The Central Bank of Nigeria (CBN) has announced a 0.005 percent cybercrime levy on all electronic transactions for the 2024-2025 fiscal year. This follows the levy’s suspension following controversy among Nigerians. The Cybercrime (Prohibition, Prevention, etc.) Act of 2015 aims to strengthen the country’s cyber security framework. The levy’s implementation follows the alleged suspension of…
The Economic and Financial Crimes Commission, or EFCC, has brought a new 26-count allegation against Mr. Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), alleging corruption and abuse of authority. On Monday, April 8, Emefiele will be charged with accepting gratification, accepting gifts through agents, corruption, receiving property obtained fraudulently, and…
Together with law enforcement, the Central Bank of Nigeria, or CBN, intends to keep a careful eye on the recapitalization of the Nigerian banking industry. The goal of the action is to stop illegal funding in the industry. This was revealed in a circular released on Friday by Haruna Mustafa, the director of the CBN’s…
Who are the people living in a dream world if they want the Naira to be worth N400 to the dollar? Former deputy governor of the Central Bank of Nigeria, Kingsley Moghalu, claims that people who desire for the Naira to be valued at N400 against the dollar are living in a fantasy land. Moghalu…
Amid the country’s foreign exchange crisis, the Central Bank of Nigeria (CBN) has declared that Personal and Basic Travel Allowances would henceforth only be paid electronically, not in cash. Hassan Mahmud, the Director of the top bank’s Trade and Exchange Department, issued the instruction in a circular dated February 14, 2024. All authorized dealers and…