With the rise in popularity of cryptocurrencies like Bitcoin, governments around the world have begun to consider producing their own digital currencies. Nigeria is no exception. Recently, the Central Bank of Nigeria (CBN) announced plans to launch their own digital currency called the eNaira. Here’s what we know about it. What is eNaira? eNaira is […]
The President, Major General Muhammadu Buhari (retd.), has said the Central Bank Digital Currency, eNaira, and its underlying blockchain technology can increase Nigeria’s Gross Domestic Product by $29 billion over the next 10 years. This is as he said the currency will help move many more people and businesses from the informal into the formal […]
The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said 33 Nigerian banks have joined the eNaira platform and the apex bank has minted N500 million worth of digital currency. Ememfiele said this at a ceremony to launch Nigeria’s Central Bank Digital Currency on Monday, at the presidential villa, noting that the platform […]
President Muhammadu Buhari on Monday, launched the eNaira platform. The eNaira is a culmination of several years of research work by the Central Bank of Nigeria in advancing the boundaries of payments system in order to make financial transactions easier and seamless for every stratum of society. The launch was described by CBN Governor, Godwin […]
The Nigerian billionaire, Femi Otedola, has emerged a major shareholder of First Bank Holdings, owners of First Bank Nigeria, after acquiring a 5.07 per cent equity stake, the company confirmed Saturday. The holding firm had earlier denied knowledge of the takeover saying it had not received a notification of a significant holding by Mr Otedola. […]
President Muhammadu Buhari will, on Monday, formally unveil the country’s first digital currency, eNaira. Osita Nwasinobi, spokesperson of the CBN, disclosed this in a statement on Saturday. The apex bank had postponed the unveiling of the eNaira on October 1, citing key activities lined up for the country’s 61st independence anniversary. Nwasinobi said the launch […]
FBN Holdings Plc, the holding company of First Bank of Nigeria, says it is yet to receive any notification from Femi Otedola, billionaire businessman, on his alleged acquisition of majority shares. Seyi Kosoko, the company secretary, said this on Friday in a statement sent to the Nigerian Exchange Limited (NGX). Reports had alleged that the […]
Business magnate and investor, Mr. Femi Otedola, has acquired a material shareholding in Nigeria’s oldest banking group, FBN Holdings (FBNH) Plc. Otedola in a series of secondary market transactions and negotiated deals was confirmed to have acquired more than five per cent equity stake in FBN Holdings, the parent holding company for First Bank of […]
The Central Bank of Nigeria says banks in the country have remained “stable, robust, and resilient” in spite of the COVID-19 pandemic. The Director, Banking Supervision of CBN, Mr Haruna Mustafa, said this at the 2021 Financial Correspondents Association of Nigeria workshop in Ibadan on Friday. Mustapha, represented by Mr Adekunle Adeniji, the Assistant Director, […]
A house of representatives committee has threatened to ask the Central Bank of Nigeria (CBN) to take over the operations of Heritage Bank over alleged debt to the federal government. The ad hoc committee investigating the status of all recovered loots, movable and immovable assets from 2002 to 2020 said this at its sitting on […]
