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Just In: Central Bank Of Nigeria (CBN) Lifts Cryptocurrency-Ban And Introduces Regulatory-Framework

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The Central Bank of Nigeria (CBN) has officially ended its two-year prohibition on cryptocurrency and introduced a comprehensive regulatory framework to harness the potential of virtual assets while addressing associated risks. The policy shift was communicated through a circular signed by Haruna Mustapha, the Director of Financial Policy and Regulation at the CBN….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

 

 

The circular, labeled FPR/DIR/PUB/CIR/002/003, outlines the “Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers (VASPs).” The decision to lift the ban reflects global trends, acknowledging the need to regulate the activities of virtual assets service providers, including cryptocurrencies and crypto assets.

The circular references international developments, such as the Financial Action Task Force’s (FATF) updated Recommendation 15 in 2018, which emphasized the regulation of VASPs to prevent misuse for money laundering, terrorist financing, and proliferation financing. The Money Laundering (Prevention and Prohibition) Act, 2022, also recognizes VASPs as part of the definition of a financial institution.

The Securities and Exchange Commission (SEC) in Nigeria had previously issued rules in May 2022, providing a regulatory framework for the issuance, offering, and custody of digital assets and VASPs.

The new guidelines issued by the CBN supersede previous circulars on the subject, dated January 12, 2017, and February 5, 2021. While financial institutions are now permitted to have banking relationships with VASPs, they are still prohibited from holding, trading, or transacting in virtual currencies on their own accounts. All banks and financial institutions are required to promptly comply with the provisions outlined in the guidelines.

Haruna B. Mustafa, Director of the Financial Policy and Regulation Department, concluded the circular, emphasizing the immediate compliance expected from financial institutions with the new guidelines.

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‘This Is Good News Peter Obi, Atiku Don’t Want To Hear’ – Presidency Hails Nigeria’s Surging Foreign Reserves.

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The Presidency has accused key opposition figures, including former 2023 presidential candidates Atiku Abubakar and Peter Obi, of intentionally ignoring positive economic news under the Bola Tinubu administration.....KINDLY READ THE FULL STORY HERE▶

Bayo Onanuga, Special Adviser on Information and Strategy to the President, stated in a post on X (formerly Twitter) this past Saturday that Nigeria’s foreign reserves have surged to $51.04 billion as of June 18. According to Onanuga, this represents the highest level in 17 years, surpassing the $50.5 billion recorded in January 2009.

Onanuga claimed that opposition candidates and parties are reluctant to acknowledge this development, preferring to maintain the narrative that President Tinubu has achieved nothing since taking office. He argued that “stubborn facts of the administration’s solid achievements” continue to contradict the opposition’s stance.

In unrelated political commentary, Professor Usman Yusuf, the former Executive Secretary of the National Health Insurance Scheme, asserted during an interview with DCL English that Peter Obi is “not sellable in the North.

Professor Yusuf argued that Obi cannot effectively penetrate the region and would face intense scrutiny from northern voters regarding his tenure as governor of Anambra State and his stance on the Indigenous People of Biafra (IPOB). Looking ahead to the 2027 electoral landscape, Yusuf identified the major contenders as President Tinubu of the APC, Atiku Abubakar (whom he associated with the ADC), and Obi.

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The Tide Is Turning? Sam Amadi Predicts That Political Attacks On Obi Will Fail Spectacularly!.

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Sam Amadi, the Director of the Abuja School of Social and Thought Politics, has stated that efforts to undermine the popularity of Nigeria Democratic Congress (NDC) presidential candidate Peter Obi have been unsuccessful due to the lack of credible evidence regarding corruption or scandals.....KINDLY READ THE FULL STORY HERE▶

Amadi shared these sentiments in a post on X this past Saturday, which served as a response to an ongoing debate involving politician Kenneth Okonkwo and his comments regarding Obi and his supporters. Key aspects of Amadi’s perspective include:

  • Obi’s political appeal remains robust because his critics have failed to produce factual evidence that could harm his reputation.

  • Amadi noted that Obi’s political standing has not been diminished, as his detractors rely on “elitist derision” rather than actual revelations of misconduct.

  • He claimed that Obi possesses a clean record that other current presidential candidates cannot match, ultimately describing Obi as the “best available” candidate on the presidential slate.

  • Amadi argued that Obi’s history of public service has served as a shield against political attacks, further asserting that he remains the most formidable option among the current group of presidential hopefuls.

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Leading By Example: Deputy Governor Afuye Storms Polling Unit To Cast Decisive Vote!.

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Monisade Afuye, the Deputy Governor of Ekiti State and the All Progressives Congress (APC) deputy governorship candidate, cast her vote at Atiba Aafin Ward 1, Polling Unit 003, in Ikere-Ekiti around 8:50 am on Saturday.....KINDLY READ THE FULL STORY HERE▶

Following the voting process, Afuye shared her observations and sentiments regarding the exercise:

  • Voter Turnout: She expressed strong approval of the large number of voters who turned out and showed great enthusiasm for exercising their civic rights.

  • Campaign Impact: She noted that reports from other local governments indicated high participation, which she attributed to the success of their rigorous campaign efforts.

  • Institutional Conduct: She praised both the Independent National Electoral Commission (INEC) and security agencies for their preparation, noting that the absence of intimidation could lead to this being one of the best-conducted elections in the state’s history.

  • Election Prediction: Confident in the administration’s record, she predicted that Governor Biodun Oyebanji would secure a re-election victory by a wide margin.

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