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The Central Bank of Nigeria (CBN) has barred deposit money banks and all other financial institutions from the operation of any form of virtual currency including Bitcoin. According Mr Kelvin Amugo, Director, Financial Policy and Regulation department, CBN, the ban was necessitated by money laundering and terrorism financing risks inherent in operations of virtual currencies.
Nigeria's banking system has a stable outlook for 2017, reflecting its banks' stable deposit funding bases, high local currency liquidity, resilient capital buffers and likely support from the authorities in case of need, Moody's Investors Service said in a report.
Annual inflation in Nigeria rose in December to 18.55 percent, the National Bureau of Statistics said on Friday, its highest in more than 11 years and the eleventh straight monthly rise.
The Nigerian National Petroleum Corporation (NNPC) has awarded its crude oil contracts to 39 companies for 2017.
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