CBN is continuing to develop its eNaira
R3, the CBN's possible technology partner, will help design a new system to give the CBN complete authority over the CBDC.
Advancing Cryptocurrency Regulation in Nigeria: A Critical Necessity
Adedeji Owonibi advocates for Nigerian cryptocurrency regulation to combat financial crimes and ensure the industry's security and scalability, addressing the complexities of tracking illicit transactions.
USA and Nigeria to Discuss Digital Economy and AI Advancements for Economic Growth
The US and Nigeria are set to discuss the digital economy, AI advancement, and economic ties at a conference in Abuja.
7 Steps in Luno: How to Convert Your USD to Nigerian Naira Using Bitcoin
This newly found interest also explains the recent increase in the number of exchange platforms that have been springing up to meet this growing demand for liquidity within this space. Some platforms where Nigerians can receive funds in dollars or Bitcoin and convert to Naira has been seen as a way out of the too many constraints fiat presents.
Nigerian Crypto Community Affected by Paxful Shutdown
The closure of Paxful, a peer-to-peer cryptocurrency marketplace, has left the Nigerian crypto community searching for alternatives. Nigeria, ranked eighth in crypto adoption, was significantly impacted by Paxful's pioneering use of peer-to-peer technology. Members of the community expressed concern over the future of crypto marketplaces and the fate of their funds.
eNaira Adoption Grows Amid Nigeria's Cash Shortages
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.
Over 1 Million Applicants Join Nigeria's 3MTT AI Program-old
Nigeria's 3MTT program, led by Bosun Tijani, is attracting over one million applicants, demonstrating the country's commitment to AI education and fostering a technologically skilled workforce.
Nigeria Seeks $10 Billion in Damages from Binance
Nigerian government demands $10 billion from Binance, alleging cryptocurrency exchange's activities have adversely affected the Naira and the country's economy.
Nigerian President-elect's Manifesto Includes Blockchain and Crypto Regulations
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.
35% of Nigerians Have Entered the Crypto Market in the Last 6 Months, Study Shows
Nigerians are entering the crypto space because of the lack of affordable financial services and high inflation rates, given that 35% of them were engaged in this sector in the last six months, according to a study by crypto exchange KuCoin.
eNaira: Nigeria Rolls Out Africa’s First Central Bank Digital Currency
Nigeria has become the first nation in Africa to officially launch a CBDC.
Paxful Research Reveals How Nigerians Are Fighting Devaluation of Native Currency Naira with Bitcoin
The current pandemic has led to a devaluation of Nigeria’s native currency Naira and affected how cryptocurrency trades are conducted in the country.