Business
CBN lifts ban on cryptocurrency transactions
CBN lifts ban on cryptocurrency transactions
The Central Bank of Nigeria has changed its stance on crypto assets in the country and asked banks to disregard its earlier ban on crypto transactions.
This is according to a circular dated December 22, 2023, with reference number FPR/DIR/PUB/CIR/002/003, and signed by the apex bank’s Director, Financial Policy and Regulation Department, Haruna Mustafa.
The circular is titled ‘Circular to all Banks and other Financial Institutions Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers (VASPS).’
The apex bank stated that current trends globally have shown the need for crypto regulation.
It said, “The CBN, in February 2021 issued a circular restricting banks and other financial institutions from operating accounts for cryptocurrency service providers in view of the money laundering and terrorism financing (ML/TF) risks and vulnerabilities inherent in their operations as well as the absence of regulations and consumer protection measures.
“However, current trends globally have shown that there is a need to regulate the activities of virtual assets service providers (VASPs) which include cryptocurrencies and crypto assets. Following this development, the Financial Action Task Force (FATF) in 2018 also updated its Recommendation 15 to require VASPS to be regulated to prevent misuse of virtual assets for ML/TF/PF.
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“Furthermore, Section 30 of the Money Laundering (Prevention and Prohibition) Act, 2022 recognises VASPs as part of the definition of a financial institution.
“In addition, the Securities and Exchange Commission in May 2022 issued Rules on Issuance, Offering and Custody of Digital Assets and VASPs to provide a regulatory framework for their operations in Nigeria.
“In view of the foregoing, the CBN hereby issues this guideline to provide guidance to financial institutions under its regulatory purview in respect of their banking relationship with VASPs in Nigeria. “
The apex bank noted that this new guideline supersedes its old ones referenced FPR/DIR/GEN/CIR/06/010 of January 12, 2017, and BSD/DIR/PUB/LAB/014/001 of February 5, 2021 on the subject.
It also affirmed that banks and other financial institutions are still prohibited from holding, trading and/or transacting in virtual currencies on their own account.
It added all banks and other financial institutions are required to immediately comply with its new guideline.
In its circular with reference number BSD/DIR/PUB/LAB/014/001, dated February 5, 2021, the apex bank reminded banks that dealing in crypto currencies or facilitating payments for cryptocurrency exchanges was prohibited.
At the time, it asked banks to identify persons or entities transacting in or operating crypto currency exchanges within their systems and ensure that their accounts were closed.
CBN lifts ban on cryptocurrency transactions
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Business
NNPCL delivered less than 25% of expected crude under naira-for-crude programme — Dangote
NNPCL delivered less than 25% of expected crude under naira-for-crude programme — Dangote
Dangote Petroleum Refinery has disputed claims by the Nigerian National Petroleum Company Limited (NNPCL) that it fully met its obligations under the Federal Government’s naira-for-crude programme, revealing that the national oil company supplied only three of the 14 crude oil cargoes expected under the arrangement.
The refinery said the deliveries represented less than 25 per cent of the crude volumes it anticipated receiving through the initiative, forcing it to source the majority of its feedstock from international suppliers to keep operations running.
The clarification follows NNPCL’s recent assertion that it supplied all crude cargoes made available under the naira-for-crude programme and did not withhold feedstock from the 650,000 barrels-per-day Dangote Refinery.
Responding to the claim, Dangote Refinery maintained that the crude volumes supplied under the arrangement fell significantly short of its operational requirements.
According to refinery officials, the facility received only about four million barrels of crude per month, compared with an expected allocation of roughly 13 million barrels monthly under the programme. The shortfall, the company said, made it impossible to rely solely on domestic crude supplies.
To bridge the gap, Dangote Refinery said it turned to international crude suppliers, purchasing additional feedstock from global trading companies and producers in Africa, the Middle East and other oil-producing regions.
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The refinery noted that the naira-for-crude initiative remains an important policy designed to support local refining, reduce pressure on Nigeria’s foreign exchange reserves and improve the availability of petroleum products in the domestic market. However, it stressed that the programme can only achieve its objectives if adequate volumes of crude are consistently supplied to local refineries.
The disagreement comes shortly after Dangote Refinery announced plans to begin selling refined petroleum products in United States dollars, citing rising production costs caused by inadequate domestic crude supply and increased dependence on imported crude purchased at international market prices.
The company explained that buying crude in dollars while selling refined products in naira had become increasingly unsustainable, particularly amid exchange rate volatility and higher global crude prices.
Industry analysts have warned that continued reliance on imported crude could increase production costs, place additional pressure on Nigeria’s foreign exchange market and ultimately affect domestic fuel prices.
At the same time, analysts noted that higher international oil prices could improve Nigeria’s export earnings, partially offsetting some of the economic pressures associated with increased crude import costs.
For its part, NNPCL maintained that it fulfilled its obligations by delivering every crude cargo allocated under the programme, arguing that crude supply depends on production levels, availability, contractual commitments and operational schedules.
The differing positions highlight the broader challenge of ensuring sufficient domestic crude supply for local refineries despite Nigeria being Africa’s largest crude oil producer.
Since commencing operations, Dangote Refinery has increasingly relied on a combination of domestic and imported crude to maintain production. The refinery is expected to play a pivotal role in reducing Nigeria’s dependence on imported petroleum products, improving energy security and expanding exports of refined fuels across Africa.
Industry stakeholders say strengthening the implementation of the naira-for-crude policy and guaranteeing consistent crude supply to domestic refiners will be critical to achieving the Federal Government’s goal of making Nigeria self-sufficient in refined petroleum products.
NNPCL delivered less than 25% of expected crude under naira-for-crude programme — Dangote
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Auto
Jetour Nigeria Unveils RELY R8, Rugged Luxury Pickup Built to Dominate Work, Adventure
Jetour Nigeria Unveils RELY R8, Rugged Luxury Pickup Built to Dominate Work, Adventure
Jetour Nigeria has unveiled the RELY R8, a premium pickup truck designed to combine rugged performance with luxury, advanced technology and exceptional versatility, setting a new benchmark for work and recreational vehicles in Nigeria.
Engineered to thrive in the country’s demanding terrain, the RELY R8 is built for agriculture, construction, logistics, security escort operations and weekend adventures, offering the toughness of a workhorse without sacrificing the comfort and refinement of a modern SUV.
The pickup boasts high ground clearance, impressive approach and departure angles, and a reinforced chassis designed to withstand harsh road conditions while delivering excellent stability, even in strong crosswinds.
Its all-terrain capability is enhanced by multiple driving modes, allowing drivers to switch effortlessly between mud, sand and paved roads. Whether tackling heavy-duty tasks or venturing off the beaten path, the RELY R8 is built to perform with confidence.
Inside, the vehicle departs from the traditional utilitarian pickup design, featuring a spacious SUV-inspired cabin that comfortably accommodates five adults while offering a premium driving experience.
Speaking on the new model, Jetour Nigeria representative, Kemi Adeola, described the RELY R8 as a perfect blend of strength, innovation and comfort.
“The RELY R8 delivers strength, reliability and advanced technology in one vehicle. It offers the capability of a modern workhorse without compromising on premium comfort or safety,” she said.
The pickup is equipped with a high-performance processor that powers its L2+ intelligent driving assistance system. It also features a 12.3-inch HD touchscreen infotainment system with Apple CarPlay, Android Auto and remote engine start for enhanced convenience.
Safety is another major highlight of the RELY R8, with features including Intelligent Cruise Control, Lane Keeping Assist and Autonomous Emergency Braking, all designed to provide greater confidence and protection on every journey.
Jetour Nigeria has continued to strengthen its presence in the country’s automotive market, earning recognition as the Fastest Growing Auto Brand in Nigeria, while its Jetour Dashing SUV won the prestigious Car of the Year award. The company has served as the sole authorised distributor of Jetour vehicles in Nigeria since 2022.
The RELY R8 is backed by comprehensive manufacturer support, genuine spare parts and professional after-sales service through Jetour Nigeria’s network of authorised dealers, including Elizade Nigeria Limited, New Era Autovehicle Services Limited, Kojo Motors, Germaine Auto Centre, R.T. Briscoe Plc, TAB Autos Limited and Mandilas Motors.
Jetour Nigeria has invited prospective customers to visit any of its authorised dealerships nationwide to book a test drive and experience firsthand the RELY R8’s blend of rugged capability, cutting-edge technology and premium comfort.
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Auto
No Hiding Place for Traffic Offenders as FRSC Unleashes 12 Special Operations Nationwide
No Hiding Place for Traffic Offenders as FRSC Unleashes 12 Special Operations Nationwide
The Federal Road Safety Corps (FRSC) has launched one of the most ambitious nationwide road safety operations in its history, deploying 12 intelligence-driven, code-named special enforcement campaigns across the country’s Zonal Commands in a decisive bid to curb road crashes, crack down on traffic offenders and save lives.
The coordinated initiative, known as the Zonal Special Intervention Patrol (ZSIP), commenced on July 20, with all 12 Zonal Commands simultaneously rolling out operations specifically designed to tackle the peculiar road safety challenges within their jurisdictions.
The operations are peration Fushin Zuma (Anger of the Bee) in Kaduna, Operation Ride Safe in Bauchi, Operation Shark Smile in Port Harcourt, Operation ABO (Safe Passage) in Lagos, Operation Sauka Lafia in Abuja, Operation Kasolayo in Ilorin, Operation Kwushi Ihe Mberede in Enugu, Operation Sanity in Osogbo, Operation Total Compliance in Benin, Operation Harbin Kunama (Scorpion Sting) in Yola, Operation Hadarin Kalangu in Jos, and Operation Daidaita Loading in Zone 10.
The Corps said the coordinated intervention reflects its determination to confront the major causes of road traffic crashes through intelligence-led enforcement, aggressive public enlightenment, enhanced operational visibility, stakeholder engagement and strategic collaboration with other security agencies.
Approved by the Corps Marshal, Shehu Mohammed, the Special Intervention Patrol is designed to empower each Zonal Command to tackle the unique crash patterns and traffic violations prevalent in its area of responsibility.
According to the Corps Marshal, the initiative marks a significant departure from conventional traffic enforcement, shifting instead to targeted, intelligence-based operations capable of delivering measurable results in reducing road crashes and fatalities.
He explained that each operation had been carefully crafted to address dangerous driving behaviours and recurring traffic offences responsible for avoidable deaths and injuries on Nigerian roads.
Mohammed disclosed that the operations would witness massive deployment of FRSC personnel to highways, motor parks, loading points and other critical traffic corridors across the country.
The enforcement exercise, he added, would be complemented by sustained public awareness campaigns, stakeholder engagement and close collaboration with sister security agencies to ensure effective enforcement and prompt emergency response.
He warned motorists, commercial vehicle operators and fleet owners that there would be no hiding place for traffic offenders, stressing that anyone found violating traffic regulations would face firm but professional enforcement in line with the Corps’ statutory mandate.
The Corps Marshal, however, assured law-abiding road users that the operations were not designed to harass or punish responsible motorists but to safeguard lives and property.
He urged Nigerians to cooperate with FRSC patrol teams by obeying traffic regulations, avoiding dangerous practices such as overloading, mixed loading and reckless driving, while encouraging members of the public to report unsafe road users.
Mohammed also called on transport operators to embrace voluntary compliance, noting that road safety remains a shared responsibility requiring the collective commitment of government, transport stakeholders and every road user.
Summing up the Corps’ renewed determination to reduce road carnage on Nigerian highways, he declared: “Every Zone has a mission. Every patrol has a purpose. Every operation is a commitment to saving lives.”
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