Update: Senate summons CBN Governor over Crypto ban

The Senate has mandated it’s Committees on Banking, Insurance and other Financial Institution, ICT and Cybercrimes and Capital Market to invite the Governor, Central Bank of Nigeria (CBN), Godwin Emefiele for briefing on the ban of Crypto transactions placed by the apex bank.

This was disclosed by the Senate via its Twitter handle after Thursday’s plenary session.

Why Nigerians trade in crypto, $500m worth of bitcoin traded in 5 years by Nigerians -Moghalu

A former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has said that $500 million worth of Bitcoin has been traded in Nigeria within the last 5 years.

This is as the former Presidential Candidate, who was once in charge of the financial systems directorate at the CBN said that many Nigerians trade in these cryptocurrencies because it protects them from the fluctuations in the value of the naira.

Benin residents keep vigil in banks to use ATMs

Barely 24 hours to Christmas, residents of Benin city are keeping vigil in the banks to use Automated Teller Machines (ATMs).

Few of the ATMs in some banks visited in Benin on Saturday were dispensing cash.

Many of the residents said that they had been in some of the banks as early as 5a.m.to avoid the crowd that would arrive in the bank premises later.