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Monday, May 20, 2024

CBN bans Moniepoint,y, Kuda, others from onboarding new customers.

The Central Bank of Nigeria has barred some microfinance banks, including Moniepoint, Opay and Kuda, from opening new accounts and accepting new customers over allegations that they were being used to funnel cryptocurrency and manipulate the naira’s value, sources familiar told newsmen on Monday.

Sources confided in The Gazette anonymously since they were not authorised to speak publicly on the matter, asserting that the CBN deemed the new-account-ban necessary to curb money-laundering activities which have seen the naira again plunge against the dollar in recent days.

The naira, as of Monday evening, traded at N1350 against the dollar, which is a regression against the steady climb that the Nigerian currency has made over the past few weeks as it traded to N950 in early April.

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