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    CBN Halts Cybersecurity Levy Order

    May 20, 2024 - By 

    The Central Bank of Nigeria (CBN) has revoked its cybersecurity levy order, three days before its implementation. On May 6, 2024, the CBN issued a circular directing all commercial banks and payment service providers to implement a compulsory withdrawal of 0.05% cybersecurity levy on all electronic transactions. This was in accordance with the Cybercrime Prevention and Prohibition Amendment Act of 2024. The Apex bank however withdrew this directive in a circular that was released on Sunday night, dated May 17,2024. Signed by its Director of Payment Systems Management, Chibuzor Efobi, and Director of Financial Policy and Regulation Department, Haruna Mustafa,…

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    Two Senior Executives at Binance Detained in Nigeria

    March 1, 2024 - By 

    Two senior executives at Binance, the world’s largest exchange have been detained in Nigeria, per a Financial Times report. Citing people familiar with the matter, the report says the executives flew to Nigeria following the country’s decision to ban several cryptocurrency trading websites last week. However, they have been detained by the office of Nigeria’s national security adviser and their passports have been seized. Additionally, we can confirm that the Binance peer-to-peer (P2P) marketplace has been deactivated in Nigeria. Also, the NGN trading pair on the world’s largest exchange has been disabled. Recall that yesterday, we reported that the Central…