Central Bank of Nigeria (CBN) has issued operational guidelines on virtual assets service providers (VASPs) to all banks and other financial institutions (OFIs). Released on Friday, the guidelines are contained in a circular dated December 22, 2023, and signed by Haruna Mustapha, CBN’s director of the financial policy and regulation department. According to the CBN, VASPs means any entity that conducts exchange between virtual assets (cryptocurrencies) and fiat currencies, and transfers of virtual assets. The development signals a shift from CBN’s initial position which restricts crypto transactions. In February 2021, CBN issued a circular to deposit money banks (DMBs), non-bank…

No matter who you are, you won’t become successful overnight — and the sooner you internalize that, the better, says film director Spike Lee. “One of the worst lies that’s been told to young people is that there’s a thing called ‘overnight success.’ That’s done a lot of damage to people,” Lee, 66, said at the 2023 LinkedIn Talent Connect Summit in New York earlier this year. “It’s not like you’re just out there, and the hand of God is going to come down from the heavens and say, ‘You are the next one.’ That is BS.” For even the…

After recording four bullish trade sessions last week, investors in the Nigerian Exchange gained N464 billion. The market opened on a positive note and sustained the sentiment till Thursday, with investors earning N501 billion in the process However, the market suffered a decline on Friday on the back of sell-offs in some banking stocks. The NGX All Share Index concluded the trading week with a 1.18 per cent week-on-week increase, as it crossed the 72,000 mark to close at 72,389.23 points. This appreciation in the ASI was underpinned by robust rallies observed across key sectors, namely banking, consumer goods, telecoms,…

Benchmark index of the Nigerian Exchange Limited, All-Share Index rose by 0.55 per cent on Wednesday at 72,299.79 points, thus crossing the 72,000 basis points for the first time in history. This was as trading activities on the NGX entered the fourth day of positive trading, which resulted in an N415bn gain for equity market investors. On November 1, the ASI crossed the 70,000 mark milestone to close at 70,581.76. This had followed days of sustained bullish trading. Thus far, the year-to-date gain of the ASI has risen above 40 per cent. At the close of trading on Wednesday, market…