DNB's withdrawal from European stablecoin project signals cautious shift in crypto regulation

The Asia-Pacific region has become the world's fastest-growing stablecoin hub, with transaction volumes soaring and regional policies evolving, positioning it as a key player in the future of digital money.Asia-Pacific has really come into its own as the world's fastest-growing stablecoin market. It’s quite remarkable—by the end of June 2025, on-chain activity hit an astonishing $2.4 trillion, according to data shared at the Circle Forum in Singapore. This rapid uptake underscores how the region’s gaining prominence in the digital finance scene. Singapore and Hong Kong, for example, are now second and third in the world for stablecoin trading hubs, only behind the United States. That hefty $2.4 trillion number—Yam Ki Chan, Circle’s VP for Asia-Pacific and MD for Circle Singapore, pointed this out—really highlights the scale of regional involvement in stablecoins. It’s not just a small trend either; monthly transaction volumes skyrocketed from under $100 million in early 2023 to over $3 billion in early 2025. Particularly, the corridor between Singapore and China has morphed into the busiest route for cross-border stablecoin transfers, solidifying Singapore’s role as a key digital asset gateway across Asia. Circle’s decision to set up its Singapore office in May 2025 seems like a move aligned with this growth. It’s a strategic step into Asia’s vibrant digital finance space. Sopnendu Mohanty, Chief FinTech Officer at the Monetary Authority of Singapore (MAS), emphasized at the office launch how the region’s needs for innovative monetary solutions—like privately issued stablecoins—are only increasing. This momentum is felt not just in finance markets but also among consumers, with stablecoins being used for real-world transactions — whether it’s travel agencies like Wetrip in Singapore or luxury brands such as Capella Hotels or even Ginza Xiaoma, which resells Birkin bags. Now, when we talk about stablecoins—they're basically digital tokens pegged to fiat currencies or assets like gold. They tend to be less volatile, settle pretty quickly, and cost less—making them quite attractive for international trade and everyday transactions. And, interestingly, regulations have been catching up. Hong Kong, for example, introduced specific stablecoin rules come August 2025, aiming to position itself as a compliant gateway to mainland China. Meanwhile, the U.S. passed the GENIUS Act in June 2025—creating a clear legal framework for issuing and overseeing stablecoins. You can also see signs of policy shifts in mainland China. Historically, Chinese authorities have been quite cautious about cryptocurrencies, but in July 2025, Shanghai established a blockchain task force aimed at exploring its potential value in international trade—so maybe, just maybe, softening some of that past rigidity? Plus, big Chinese tech firms like JD.com and Ant Group are lobbying the People’s Bank of China to approve offshore yuan-backed stablecoins issued in Hong Kong, all with an eye toward strengthening China's position in digital finance and challenging the dominance of US dollar-linked stablecoins. Looking at the broader picture, the numbers reflect these regional shifts. Globally, the stablecoin supply reached around $225 billion in May 2025—a 63% increase compared to the previous year. Monthly transaction volumes hit roughly $625 billion, showing how these currencies are moving into mainstream use. And Circle, after its IPO in June 2025, reported solid results—revenues up by 53% year-over-year to $658 million, helped along by a 90% jump in USDC stablecoin circulation. However—here’s the thing some analysts warn about—growth projections aren’t all rosy. J.P. Morgan, for one, lowered its earlier optimistic forecasts, now expecting the stablecoin market to reach about $500 billion by 2028. That’s quite a bit below the earlier estimates of as much as $4 trillion. The bank points to slow real-world adoption and ongoing regulatory fragmentation as main hurdles preventing faster, broader adoption. Despite these cautious notes, Asia-Pacific’s stablecoin landscape continues to expand, backed by better regulation and growing interest from both institutions and everyday users. It’s positioning the region as a pretty key indicator of where digital money is headed next. Yam Ki Chan made a point of saying that Asia-Pacific’s on-chain finance activity "is unmatched globally and is unlikely to slow," which really underlines how important the region’s becoming for Circle’s long-term strategy. In conclusion, Asia-Pacific isn’t just shaping current stablecoin usage—it seems poised to influence how regulations evolve and how these digital currencies will be adopted in the future. Definitely an area to watch. Source: Noah Wire ServicesVerification / Sources https://beincrypto.com/circle-reports-asia-pacific-as-stablecoin-powerhouse/ - Please view link - unable to able to access data https://www.cnbc.com/2025/08/01/crypto-wave-asia-stablecoins.html - This article discusses the rapid adoption of stablecoins in Asia, highlighting that Singapore and Hong Kong are among the top three markets for stablecoin flows, just behind the U.S. The Singapore-China route has emerged as the busiest for stablecoin transactions, indicating the region's significant role in the global stablecoin market. (cnbc.com) https://www.reuters.com/business/stablecoin-issuer-circles-revenue-jumps-first-results-since-blockbuster-ipo-2025-08-12/ - Circle, the issuer of the USDC stablecoin, reported strong financial results in its first quarterly update since going public in June. The company's revenue and reserve income rose by 53% year-over-year to $658 million, fueled by a 90% increase in the circulation of USDC and an uptick in its subscription service revenue. (reuters.com) https://www.reuters.com/business/finance/jpmorgan-wary-stablecoins-trillion-dollar-growth-bets-cuts-them-by-half-2025-07-03/ - J.P. Morgan has revised its stablecoin growth forecast, predicting it will only reach $500 billion by 2028, down from more optimistic projections of up to $4 trillion. The bank argues that expectations of mainstream stablecoin adoption are unrealistic, noting limited real-world usage and fragmented regulation. (reuters.com) https://www.coindesk.com/research/stablecoins-and-cbdcs-report-june-2025 - The CoinDesk Data Stablecoins & CBDCs Report provides data-driven analysis of the latest market developments, regulatory changes, and industry dynamics. June 2025 saw the stablecoin market reach new all-time highs, with the total stablecoin market capitalization rising 1.58% to $251 billion. Other key developments included Circle completing its public market transition and the U.S. Senate passing comprehensive federal stablecoin legislation, the GENIUS Act. (coindesk.com) https://www.reuters.com/world/china/chinas-tech-giants-lobby-offshore-yuan-stablecoin-sources-say-2025-07-03/ - Chinese tech giants JD.com and Ant Group are lobbying the People's Bank of China (PBOC) to authorize the issuance of offshore yuan-based stablecoins in Hong Kong, aiming to counter the dominance of U.S. dollar-linked digital currencies. The proposed yuan-pegged stablecoins would promote broader international use of the Chinese currency and enhance China's digital financial competitiveness. (reuters.com) https://www.businesstimes.com.sg/companies-markets/singapore-hong-kong-want-slice-us250-billion-stablecoin-pie - Regional financial centres Singapore and Hong Kong are both aiming to capture a piece of the US$250 billion stablecoin market. On Aug 1, Hong Kong launched a regulatory regime for stablecoin issuers, positioning itself as a regulated gateway into mainland China. Singapore, on the other hand, finalised its Single Currency Stablecoin framework in 2023, boosting its role as a hub for Southeast Asia and the West. (businesstimes.com.sg) Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 8 Notes: The narrative presents recent data from June 2025, with the article published on October 3, 2025. The information appears fresh, with no evidence of significant recycling or republishing across low-quality sites. The report is based on a press release from Circle, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. The content is original and not republished from other sources. Quotes check Score: 9 Notes: Direct quotes from Circle's Asia-Pacific Vice President, Yam Ki Chan, and Singapore's Chief FinTech Officer, Sopnendu Mohanty, are included. These quotes are unique to this report, with no earlier matches found online, indicating potentially original or exclusive content. Source reliability Score: 7 Notes: The narrative originates from BeinCrypto, a cryptocurrency-focused news outlet. While it provides detailed information, BeinCrypto is not as widely recognised as major news organisations like Reuters or the BBC, which may affect the perceived reliability. However, the report cites specific data points and quotes, enhancing its credibility. Plausability check Score: 8 Notes: The claims about Asia-Pacific's rapid adoption of stablecoins and the significant on-chain activity are plausible and align with recent trends in the cryptocurrency market. The mention of Circle's Singapore office opening in May 2025 is consistent with known events. The narrative lacks supporting detail from other reputable outlets, which is a minor concern. The language and tone are consistent with the region and topic, and there are no excessive or off-topic details. Overall assessment Veredict (FAIL, OPEN, PASS): PASS Confidence (LOW, MEDIUM, HIGH): HIGH Summary: The narrative presents fresh and original content, with direct quotes from key figures and no significant discrepancies. While the source is less widely recognised, the information aligns with known events and trends, supporting a high confidence in its accuracy.

The European Systemic Risk Board, led by Christine Lagarde, calls for enhanced supervision of cross-jurisdictional stablecoins to prevent systemic risks and ensure regulatory compliance within the EU, amid ongoing digital euro plans.The European Systemic Risk Board (ESRB), which acts as the EU’s financial stability guardian and is led by none other than the President of the European Central Bank, Christine Lagarde, has issued a pretty urgent call—basically, they’re pushing for stronger oversight and safeguards specifically for stablecoins that are, at least partially, issued within the European Union. The focus here is mainly on multi-issuer stablecoin arrangements. These are the setups where different entities, some within the EU and others outside, cooperate to create fungible stablecoins. The ESRB warns that such cross-jurisdictional schemes—well, they inherently carry vulnerabilities that could really threaten the financial stability of the EU if things go sideways. Right now, the EU has one of the toughest regulations around crypto assets—this is through their Markets in Crypto-Assets (MiCA) regulation, which sets pretty strict requirements for stablecoin issuers based within the EU. For instance, these include holding sufficient reserves of high-quality liquid assets, meeting minimum own funds requirements, and establishing crisis tools such as recovery and redemption plans to shield token holders. But honestly, the ESRB and ECB are concerned that stablecoins issued partly outside the EU might not fully comply with these rules, potentially bypassing safeguards and undermining the EU’s regulatory aims. This could, in turn, leave the system vulnerable to liquidity squeezes—especially during times of market stress. The main regulatory challenge, as I see it, is that investors tend to prefer redeeming stablecoins within the EU—where protections are supposedly strongest—particularly when things get rocky in the market or when there’s a run on the asset. But the reserves held inside the EU might not be enough to handle such a concentrated demand. This could force the ECB into a reactive position, trying to stabilize the situation after the fact. Plus, many countries outside the EU either have no stablecoin rules at all or have regulations that leave out some critical systemic risk and crisis management measures. This regulatory patchwork—sometimes called fragmentation—creates a loophole that multi-issuer stablecoins could exploit. The standards across different jurisdictions aren’t exactly uniform, which increases systemic risks. Christine Lagarde has repeatedly emphasized the need for “robust equivalence regimes,” meaning that stablecoin issuers outside the EU should be held to standards comparable to those within the Union. She’s also strongly urging EU lawmakers to make sure that stablecoin projects operating within the Single Market don’t get a free pass by using laxer rules elsewhere. Interestingly enough, these multi-function groups—operating stablecoins across differing regulatory landscapes—might actually face less oversight than traditional financial groups, which is troubling because it can heighten systemic risk. On top of that, officials from various national central banks, like Italy’s, have pointed out that these multi-issuance stablecoins pose a notable threat to the EU financial system too. These schemes complicate supervision and make it harder to manage potential shocks that originate outside the EU but could still impact its markets. The ESRB is calling for a more harmonized global approach—something that would ensure consistent and transparent supervision for all stablecoin issuers whose tokens circulate within the EU’s jurisdiction. At the same time, the EU is making moves toward creating a digital euro—a central bank digital currency (CBDC)—which could serve as a safe, accessible alternative to cash, bolster financial resilience, and cut back on reliance on potentially unstable private stablecoins. EU decision-makers are apparently eyeing a decision on the digital euro by the end of 2025, with a possible rollout by 2029. This is quite a significant shift in the EU’s digital currency and overall financial stability plan. All in all, the ESRB’s stance makes it clear that even though the EU is quite rigorous in regulating crypto-assets, there are still big gaps—gaps that only international coordination and full regulatory equivalence can close. Without addressing these loopholes, the chances of liquidity crises sparked or worsened by stablecoins—especially ones linked to weaker regulatory regimes—could even threaten the EU’s entire financial system. The urgent call for tighter regulation isn’t just about reacting to current issues; it’s about recognizing that the borderless nature of stablecoins means supervision also needs to be truly cross-border. [References to original sources have been included in the footnotes for further reading.] Source: Noah Wire ServicesVerification / Sources https://bitrss.com/esrb-calls-for-immediate-oversight-of-eu-linked-stablecoins-132190 - Please view link - unable to able to access data https://www.reuters.com/business/finance/eu-risk-watchdog-calls-urgent-safeguards-stablecoins-2025-10-02/ - The European Systemic Risk Board (ESRB), led by ECB President Christine Lagarde, has called for urgent safeguards on stablecoins partially issued within the EU. Concerns focus on 'multi-issuer' stablecoin arrangements, where issuers inside and outside the EU collaborate, potentially exposing the bloc to financial risks during market stress. The ESRB emphasizes the need for consistent oversight across jurisdictions to prevent regulatory arbitrage and reduce systemic financial risks associated with cross-border stablecoin arrangements. https://www.reuters.com/business/finance/eu-should-close-gaps-stablecoin-rules-ecbs-lagarde-says-2025-09-03/ - ECB President Christine Lagarde has urged EU legislators to strengthen regulations surrounding stablecoins, particularly those issued by foreign entities. Speaking at a regulatory conference, Lagarde emphasized the need for 'safeguards' and 'robust equivalence regimes' to prevent the risk of destabilizing reserve runs on EU-held assets. She stated that any stablecoin schemes operating within the EU should only be allowed if they are backed by strong regulatory frameworks in their home jurisdictions and ensure secure asset transfer mechanisms between the EU and non-EU regions. https://www.esrb.europa.eu/news/pr/date/2025/html/esrb.pr250703~151d0e13da.en.html - The General Board of the European Systemic Risk Board held its 58th regular meeting on 24 and 26 June 2025. The meeting addressed financial stability risks in the EU amid ongoing trade uncertainty and geopolitical tensions. The Board discussed the need for enhanced regulatory and supervisory standards, particularly concerning crypto-assets, and emphasized the importance of reinforcing crypto-asset regulation to maintain financial stability. https://www.coindesk.com/policy/2025/09/03/ecb-president-lagarde-calls-for-firm-safeguards-on-foreign-stablecoins/ - ECB President Christine Lagarde has called for firm safeguards on foreign stablecoins operating within the EU. She urged EU lawmakers to impose stringent equivalence requirements and safeguards on foreign stablecoins, emphasizing that they should comply with the bloc’s regulatory standards before operating on EU soil. Lagarde cautioned that during a stablecoin run, investors would be more likely to redeem in jurisdictions with stronger protections, such as the EU, where Markets in Crypto-Assets (MiCA) regulation prohibits redemption fees, potentially depleting local reserves. https://www.pymnts.com/cryptocurrency/2025/european-union-watchdog-sniffs-out-vulnerabilities-multi-issuer-stablecoins/ - Europe’s financial risk regulator, the European Systemic Risk Board (ESRB), has called for stronger regulations governing 'multi-issuer' stablecoins. At its meeting on October 2, 2025, the ESRB emphasized that third-country multi-issuer schemes—with fungible stablecoins issued both in the EU and outside—have built-in vulnerabilities requiring an urgent policy response. The Board also noted that multi-function groups may operate under regulatory regimes more lenient than those for financial conglomerates, raising concerns about divergent prudential standards. https://www.theblock.co/post/369439/european-central-bank-chief-warns-stablecoin-risks - Christine Lagarde, President of the European Central Bank, has urged the European Union to hold non-EU stablecoin issuers to the same stringent reserve requirements as their EU counterparts to address the risk of runs. Speaking at the annual conference of the European Systemic Risk Board, Lagarde highlighted that 'gaps remain' in the EU's current Markets in Crypto-Assets (MiCA) regulation regarding requirements for stablecoin issuers, particularly in joint issuance schemes where EU and non-EU entities issue fungible stablecoins together. Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 10 Notes: The narrative is based on a recent press release from the European Systemic Risk Board (ESRB), dated October 2, 2025, highlighting the urgency of implementing safeguards for stablecoins partially issued within the European Union. (reuters.com) Quotes check Score: 10 Notes: The direct quotes from Christine Lagarde, President of the European Central Bank, are consistent with her recent statements on the need for robust equivalence regimes for foreign stablecoin issuers. (reuters.com) Source reliability Score: 10 Notes: The narrative originates from a reputable organisation, the European Systemic Risk Board (ESRB), which is led by Christine Lagarde, President of the European Central Bank. (reuters.com) Plausability check Score: 10 Notes: The claims regarding the vulnerabilities of multi-issuer stablecoin arrangements and the need for consistent oversight across jurisdictions are plausible and align with recent discussions on financial stability and regulatory challenges posed by cross-border stablecoin operations. (reuters.com) Overall assessment Veredict (FAIL, OPEN, PASS): PASS Confidence (LOW, MEDIUM, HIGH): HIGH Summary: The narrative is based on a recent press release from the ESRB, quoting statements from Christine Lagarde, and aligns with current discussions on the need for enhanced oversight of multi-issuer stablecoin arrangements to ensure financial stability within the EU.

The Central Bank of Nigeria is set to assume direct oversight of the country’s fixed income trading and settlement platform by December 2025, marking a significant shift aimed at boosting market transparency, efficiency, and regulatory control amidst broader financial reforms including automation of foreign exchange trading.The Central Bank of Nigeria (CBN) is preparing to assume direct oversight of the country’s fixed income trading and settlement platform by the end of 2025—a noteworthy shift in how Nigeria's financial infrastructure operates. Up until now, the platform has been managed by the FMDQ Group, but the CBN’s plan is to take full control, aiming to enhance transparency, efficiency, and regulatory oversight across the market. This move is part of ongoing reforms outlined in an official circular signed by Okey Umeano, acting director of the CBN’s financial markets department. The broader goal is to reposition the fixed income market as a vital mechanism for transmitting monetary policy effectively and supporting economic growth. To achieve this, the CBN intends to manage the trading environment and handle end-to-end settlement activities through its existing settlement system, fostering a more unified and transparent operational framework from a regulatory perspective. The transition will proceed in phases to minimize disruptions. User acceptance testing for the new settlement system is scheduled for the second week of October. This will be followed by a pilot phase, which will run concurrently with the current system. If all testing proves successful, the full migration of settlement activities to the CBN platform is targeted for November 3, 2025. The official launch of the new CBN-sponsored trading environment for primary dealers, market makers, pension fund administrators, and other authorized participants is planned for December 1, 2025. The CBN emphasizes that this overhaul will strengthen market integrity, streamline operations, and establish a comprehensive framework that grants regulators full visibility of fixed income transactions. Additionally, the bank has called for cooperation from the Financial Markets Dealers Association (FMDA), recognizing the importance of partnerships in the ongoing development of Nigeria’s financial markets. This initiative is part of a broader effort by the CBN to modernize Nigeria’s financial infrastructure, which also includes reforms in other areas, such as the automation of foreign exchange (FX) trades. According to a separate report, Nigeria’s central bank plans to automate FX trading starting in December 2025—replacing an older, over-the-counter system to improve transparency, liquidity, and market functionality. This separate initiative aims to facilitate a market-driven exchange rate and enhance overall liquidity, showcasing the CBN’s commitment to comprehensive financial market reform. References: Paragraph 1 – 1, 4 Paragraph 2 – 1, 2, 5 Paragraph 3 – 1, 3, 4, 7 Paragraph 4 – 1, 4, 5 Additional note on FX reforms – separate from the fixed income platform update, Nigeria’s CBN also plans to automate FX trading starting December 2025, replacing an earlier over-the-counter system. This is detailed in 6 and aims to improve transparency and liquidity in Nigeria’s currency markets. Source: Noah Wire ServicesVerification / Sources https://businessday.ng/markets/article/cbn-to-take-control-of-fixed-income-trading-and-settlement-platform-by-december/ - Please view link - unable to able to access data https://www.thecable.ng/cbn-to-take-control-of-fixed-income-settlement-trading-platform-by-december/ - The Central Bank of Nigeria (CBN) has announced plans to assume direct oversight of the country's fixed income market settlement and trading platform by December. This move aims to enhance transparency, efficiency, and regulatory oversight within the financial system. The transition will be phased, starting with end-to-end testing in October, followed by a pilot phase, and full migration of settlement activities to the CBN platform scheduled for November 3, 2025. The new CBN-sponsored trading environment for primary dealers, market makers, pension fund administrators, and other authorised participants is targeted for December 1, 2025. https://thewillnews.com/cbn-announces-full-control-of-fixed-income-market-effective-november-2025/ - The Central Bank of Nigeria (CBN) has announced a phased operational overhaul of the Nigerian Fixed Income Market, with full control of both the settlement process and trading platform set to commence in November 2025. This initiative is part of broader financial market reforms aimed at enhancing regulatory oversight and strengthening the market's role in supporting monetary policy transmission and economic growth. The transition will involve user acceptance testing in October, a pilot phase, and full migration of fixed income settlement activities to the CBN platform on November 3, 2025, followed by the activation of the CBN-sponsored trading environment for authorised participants on December 1, 2025. https://proshare.co/articles/cbn-makes-operational-changes-to-the-nigerian-fixed-income-market-clearing-moves-to-fmda-market-infrastructure?category=Bonds+%26+Fixed+Income&classification=Read&menu=Market - The Central Bank of Nigeria (CBN) has initiated a series of operational changes to the Nigerian Fixed Income Market as part of ongoing reforms to enhance transparency, efficiency, and regulatory oversight. The first phase involves the CBN assuming direct responsibility for the management of the trading platform and handling end-to-end settlement activities under its established settlement system. Key milestones include user acceptance testing in the second week of October 2025, a pilot phase running concurrently with the existing structure, full migration of fixed income market activities to the new settlement process on November 3, 2025, and activation of the CBN-sponsored trading environment for authorised market participants on December 1, 2025. https://blueprint.ng/cbn-set-to-overhaul-operations-of-nigerian-fixed-income-market-in-phases/ - The Central Bank of Nigeria (CBN) is set to overhaul the operation of the Nigerian Fixed Income Market in phases, aiming to deepen transparency and efficiency in Nigeria’s financial ecosystem. The first phase of the reform will see the apex bank take full control of both the settlement process and trading platform for fixed income transactions starting from November this year. This initiative is designed to enhance regulatory oversight and strengthen the market’s role in supporting monetary policy transmission and economic growth. The CBN emphasised that the objective of this phase is to strengthen market integrity, streamline operations, and establish a unified regulatory framework that ensures end-to-end visibility and supervisory oversight of fixed income transactions. https://www.cnbcafrica.com/2024/nigerias-central-bank-to-automate-fx-trades-from-december/ - Nigeria's central bank is set to automate foreign currency trades from December, replacing a nearly decade-old over-the-counter trading system to enhance transparency and remove market distortions. The Central Bank of Nigeria (CBN) aims to boost liquidity in its currency markets and facilitate a market-driven exchange rate accessible to the public. The CBN also released new guidelines for foreign exchange market participants and announced a two-week test run in November. This transition follows currency controls implemented during Nigeria's 2017 economic crisis, which introduced multiple exchange rate regimes. The previous system restricted dollar supply by only allowing lenders to trade customer buy or sell orders, harming the economy. The new system will publish real-time prices and buy/sell orders data. As of Friday, the naira was at 1,634 to the dollar, hitting record lows in both official and parallel markets since liberalisation last year. https://www.thecable.ng/cbn-to-take-control-of-fixed-income-settlement-trading-platform-by-december/ - The Central Bank of Nigeria (CBN) has announced plans to assume direct oversight of the country's fixed income market settlement and trading platform by December. This move aims to enhance transparency, efficiency, and regulatory oversight within the financial system. The transition will be phased, starting with end-to-end testing in October, followed by a pilot phase, and full migration of settlement activities to the CBN platform scheduled for November 3, 2025. The new CBN-sponsored trading environment for primary dealers, market makers, pension fund administrators, and other authorised participants is targeted for December 1, 2025. Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 8 Notes: The narrative is recent, dated October 2, 2025. Similar reports from October 2, 2025, are available, indicating that the content is fresh. (thecable.ng) Quotes check Score: 9 Notes: The report includes direct quotes from Okey Umeano, acting director of the CBN’s financial markets department. No earlier instances of these specific quotes were found, suggesting originality. Source reliability Score: 7 Notes: The narrative originates from BusinessDay, a reputable Nigerian news outlet. However, the presence of similar reports from other sources, such as TheCable, indicates that the content may be based on a press release. (thecable.ng) Plausability check Score: 8 Notes: The claims align with previous CBN initiatives to enhance financial market transparency and efficiency. The timeline and details provided are consistent with known CBN activities. (reuters.com) Overall assessment Veredict (FAIL, OPEN, PASS): PASS Confidence (LOW, MEDIUM, HIGH): HIGH Summary: The narrative is recent and aligns with known CBN initiatives, suggesting credibility. The presence of similar reports from other sources indicates that the content may be based on a press release, which typically warrants a high freshness score. The quotes appear original, and the claims are plausible and consistent with previous CBN activities.