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Due to the rapid decline of the naira and the resulting almost three-decade-high inflation rate of 29.9%, the Nigerian government has turned its focus to platforms providing cryptocurrency services.
Notably, Lagos, Nigerias commercial nerve center, falls outside the top 15 cities regarding Google search interest for Bitcoin.
The Nigerian cryptocurrency market is preparing for significant changes. The Securities and Exchange Commission (SEC) has recently announced plans to implement new regulations to tighten its control over cryptocurrency activities within the country. This move comes amid concerns about potential manipulation of the local currency, the Naira, through peer-to-peer (P2P) platforms. Emomotimi Agama, Director General […]
Nigerias SEC is set to launch a new regulatory framework for crypto exchanges and custodians in the coming days.
The new Nigerian president Bola Ahmed Tinubu has deplored the Central Bank of Nigeria (CBN)’s aggressive interest policy which he has reportedly labeled “anti-people” and “anti-business.” Tinubu also announced the scrapping of a fuel subsidy which has been in existence since the 1970s. Tinubu: Nigeria Needs Lower Interest Rates to Increase Investment and Consumer Spending
The post New Nigerian President Slates Central Bank’s Interest Rate and Currency Demonetization Policy appeared first on BTC Ethereum Crypto Currency Blog.
Binance announces the discontinuation of all services tied to the Nigerian Naira (NGN) as it navigates the evolving regulatory landscape. (Read More)
The Nigerian central bank has said it is amending the model of its central bank digital currency and is hopeful that such an exercise will result in “an increase in the volume and activity of wallet holders.” According to the acting governor, the central bank is also working towards making the forex market more “efficient [...]
The post Nigerian Central Bank Says Amended CBDC Model to Ensure Increased Volumes and Wallet Activity appeared first on Crypto Breaking News.
Nigeria's eNaira, a central bank digital currency (CBDC), is being adopted at an increasing rate as the country faces severe cash shortages due to demonetization. The value of eNaira transactions has increased by 63%, and the total number of CBDC wallets has grown more than 12 times compared to October 2022. (Read More)
Nigerian President-elect Bola Tinubu has released a manifesto proposing the implementation of blockchain technology and cryptocurrencies in Nigeria's banking and finance sector. The manifesto suggests reforming existing Nigerian Security Exchange Commission regulations to create a more business-friendly framework for regulating digital assets. The proposed regulations would require digital asset companies to register with the SEC and comply with SEC regulations. The release of the manifesto coincides with the increasing adoption of cryptocurrencies in Nigeria, with the government hoping that the proposed SEC regulation reforms will attract more investors in the digital and economic sectors and stimulate economic growth. (Read More)
According to local reports, Nigerian financial institutions have begun abiding by a Supreme Court ruling that invalidated the Central Bank of Nigeria (CBN)’s demonetization of the 1,000, 500 and 100-naira banknotes. According to the court, Nigerian residents will continue to use the demonetized banknotes until the end of the year. Court Criticizes Outgoing Nigerian President [...]
The post Nigerian Banks Resume Dispensing Recently Demonetized Naira Banknotes appeared first on Crypto Breaking News.
The Supreme Court of Nigeria says no to redesigning the naira, ruling that the old banknotes will remain in circulation.
Bank of England and Finance Ministry will launch a public consultation to gather opinions on establishing the Digital Pound.
Continue reading Digital Pound Could Be a New Form of Payment: UK Finance Minister at DailyCoin.
The price of one Bitcoin (BTC) in Nigeria can cost upwards of $38,000.
An amendment to the 2 Investment and Securities Act of 2007 will allow cryptocurrency use in Nigeria.
The slated law comes as Nigeria's eNaira has only managed to obtain a 0.5% adoption rate, a little more than a year after its launch in October 2021.
The Central Bank of Nigeria governor, Godwin Emefiele, has said the newly designed naira banknotes are set to enhance the effectiveness of the organization’s monetary policy and bolster the financial inclusion cause. Forcing Currency Hoarders to Return to the Banking System According to the Nigerian central bank governor, Godwin Emefiele, the recently launched naira banknotes
The post New Naira Banknotes to Make Monetary Policy More Effective — Nigerian Central Bank Governor appeared first on BTC Ethereum Crypto Currency Blog.
Despite the Central Bank of Nigeria (CBN)’s Feb. 5, 2021 directive that instructed banks to block crypto entities from the financial system, the demand and use of cryptocurrencies have continued to grow. Not even the central bank’s subsequent crackdown on crypto entities it accused of defying the directive has succeeded in suffocating demand for cryptocurrencies.
The post ‘Cryptocurrencies Like Bitcoin Make Global Commerce Easy’ — Founder of Nigerian Crypto Exchange appeared first on BTC Ethereum Crypto Currency Blog.
With less than 0.5% adoption, the central bank of Nigeria is struggling to push its eNaira CBDC to its citizens.
The Digital Dollar Project's Technical Sandbox Program is set to begin in October aiming to provide a clearer understanding of the ramifications of a United States CBDC.
Based on eNaira’s success, Nigeria government is taking efforts to boost the functional capacity of the Central Bank Digital Currency (CBDC). (Read More)
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