameworks were designed to maintain market integrity while encouraging innovation.

He noted, “Through this approach, we have created a Regulatory Incubation Programme within which new technologies and digital assets can be tested and approved for public use.”

Babajide Sanwo-Olu, governor of Lagos State, backed the SEC’s efforts, emphasising that Lagos stood at the intersection of innovation, technology, and finance.

“The emergence of digital assets and the increasing role of technology in finance present both unprecedented opportunities and challenges. We must engage thoughtfully and strategically with these developments,” he stated.

He underscored the need for comprehensive regulation, stating, “While the potential of cryptocurrencies to democratise finance is significant, we must also be mindful of the risks they introduce, particularly in areas of regulation, security, and investor protection.”

Sanwo-Olu reinforced the importance of sustainable finance, noting, “As we seek to address global challenges such as climate change and economic instability, it is clear that finance must be a force for good. Investments in responsible businesses are sound strategies for long-term value creation.”

 

 

 


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E-Financial

Iremide Ogunyemi wins Fidelity Bank’s ‘Read2Lead’ Writing Competition

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A student of The Ambassadors’ College, Ota, Ogun State, Miss Iremide Ogunyemi, has won N2 million cash, a publishing deal worth N2 million and another N2 million to upgrade her school’s library after emerging the star prize winner of the inaugural edition of the Fidelity Bank organized Read2Lead writing competition. This was disclosed at the competition’s prize presentation event held in Lagos over the weekend.

Welcoming guests to the event, Mrs. Pamela Shodipo, the Executive Director of South Directorate, Fidelity Bank Plc, who represented Dr. Nneka Onyeali-Ikpe,OON, the bank’s Managing Director/Chief Executive Officer, said the initiative was created to unlock the creative potentials of students and help them become better positioned for successful careers.

“All over the world, young people are driving change through innovation and Nigeria is no exception. As a Bank, we believe in the transformative power of education in changing the fortunes of any nation. It is this belief that led us to organize the Read2Lead initiative. By fostering the fundamental yet crucial skill of reading and writing from a young age, we aim to empower children to face academic challenges confidently and solve life problems skillfully.

“The Read2Lead initiative, therefore, encapsulates our approach to instilling a culture of reading and writing among young people. As highlighted by the esteemed American journalist, critic, and social reformer, Margaret Fuller, “Today a reader, tomorrow a leader”; we believe that igniting our youths’ imagination early can unlock their potential and set them on a path to success”, explained Onyeali-Ikpe.

The prize presentation ceremony had in attendance the representative of the Ogun State Commissioner of Education, management staff of Fidelity Bank Plc, the top 30 students from the competition, their parents, teachers, colleagues and media personalities.

“When I started, I didn’t know I would emerge a finalist in the competition. I just decided to participate because I love writing. This was the first competition that I saw that asked for a fictional essay. As that is what I like, I decided to write. I want to thank Fidelity Bank for coming up with this initiative as it is a really good and creative competition”, disclosed an elated Miss Ogunyemi.

In a surprising twist of events, Miss Mfeheke Okoko and Miss Daniella Orji, also of The Ambassadors’ College, Ota, Ogun State, took home cash prizes for N1.5million and N1million for emerging the first and second-runners up respectively in the competition which saw students from across Nigeria compete in three phases of writing challenges.

In the first stage of the initiative, tagged, “The National Writing Showdown”, over 3,000 students were tasked with a creative writing task for a spot among the top 150 writers.

In the second stage known as “The Sweeta Writing Mastery”, the top 150 participants were given a novel to read and requested to write an alternate ending for the book for chance to join the top 30 finalists.

In the third and final stage themed, “The Author’s Workshop”, the top 30 students were enrolled in an immersive writing boot camp anchored by experienced writers and facilitators who selected the top three finalists.


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