News about NIGERIA

News about Nigeria

The CBN Says Nigeria Will Have a Digital Currency Before End of Year

Nigeria is likely to have its own central bank digital currency (CBDC) by the end of the year, an official with the Central Bank of Nigeria (CBN) has said. In his remarks following the bankers’ committee meeting, Rakiya Mohammed, who is the dir...

Nigeria’s central bank plans CBDC pilot launch before the end of 2021

The Central Bank of Nigeria says it is gearing up to test a sovereign digital currency to ease foreign remittance restrictions. Rakiya Mohammed, an IT specialist at th...

Nigerian Lawmakers Slam Naira Devaluation, Warn of Inflation Implications

Nigeria’s House of Representatives has moved a motion calling on the country’s central bank to end the continuing devaluation of the naira. In his unanimously adopted motion, House Representative Bamidele Salam warned the Central Bank of...

36% of Nigerian Adults Are Financially Excluded: Crypto can Change this as more Africans Adapt it

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Study Shows 36% of Nigerian Adults Are Financially Excluded — Digital Financial Services Bolsters Inclusion

Nearly 36% of Nigeria’s 106 million adults lack access to both regulated and unregulated financial services, according to the findings of the Enhancing Financial Innovations and Access (EFIA) study. In addition, while the findings do suggest a...

African Fintech Start-up Chipper Cash Raises $100 Million — CEO Says No Crypto Services for Nigeria

Chipper Cash, an African fintech firm that specializes in facilitating cross-border payments, recently closed a $100 million Series C funding round. Taking the lead in what is now Chipper Cash‘s third fundraising round in the past twelve months...

Fleeing Lynchpin of Nigerian Crypto Ponzi Scheme Inksnation Captured

The lynchpin of Inksnation, one of Nigeria’s biggest crypto Ponzi Schemes, Omotade-Sparks Amos Sewanu, has been captured. According to Nigeria’s Economic and Financial Crime Commission (EFCC), Sewanu, who was on the run, was nabbed in Sok...

Crypto will ‘come to life’ in Nigeria, central bank governor says

Emefiele said the Nigerian government will do its best to prevent crypto from being used to finance illicit activities. At a 279th meeting of the Monetary Policy Comm...

Nigeria’s Naira Loses Ground on Forex Black Market Just a Few Days After Devaluation

The Nigerian naira currency lost further ground against major currencies after it depreciated to 493 nairas for one dollar on the black market on May 25, 2021. Before the latest depreciation, the currency had stabilized at around 485 nairas to the do...

Nigerian central bank does a U-turn on Bitcoin ban, saying they now “allow” it

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Cryptocurrency Will Be Allowed in Nigeria - Nigerians will be allowed to trade cryptocurrency according to the Central Bank of Nigeria governor Godwin Emefiele.

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Central Bank of Nigeria Governor Says “Digital Currency Will Come to Life” but Attacks Volatile Cryptocurrencies

Central Bank of Nigeria (CBN) governor, Godwin Emefiele, says digital currency “will come to life even in Nigeria” just a few months after the central bank ordered banks to stop serving the crypto industry. While acknowledging his country...

Nigeria Bureau De Change Association Boss Accuses Speculators of Destabilizing the Naira— Says Central Bank Funding Will End Currency Woes

According to the head of the Nigerian group of bureau de change operators, the naira’s continued fall on the parallel market is down to the activities of speculators. However, Aminu Gwadabe, the president of the Association of Bureau de Change...

Twitter thread about some of the merits of Bitcoin from someone who grew up in Nigeria. Good to show to people who think Bitcoin has no real value or serves no purpose.

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How to buy ethereum safely in Nigeria.

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Remember when Nigeria banned Bitcoin? Peer to Peer trading increased by 27% in that country.

China banned institutions from offering financial products. They did not ban civilians from holding or using crypto. Peer to peer trading will help Bitcoin become a more established currency over fiat. There are still challenges bitcoin faces, but it...

Nigeria Devalues Currency as Central Bank Moves to Unify Exchange Rates

In a possible policy shift, the Central Bank of Nigeria (CBN) recently allowed the local naira currency to briefly drop to a new low of USD$1 for 419.75 nairas on May 14, 2021. However, by close of business the naira had recovered and was trading aro...

Nigerian remittances fall and Bitcoin adoption rises