Nigeria’s switchover to new paper currency has grown more chaotic. ATMs in Africa’s largest economy have run out of new notes, Bloomberg News reported Saturday (Feb. 4), ahead of a deadline that will ban high-value currency. According to the report, hundreds of people were left...
Nigeria is having a tough time switching over to some new paper currency. The Financial Times (FT) reported Friday (Feb. 3) that a shortage of the new bills has led to long lines at banks and ATMs, fights, limits placed on withdrawals, closed bank branches and a...
The Central Bank of Nigeria (CBN) is taking a tough stance on the cash economy. On Monday (Jan. 9), new limits on ATM withdrawals come into force, a move which comes a few days after the government announced a ban on all cash withdrawals from...
Nigeria will ban cash withdrawals from government accounts from March 1. Modibbo Tukur, the chief executive of the Nigerian Financial Intelligence Unit (NFIU) said the move was part of efforts to tackle money laundering, according to a Thursday (Jan. 5) Bloomberg report. “On March 1,...
May 07, 2024
Nigeria is reportedly stepping up its cryptocurrency crackdown with a proposed ban on peer-to-peer trading. The ban would affect P2P trading in the country’s naira, Bloomberg reported Tuesday (May 7). The move is the latest effort by the West African country to place tighter controls on the crypto sector, which it blames for the decline of its national […]
February 05, 2023
Nigeria’s switchover to new paper currency has grown more chaotic. ATMs in Africa’s largest economy have run out of new notes, Bloomberg News reported Saturday (Feb. 4), ahead of a...
February 03, 2023
Nigeria is having a tough time switching over to some new paper currency. The Financial Times (FT) reported Friday (Feb. 3) that a shortage of the new bills has led to long...
January 05, 2023
Nigeria will ban cash withdrawals from government accounts from March 1. Modibbo Tukur, the chief executive of the Nigerian Financial Intelligence Unit (NFIU) said the move was part of efforts...
