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Nigerians Rejoice As CBN Lift Ban On Cryptocurrency Transactions —The Central Bank of Nigeria (CBN) has lifted the  ban it imposed two years ago on cryptocurrency transactions in the Nigerian banking system.

The CBN announced the reversal of the policy in a circular by Haruna Mustapha, its Director, Financial Policy and Regulation.

Mustapha said that the apex bank would now provide regulations for financial institutions on how to manage cryptocurrency to avoid misuse.

The News Agency of Nigeria (NAN) recalls that the CBN issued a circular in February 2021, restricting banks and other financial institutions from operating accounts for cryptocurrency service providers.

The then CBN Governor, Godwin Emefiele, had announced that the restriction was necessary in view of the money laundering and terrorism financing risks posed by cryptocurrency.

Emefiele also said that the vulnerability inherent in cryptocurrency operations, as well as the absence of regulation and consumer protection measures were also responsible for the policy.

According to Mustapha, current global trends have shown that there is need to regulate the activities of Virtual Assets Service Providers (VASPs) which include cryptocurrencies and crypto assets.

“Following this development, the Financial Action Task Force (FATF) also updated its recommendation to require VASPs to be regulated, to prevent misuse of virtual assets.

“In view of the foregoing,  the CBN hereby issues this guidelines to provide guidiance to financial institutions under its regulatory purview in respect of their relationship with VASPs in Nigeria.

“The guidelines supersedes the CBN circular of Feb. 5, 2021on the subject,” the director said.

He, however, warned that banks and other financial institutions were still prohibited from holding, trading or transacting in cryptocurrencies on their own account.

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JUST IN: FG Cracks Down on Honorary Degree Abuse, Bans Use of ‘Dr’ Title

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FG Cracks Down on Honorary Degree Abuse

JUST IN: FG Cracks Down on Honorary Degree Abuse, Bans Use of ‘Dr’ Title—-Government says honorary doctorate holders who present themselves as academic doctors risk legal and reputational consequences

The Federal Government has announced a nationwide ban on the use of the “Dr” title by recipients of honorary doctorate degrees in official, academic, and professional settings.

The directive was unveiled on Wednesday by the Minister of Education, Tunji Alausa, during a briefing with State House correspondents at the Presidential Villa, Abuja.

Speaking alongside the Minister of State for Education, Suwaiba Ahmad, Alausa disclosed that the Federal Executive Council (FEC) had approved a new uniform policy regulating the award and usage of honorary degrees by Nigerian universities.

According to the minister, the move is intended to curb what the government describes as years of abuse, politicisation, and commercialisation of honorary academic awards.

“The recent trend we’ve seen with the award of honorary degrees has revealed a growing abuse and politicisation of this academic privilege,” Alausa said.

He noted that honorary awards have increasingly been used for political patronage, financial influence, and recognition of serving public office holders—practices he described as inconsistent with the ethical principles guiding honorary degrees.

Under the newly approved policy, recipients of honorary doctorates are no longer permitted to prefix “Dr” to their names. Instead, they must clearly indicate the honorary nature of the award by placing the designation after their names.

For example, recipients may use formats such as Chief Louis Clark, D.Lit. (Honoris Causa) or Mrs Miriam Adamu, LL.D. Hons.

Alausa stressed that misrepresenting honorary degrees as academically earned qualifications will now be regarded as academic fraud and may attract both legal and reputational consequences.

The government also introduced stricter rules on the categories of honorary degrees Nigerian universities are allowed to confer. Institutions will now be limited to only four honorary degree types:

  • Doctor of Laws (LL.D)
  • Doctor of Letters (D.Lit)
  • Doctor of Science (D.Sc)
  • Doctor of Humanities (D.Arts)

In addition, universities that do not operate active PhD programmes will no longer be allowed to award honorary doctorates.

The policy is expected to significantly affect public figures, politicians, entertainers, religious leaders, and business personalities who commonly adopt the “Dr” title after receiving honorary recognitions.

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BREAKING: PSG Set Up Arsenal Champions League Final After 6-5 Aggregate Win Over Bayern Munich

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PSG Set Up Arsenal Champions League Final

BREAKING: PSG Set Up Arsenal Champions League Final After 6-5 Aggregate Win Over Bayern Munich—-Reigning European champions Paris Saint-Germain have secured their place in yet another UEFA Champions League final after overcoming Bayern Munich in a fiercely contested semi-final clash.

Paris Saint-Germain have booked their place in the 2026 UEFA Champions League final after edging Bayern Munich 6-5 on aggregate in a dramatic semi-final clash.

The decisive moment came early in the second leg, when Ballon d’Or holder Ousmane Dembélé fired home from close range after being picked out by Khvicha Kvaratskhelia, giving PSG a crucial lead that ultimately proved to be the winner.

Despite the fast start, the game soon became defined as much by controversy as by clear-cut chances. Bayern were left frustrated after Nuno Mendes appeared to handle the ball while already on a booking, but the referee opted against issuing a second yellow card.

Further anger followed when another potential handball incident involving João Neves went unpunished, with officials ruling that the ball had deflected off a teammate in the build-up—therefore not meeting the criteria for a penalty.

Bayern, managed by Vincent Kompany, dominated large periods of the match and created several opportunities. Michael Olise and Jamal Musiala both came close, while goalkeeper Matvéi Safonov was called into action multiple times.

The German side eventually found the net through Harry Kane in stoppage time, but it proved too little, too late as PSG held on to secure their place in the final.

The result extends Bayern’s wait for another European title to six years, while PSG now have the opportunity to win back-to-back Champions League trophies, just a year after claiming their first.

Attention now turns to the final on May 30, where PSG will face Arsenal. The showdown promises high stakes, with either a historic first Champions League title for Arsenal or consecutive triumphs for the French giants on the line.

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