The CBN Governor, Godwin Emefiele has arrived at the National Assembly to honour the request by the Senate Joint Committee on Banking Insurance and other financial institutions, (including ICT and cybercrime) to brief on the opportunities and threats of cryptocurrency on the nation’s economy.
The decision by the Senate to invite the CBN governor is sequel to a motion by a federal lawmaker, Senator Istifanus Gyang during plenary on February 11, on the CBN’s directive to stop financial institutions from transactions in cryptocurrencies and matters arising from them.
The federal lawmakers called for caution, pointing out that while cryptocurrency has its negative sides and it has become the fastest-growing form of transaction all over the world.
They argued that technology has changed the way business is conducted in Nigeria and the country cannot run away from cryptocurrency.
The CBN had on February 5, ordered all banks to close accounts of anyone who transacts in cryptocurrency.
The order was contained in a circular to banks and other financial institutions, signed on Friday by the Director of Banking Supervision, Bello Hassan, and it is expected to take effect immediately.
According to the CBN, dealing in cryptocurrency or facilitating payments for cryptocurrency exchanges is prohibited.
“The Central Bank of Nigeria circular of January 12, 2017, ref FPR/DIR/GEN/CIR/06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), other Financial Institutions and members of the public on the risk associated with transactions in cryptocurrency refers,” the statement said.
“Further to earlier regulatory directions on the subject, the bank hereby wishes to remind regulated institutions dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.
“Accordingly, all DMB’s NBFI’s or OFI’s are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.
“Please, note that breaches of this directive will attract severe regulatory sanctions. This letter is with immediate effect”.
The CBN further noted that the use of cryptocurrencies in Nigeria contravenes existing laws.
The apex bank warned Deposit Money Banks (DMBs) to desist from transacting cryptocurrencies and dealing with entities who do the same.
According to the CBN, cryptocurrencies are “issued by unknown and unregulated entities” and are increasingly being used to conduct ” many illegal activities including money laundering, terrorism financing, purchase of small arms and light weapons, and tax evasion.”
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Like our page on facebook @ Info4everybody Last Wednesday, we published the success story from Dr. Vladimir Zelenko, a board-certified family practitioner in New York, after he successfully treated 350 coronavirus patients with 100 percent success using a cocktail of drugs: hydroxychloroquine, in combination with azithromycin (Z-Pak), an antibiotic to treat secondary infections, and zinc sulfate. Dr. Zelenko said he saw the symptom of shortness of breath resolved within four to six hours after treatment. Do you know that the ancient Egypt were civilized by architects from the (500,000 - 4000 BC) Nsukka Civiliation? Now, Dr. Zelenko provides updates on the treatment after he successfully treated 699 COVID-19 patients in New York. In an exclusive interview with former New York Mayor, Rudy Giuliani, Dr. Vladmir Zelenko shares the results of his latest study, which showed that out of his 699 patients treated, zero patients died, zero patients intubated, and four ho
Copied from the book, Reality as Myth by Onyeji Nnaji . The influence of the Akan on their content nations lies on their population and commonwealth of their sister nations. The Akan are one of the largest ethnic groups in West Africa. Their population is scattered across West Africa and beyond. Origin of Africa Among this huge population of the Akan, the Ghanaians are more popular, perhaps because of the political influence of the Ashanti Empire in the area. Not much is heard or known about other Akan settlements like the Akwamu, the Akyem , the Akuapem, the Denkyira, the Abron, the Aowin, the Ahanta, the Anyi, the Baoule, the Chokosi, the Fante, the Kwahu, the Sefwi, the Ahafo, the Assin, the Evalue, the Wassa the Adjukru, the Akye, the Alladian, the Attie,the M'Bato, the Abidji, the Avikam,the Avatime the Ebrie, the Ehotile, the Nzema, the Abbe, the Aboure, the Coromantins, t
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Copied from the Book; " Reality as Myth " by Onyeji Nnaji The beauty of the discovering of the Radar Rivers and their channels is that it disproves the western hegemonic claim of the Euphrates valley being the position of the birth of the great river, all the points that opposed their claims notwithstanding. Even God himself was very perfect in His creation by placing them in their positions, hierarchically, according to their birth. The first river that flowed located the Havilah land where there are good quality gold, bdellium and fine onyx stones. Pison was the oldest of the rivers and it flowed through the land of the southern Africa. The second river flowed northward to Ethiopia. It was when Africa had been overtaken by virtue of her proximity to the Great Water that other parts of the world began to encounter the remaining river; remarkable with Hiddekel. Subscribe to ajuede.com to be updated on our posts on dailies. The major problem towards
INTRODUCTION In the history of syntax, prepositions alongside other parts of speech are considered as one of the esteemed contributions of the sophists (the itinerant teachers) to the development of the human language. Etymologically, the term “preposition” belonged to the group of word class Aristotle, the founder, referred to as “syndesmoi”. Others in this group are conjunction , article and pronoun . They were thus grouped by Aristotle because they were found to be performing related functions that are summed up in binding terms and exposing the gaps amidst sentences when they are not included. As a plural term, “syndesmoi” is a collective noun that stands for the group while, conjunction , the part of speech that binds together the discourse and finds gaps in its interpretation was called “syndesmos” (see Robins, 1968). Indicating the function of prepositions, Aristotle called it “Prothesis” (a part of speech placed before other words in a composition
As many of her House Democratic colleagues decided to back the impeachment of President Donald Trump, Democratic Hawaii Rep. Tulsi Gabbard on Tuesday said she doesn't support the move because it would be "terribly divisive" for an "already very divided" United States. "Look, my position remains the same. I think impeachment would be terribly divisive for our already very divided country," Gabbard said in an interview with CNN's Brooke Baldwin. "I think Congress needs to exercise oversight over the information that's been leaked. I think it's important this transcript is released to Congress so that Congress can do its job." The 2020 Democratic presidential candidate, in the past, has cautioned against impeaching Trump. Her comments on Tuesday came shortly before House Speaker Nancy Pelosi announced a formal impeachment inquiry into the President. "The actions of the Trump presidency revealed the dishonorable fact
There are four generations…, and the fourth generation, which is the most exalted, is kingless and perfect. These people will enter the holy place of their Father and they will reside in rest … They are kings. They are the immortal within the mortal ( The Nag Hammadi, 219 ) O ne of the African homes that colonialism has completely deformed beyond certain level of recognition is Nsukka. Colonialism apart, the most affecting factor to the survival of the meaning which the rich cultural enclave, Nsukka, carries will best be blamed on postcolonial political structure. The biggest harm all these have against Nsukka as a people is that they rubbed her of the meaning of her name; their place of origin; how their fathers managed to come into their present abodes and who their ancestors were. A profound understanding of the excerpt above will open the door towards deciphering the meaning and origin of the people called Nsukka. Also read Nsukka Civilization: The Peoplin
Marine lieutenant colonel initially jailed for posting videos critical of the U.S. military’s leadership regarding the withdrawal from Afghanistan will go to trial on Oct. 14-15 at Camp Lejeune near Jacksonville, North Carolina, the Marine Corps announced on Friday. The special court martial hearing for Lt. Col. Stuart Scheller regards the six counts he was charged with on Wednesday, a day after he was released following more than a week of pre-trial confinement. Scheller, an Afghanistan veteran, is accused of: disrespect toward superior commissioned officers; willfully disobeying a superior commissioned officer; dereliction in the performance of duties; failure to obey order or regulation; and conduct unbecoming an officer and a gentleman. The first count — contempt toward officials — was dropped. Scheller was released from pretrial confinement on Tuesday after spending more than a week in the brig. The release followed intense public criticism and rebukes from several members of C
Some Egyptian fans feel the frequent reports of protests by Nigerian players about non-payment of match allowances and bonuses are not doing the African continent any good. Within the last two months, Nigerian teams taking part in international competitions have protested over alleged non-payment of entitlements by the Nigeria Football Federation (NFF). From the Flying Eagles’ participation at the 2019 FIFA U-20 World Cup in Poland, the Super Falcons involvement at the yet to be concluded FIFA Women’s World Cup in France and the Super Eagles’ campaign in the Egypt 2019 AFCON, it has been one squabble over alleged unpaid allowances or another. At the Cairo Stadium on Wednesday night, where the Pharaohs of Egypt defeated Congo 2-0 to move into the round of 16, the issue of Super Eagles’ protests over unpaid wages was the major topic by some of the fans. Those who spoke with The Guardian carpeted the Nigerian players for turning their participation at major championships into