BAKKACIMA BLOG

  The International Monetary Fund has advised the FG to devalue its currency. But the Federal Government disagrees with IMF's recommendations that it further marks down its currency that’s more than 18% overvalued to ease external imbalances, the Washington-based lender said. The Buhari led administration sees currency pressures stemming from global outflows caused by the coronavirus pandemic and believes another depreciation would add to double-digit inflation, according to the IMF’s Article IV report for the country that was published Monday.

  The Central Bank of Nigeria - CBN, has directed Deposit Money Banks - DMBs, Other Financial Institutions - OFIs and Non-Bank Financial Institutions - NBFIs local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges. The  apex bank disclosed this today in a letter to all DMBs, OFIs and NBFIs. The regulator noted that “breaches of this directive will attract severe regulatory sanctions.” The circular signed by Director of Banking Supervision, Bello Hassan stated:” The CBN circular of January 12, 2017 ref - FPRIDIRGENT R/06/010 which DMBs, NBFIs and OFIs and members of the public on the risks associated with transactions  in crypto currency refers. “Further to other regulatory directive on the subject, the bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payment from cryptocurrency exchanges is prohibited. “Accordingly, or DMBs, OFIs, NBFIs, are advised to identi...