The Central Bank of Nigeria (CBN) has taken a significant step in the financial sector by banning some microfinance banks, including Moniepoint, Opay, and Kuda, from onboarding new customers. This decision was made in response to allegations that these institutions were being used to funnel cryptocurrency and manipulate the naira’s value.
The CBN’s move is aimed at curbing illicit activities and ensuring the stability of the financial system. By preventing these institutions from opening new accounts and accepting new customers, the CBN hopes to prevent further misuse of funds and protect the integrity of the Nigerian currency.
In another development, the Nigerian National Petroleum Company Retail Limited (NNPCL Retail) has assured Nigerians that the current fuel scarcity in Lagos will ease by the weekend. The Managing Director, Mr. Huub Stokman, has promised that long queues at fuel stations will reduce as the situation improves.
Additionally, the CBN has increased import duty rates by 14%, signaling a shift in trade policies. This decision will impact businesses involved in importing goods into the country and could lead to changes in pricing and supply chains.
Overall, these developments in the financial and energy sectors highlight the dynamic nature of the Nigerian economy and the efforts being made to address challenges and promote growth. Stay tuned for more updates on these and other key issues affecting the business landscape in Nigeria.