Tag: Central bank of Nigeria

Nigerian Senate Pushes for Comprehensive Crypto Regulation to Stabilize Naira

The Nigerian Senate Committee underscores the urgent need for a clear regulatory framework for cryptocurrency to safeguard investors and stabilize the market. President Tinubu's administration advocates for developing the capital and crypto markets to safeguard the local currency. Crypto Regulation is considered necessary to protect investors from the hazards associated with unregulated digital asset...

A Binance Executive on the Run: Nigeria Seeks Extradition from Kenya

Nigerian authorities and Interpol have located Binance executive Nadeem Arjarwalla in Kenya, and extradition proceedings have been initiated. Arjarwalla's escape on a Kenyan...

Collaborative Regulation: CBN and SEC’s Approach to Crypto Oversight in Nigeria

The Central Bank of Nigeria (CBN) has clarified that the Nigerian Securities and Exchange Commission (SEC) regulates cryptocurrencies. The CBN's commitment to collaborate...

Crypto Crackdown in Nigeria: Balancing Economic Stability and Innovation

Nigeria has blocked access to prominent crypto-based entities like Coinbase, Binance, and Kraken to boost its failing fiat currency. As per officials, the...

Zone’s 2025 Remittance Product: A Paradigm Shift in International Money Transfers

Zone's aspirations for regulated DeFi signal a broader trend toward embracing cutting-edge technologies to overcome longstanding financial challenges. It harbours ambitious...

Nigeria’s Crypto Renaissance: ASC’s cNGN Stablecoin Signals Progress in Web3

On January 4, the ASC officially announced the launch of the cNGN stablecoin scheduled for Tuesday, February 27, 2024. The success of the...

Nigeria’s Crypto Laws: CBN Revisits Laws to Fuel Transparency and Security in 2024

In December 2023, the Central Bank of Nigeria removed the two-year restrictions on crypto transactions.  According to the rules, crypto providers can open...

Nigeria’s Crypto Triumph: Shattering CBN Restrictions Amid Global Crypto Winter

In 2021, the CBN warned banks and financial institutes that facilitating payment for cryptocurrency changes was prohibited. In the first three months of...

Access Bank’s Freeze on Crypto Trader Accounts Sparks Controversy

Access Bank has obtained a court order to freeze all crypto trading accounts for investigations. Digital asset fraud is common today, with...

Central Bank of Nigeria embraces NFC technology to boost eNaira app adoption

The CBDC mobile app has been upgraded with Near Field Communication (NFC) technology. This enhancement allows mobile devices and payment terminals to interact...

CBDC shortcomings in Africa as highlighted by eNaira

Nigeria had a peer-to-peer transaction volume of over $1.1 billion between January 2021 and June 2022 In 2022, Nigeiria had an fx...

Nigeria: The future of Web3, crypto ahead of 2023 elections

Nigeria became the first African country to launch a CBDC In 2021, Nigeria was ranked the third country globally with the highest bitcoin...

Nigeria shifts to accept cryptocurrency as a source of revenue

On February 5 2021, the Central Bank of Nigeria released a ruling that ordered all financial institutions to stop facilitating crypto transactions with...

African Central Banks present valid arguments against CBDCs and digital assets

Cryptocurrency within Africa has met apparent and defined opposition from the majority of the African central banks. The Central Bank of Egypt...

Crypto making millionaires in Nigeria despite government hostility

Aside from the astronomic rate of crypto circulating within Nigeria, some diverted into other blockchain ventures. Nigeria's NFT marketplace has significantly risen over...

Why Nigerians should be wary of Central Bank Digital Currencies

Nigerians need to be wary about the eNaira primarily because the bad and ugly sides outweigh the excellent side of this currency Unlike...