The Central Bank of Nigeria, CBN, has announced a new regulation prohibiting banks from accepting foreign currency as collateral for loans denominated in naira. The move, outlined in a circular issued on 8 April 2024, aims to strengthen the country’s financial system and promote stability in the naira. According to the CBN’s Acting Director of the Banking Supervision Department, Adetona Adedeji, the bank observed a “prevailing situation” where borrowers were using foreign currency, most likely...

A legal battle is brewing between cryptocurrency giant Binance and the Nigerian government. Tigran Gambaryan, a detained executive with Binance, has filed a lawsuit against Nigerian authorities for alleged violation of his fundamental rights. Gambaryan, who heads financial crime compliance for Binance, was arrested in late February alongside Nadeem Anjarwalla, the company’s regional manager for Africa. The duo reportedly travelled to Nigeria in good faith, intending to meet with officials from the National Security Adviser’s...

The Minister Counselor Wang Yingqi of the Chinese Embassy in Nigeria says China imports from Nigeria reached $2.386 billion in 2023, an increase of 49.3% compared to that of the year 2022. Yingqi disclosed this during the China Media Group (CMG) and the University of Abuja seminar in Abuja as part of CMG’s “Global Media Dialogue” event with the theme: Enhancing China-Africa cooperation in new quality productive forces to realize high-quality growth, said the trade...

Prices of staple foods in Nigeria have witnessed a sharp increase in recent weeks including cassava flakes (garri), which recorded a more than 50 percent increase in the Enugu metropolis due to economic hardship in the country. Reports from the market show that the current price of a bag of the produce is N29,000 as against N18,500 sold in January while a cup of garri, which was N120 in January, now sells for N150 while a...