Header Ads

CBN Launches Investigation Into Banks Offering Services To Cryptocurrency Traders

The Central Bank of Nigeria (CBN) has launched an investigation into financial institutions offering services to cryptocurrency traders.


On Monday, the bank sent out examiners to start looking into the books of the banks.

“Banks are not allowed to offer services to unregulated businesses and crypto trading is one of such,” a senior official of the bank told TheCable.”

According to him, it was recently discovered that an America-based fraudster collected business survival loans of about $500,000 from the US government using hurriedly registered companies.

He then allegedly discounted $100,000 of it in order to move $400,000 through a Nigerian financial institution by using a crypto currency.

“We are seeing clearly established patterns of money laundering, and we are worried about possible terror finance,” the official told TheCable.

A CBN circular of January 12, 2017 had warned deposit money banks and other non-financial institutions in the country on the risks associated with cryptocurrency transactions.

Some of the banks, however, may have breached this financial regulation which does not allow them to be involved in unregulated services.

According to the CBN, cryptocurrencies pose risk of loss of investments, money laundering, terrorism financing, illicit fund flows and other criminal activities.

The CBN’s position on cryptocurrencies is not an outlier, as many countries’ central banks, international financial institutions, and distinguished investors and economists have also warned against its use and placed a certain level of restrictions on facilitating cryptocurrency transactions.

Christine Lagarde, president of the European Central Bank, recently called for global regulation of Bitcoin, saying the digital currency had been used for money laundering activities in some instances, and that any loopholes needed to be closed.

“(Bitcoin) is a highly speculative asset, which has conducted some funny business and some interesting and totally reprehensible money laundering activity,” she had said.

CBN has vowed to continue to do all within its regulatory powers to educate Nigerians to desist from the use of cryptocurrencies — despite growing criticism.

“In light of the fact that they are issued by unregulated and unlicensed entities, their use in Nigeria goes against the key mandates of the CBN, as enshrined in the CBN Act (2007), as the issuer of legal tender in Nigeria,” CBN said.

“More also, repeated and recent evidence now suggests that some cryptocurrencies have become more widely used as speculative assets rather than as means of payment, thus explaining the significant volatility and variability in their prices. 

“Given that unlike Fiat Money which accompanied by full faith and comfort of a country or Central Bank, cryptocurrencies do not have any intrinsic value and do not generate returns by themselves.”


No comments

Thank you for reaching out to us. We are happy to receive your opinion and request. If you need advert or sponsored post, We’re excited you’re considering advertising or sponsoring a post on our blog. Your support is what keeps us going. With the current trend, it’s very obvious content marketing is the way to go. Banner advertising and trying to get customers through Google Adwords may get you customers but it has been proven beyond doubt that Content Marketing has more lasting benefits.
We offer majorly two types of advertising:
1. Sponsored Posts: If you are really interested in publishing a sponsored post or a press release, video content, advertorial or any other kind of sponsored post, then you are at the right place.
WHAT KIND OF SPONSORED POSTS DO WE ACCEPT?
Generally, a sponsored post can be any of the following:
Press release
Advertorial
Video content
Article
Interview
This kind of post is usually written to promote you or your business. However, we do prefer posts that naturally flow with the site’s general content. This means we can also promote artists, songs, cosmetic products and things that you love of all products or services.
DURATION & BONUSES
Every sponsored article will remain live on the site as long as this website exists. The duration is indefinite! Again, we will share your post on our social media channels and our email subscribers too will get to read your article. You’re exposing your article to our: Twitter followers, Facebook fans and other social networks.

We will also try as much as possible to optimize your post for search engines as well.

Submission of Materials : Sponsored post should be well written in English language and all materials must be delivered via electronic medium. All sponsored posts must be delivered via electronic version, either on disk or e-mail on Microsoft Word unless otherwise noted.
PRICING
The price largely depends on if you’re writing the content or we’re to do that. But if your are writing the content, it is $60 per article.

2. Banner Advertising: We also offer banner advertising in various sizes and of course, our prices are flexible. you may choose to for the weekly rate or simply buy your desired number of impressions.

Technical Details And Pricing
Banner Size 300 X 250 pixels : Appears on the home page and below all pages on the site.
Banner Size 728 X 90 pixels: Appears on the top right Corner of the homepage and all pages on the site.
Large rectangle Banner Size (336x280) : Appears on the home page and below all pages on the site.
Small square (200x200) : Appears on the right side of the home page and all pages on the site.
Half page (300x600) : Appears on the right side of the home page and all pages on the site.
Portrait (300x1050) : Appears on the right side of the home page and all pages on the site.
Billboard (970x250) : Appears on the home page.

Submission of Materials : Banner ads can be in jpeg, jpg and gif format. All materials must be deliverd via electronic medium. All ads must be delivered via electronic version, either on disk or e-mail in the ordered pixel dimensions unless otherwise noted.
For advertising offers, send an email with your name,company, website, country and advert or sponsored post you want to appear on our website to omodjk(at)gmail(dot)com

Normally, we should respond within 48 hours.