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TECH ROUNDUP: CBN lifts restriction on domicillary accounts



President Tinubu commence investigation into CBN's activities
  • CBN has lifted its cash deposit and withdrawal restrictions on domiciliary accounts

  • America’s SEC has reached a deal with Binance

  • Binance says that Binance Nigeria Limited is a “scammer entity”

  • Startups in Africa raised $645 million in May 2023

CBN has lifted its cash deposit and withdrawal restriction on domiciliary accounts, allowing for up to $10,000 in withdrawals daily. It also says that Ordinary domiciliary account holders shall have unfettered and unrestricted access to funds in their accounts. 

The CBN has also introduced the use of eNaira, its digital currency as a payment option to recipients of diaspora remittances.


Also Read: TECH ROUNDUP: Bolt cautions drivers, passengers against offline trips

Startups in Africa raised $645 million in May 2023 through at least $100,000 deals, the best month of May the ecosystem has ever experienced.

Amazon Web Services (AWS) has launched its first Amazon CloudFront edge location in Lagos, Nigeria, providing users with comprehensive benefits to optimise the delivery of data, video, applications, and application programming interfaces (APIs) worldwide. 

Heritage Bank has denied the allegation that its head of IT diverted N49 billion of customers’ funds, describing the allegations as “wrong and defamatory.” A report alleges that the bank has been facing issues with its “Capital Adequacy Ratio (CAR) and Liquidity Ratio (LR). It also alleges that the company has terrible customer service.

Binance says that Binance Nigeria Limited is a scammer entity and not part of it. “Binance has issued cease & desist notice to the scammer entity “Binance Nigeria Limited”. Don’t believe everything you read in the news,” it tweeted. 



Elon Musk said that he will suspend accounts that self-promote or advertise in a misleading way on Twitter. “Accounts that try to game our verification system with non-sequitur self-promotion or advertise in a misleading way will be suspended,” he tweeted.

Anyone who clicked on a Google search result link from October 2006 to September 2013 is entitled to a piece — however small — of a $23 million settlement that the tech giant has agreed to pay to resolve a class-action lawsuit.

Meta plans to lower the recommended age for using its Quest headset to 10 from 13. “Parents and their preteens can enjoy interactive experiences from virtually visiting faraway places to seeing significant moments in history firsthand,” Meta said.



Alphabet Inc, the owners of Google – has warned employees about their use of AI chatbots including ChatGPT and Bard, in a bid to ensure workers do not reveal sensitive company information during their interactions with chatbots. 

America’s Securities and Exchange Commission reached a deal with Binance that would allow the world’s largest cryptocurrency exchange to keep operating in the United States and safeguard customer assets as the company battles a government lawsuit. 




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