In its ongoing efforts to combat Naira manipulation and cryptocurrency funneling, the Central Bank of Nigeria (CBN) has issued a directive prohibiting certain microfinance banks, including Moniepoint, Opay, and Kuda, from opening new accounts and accepting new customers.
The decision comes amidst allegations that these institutions have been involved in activities detrimental to the stability of the Naira.
According to reports from the Peoples Gazette, the CBN's move aims to curb money laundering and address concerns over the recent depreciation of the Naira against the dollar.
The Naira, which traded at N1350 against the dollar as of Monday evening, has experienced fluctuations, with a recent decline from its earlier position at N950 in early April.
Moniepoint, one of the affected banks, has informed potential customers of the temporary suspension of new sign-ups on its platform, citing regulatory reasons.
This development follows previous actions by the CBN, which, in collaboration with the Economic and Financial Crimes Commission (EFCC), took measures against Binance and detained its executives over allegations of Naira manipulation.
In response, the Nigerian government has demanded transparency from Binance, seeking the disclosure of its top 100 users and their transactions to facilitate negotiations for the release of the detained executives.
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