nigeria
Tertiary institution Signs MOU with Cryptography Development Initiative in Nigeria
As the rest of Africa makes an effort to secure a position of relevance in the blockchain space, Nigeria based Nile university has gone into partnership with Cryptography Development Initiative in Nigeria
Central Bank of Nigeria Bans Cryptocurrency Transactions, Says Crypto Breeds Illegal Activities
The Central Bank of Nigeria (CBN) has once again doubled down on its efforts to ban cryptocurrency transactions stating they are a breeding ground for illegal activities.
Why is Nigeria Africa’s Biggest Crypto Hotspot Even Though it Doesn't Even Have a Bitcoin ATM?
Nigeria is the biggest crypto market in Africa, but based on official records it does not have a functional Bitcoin ATM. WeeTracker reported on Jan 27 that this trend is noted in Nigeria despite it backing the first stablecoin project in the continent using its currency the Naira.
Nigeria Expects to Generate a Revenue Stream of $6 Billion Through Blockchain Technology by 2030
Nigeria says that blockchain in the country could generate a revenue of between $6 and $10 billion in 10 years.
Google Web Searches for Bitcoin Hit a Historic Low with Nigeria Still Leading
The Global web search data from Google Trends indicate that there has been a decline in recent times as it has recorded an all-time low since October 2018. Even in the midst of the activities going on in the global scene we see that some African countries have been leading with Nigeria recorded as the country with the highest level of Bitcoin searches, followed by South Africa and Ghana respectively.
Nigeria Releases New Rules Classifying Crypto as Securities
In a move that might boost crypto trading in Nigeria, the nation’s Securities and Exchange Commission (SEC) has rolled out “rules on issuance, offering platforms, and custody of digital assets” for virtual firms.
China Financial Institutions Bars Crypto as Payment Tools
Three major regulatory bodies in China have prohibited banks and financial firms to provide cryptocurrencies transaction services.
Nigeria’s Unity Bank Collaborates with Binkabi for Blockchain-Based Agricultural Solutions
Nigeria's Unity Bank has partnered with Binkabi so that blockchain-based agricultural solutions can be availed in this nation.
MetaMask Enables Direct Bank Transfers for Crypto Purchases in Nigeria
MetaMask, a major crypto wallet, has partnered with MoonPay to enable direct bank transfers for crypto purchases in Nigeria, allowing users to access crypto faster and cheaper without using credit or debit cards. Nigeria is a major market for MetaMask, despite current issues with crypto on-ramps in the country.
Binance Executives Face Tax Evasion Charges in Nigeria Amid Naira Manipulation Allegations
Binance executives Tigran Gambaryan and Nadeem Anjarwalla face tax evasion and currency manipulation charges in Nigeria, with proceedings adjourned to April 19.
Nigeria's Foreign Investment and Crypto Adoption Dilemma
Foreign direct investment (FDI) in Nigeria fell by 33% in 2021 due to a shortage of dollars, which has also discouraged foreign crypto investment. Despite the exponential growth of crypto adoption in Nigeria, with active adult traders and high usage rates, the country has a problem attracting foreign investors.
Binance Ends Services for Nigerian Naira
Binance announces the discontinuation of all services tied to the Nigerian Naira (NGN) as it navigates the evolving regulatory landscape.
Over 1 Million Applicants Join Nigeria's 3MTT AI Program
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.
CBN Reports $26 Billion in Cryptocurrency Flows Through Binance Nigeria
CBN reveals $26 billion transacted through Binance Nigeria from unknown sources, raising concerns amid naira's decline and increasing regulatory actions.
Nigeria Passes Bitcoin And Cryptocurrency Law
The Nigerian government will soon legalize Bitcoin and other cryptocurrencies. Punch Newspapers of Nigeria announced the news on December 18 after interviewing House of Representatives Committee on Capital Markets Chairman Babangida Ibrahim. If passed, the local Securities and Exchange Commission might consider cryptocurrencies and other digital monies as investment capital.
Nigeria Plans to Regulate Digital Asset Platforms
Nigeria’s SEC is considering new regulations for digital asset platforms, allowing licensed digital exchanges to list tokens backed by certain assets. Cryptocurrencies like Bitcoin and Ether will not be among those assets. Nigeria aims to register fintech firms as digital sub-brokers, crowdfunding intermediaries, fund managers, and tokenized coins issuers. Crypto exchanges will not be registered until the central bank provides clear regulations.
Binance Faces Intensified Scrutiny in Nigeria Amid Accusations of Impacting Local Currency
Binance is under heightened scrutiny in Nigeria, with allegations of contributing to the naira's devaluation, challenging the crypto exchange's regulatory dialogues.
Nigerian Crypto Investors Face Account Freezing
Nigerian crypto investors using P2P services are concerned about the Central Bank of Nigeria (CBN) flagging their bank accounts due to their connection to the Flutterwave hack. The situation has discouraged P2P users from using OTC markets, causing businesses to crumble and possible legal repercussions.
CBN Approves Africa Stablecoin Consortium's cNGN for Regulatory Sandbox Pilot
CBN approves ASC's cNGN stablecoin, a regulated digital currency pegged to the Naira, launching on Feb 27, 2024.
Nigerian Police Arrest Politician Wilfred Bonse for Involvement in Patricia Technologies Financial Fraud
Nigeria Police Force arrests politician Wilfred Bonse for over 200 million Naira financial fraud at Patricia Technologies, three for romance scam, and USDT recovery in cryptocurrency fraud.
Nigerian High Court Orders Binance to Comply with EFCC Data Request Amidst Money Laundering Concerns
Binance must supply Nigerian user data to the EFCC as the Nigerian High Court cites money laundering risks, highlighting crypto's impact on the naira's stability.
Nigerian Blockchain Firm Bitmama Closes $2 Million Pre-Seed Funding Round
Bitmama said the founding round will enable it to open up the continent to more investment and financial opportunities accessible to users.
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.
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.
SEC Nigeria Issues Warning Against Investing with Binance; Declares Operations Illegal
SEC Nigeria warned against investing with Binance, declaring its operations in Nigeria illegal. The notice, dated July 26, 2023, urges caution with unregulated crypto-assets.
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.
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.
Nigeria Takes the Highest Bitcoin Optimism Levels at 60%, Survey Reads
Since knowledge feeds optimism and participation, Nigeria emerged as the top nation with the highest rates of optimism about Bitcoin’s future at 60%, according to a study by Jack Dorsey-owned Block, Inc.
Nigeria Tops in Global Crypto Ownership, With Nearly Half of the Population Being Crypto Users or Owners
With cryptocurrencies being one of the technological innovations taking the world by storm, Nigeria takes the lead in terms of crypto ownership, a survey suggests.
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.
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 Blockchain Remittance Platform Afriex Raises $10M in Series A Funding
Nigerian fintech startup Afriex has closed a $10 million Series A round at a $60 million valuation.
Nigeria's E-Naira Gains Momentum, Tackles Influence of Volatile Cryptos
Nigeria's further efforts to curb the influence of cryptocurrencies have begun to bear fruits as its introduction of a centralised digital currency eNaira has lured about half a million users within three weeks.
Nigeria’s eNaira Records 200,000 Transactions Worth Over $10 Million Since October
Based on eNaira’s success, Nigeria government is taking efforts to boost the functional capacity of the Central Bank Digital Currency (CBDC).
The Central Bank of Nigeria to Conduct its Central Bank Digital Currency Pilot on October 1
The Central Bank of Nigeria (CBN) officially announced to pilot its central bank digital currency programme on the Hyperledger Fabric blockchain on October 1.
eNaira: Nigeria Rolls Out Africa’s First Central Bank Digital Currency
Nigeria has become the first nation in Africa to officially launch a CBDC.
El Salvador Ranks Top in Bitcoin Searching on Google, Follows by Nigeria
The growing interest in Bitcoin continues to draw attention from the public as El Salvador takes the helm of Google searches.
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.
Nigeria's Central Bank Freezes Bank Accounts Linked to Suspected Illegal Crypto Traders
The central bank of Nigeria has ordered a directive to freeze the bank accounts associated with two individuals and a firm suspected of illegally engaging in crypto trading.
Twitter CEO Jack Dorsey Supports Nigerian Protest Against Police Brutality With Bitcoin Donations
Twitter CEO Jack Dorsey has supported Nigeria's EndSars campaign against police brutality with an undisclosed amount of Bitcoin (BTC), asks public for further donations.
Nigerians Set to Enjoy Remittances at 1% Cost Through the Strategic Partnership Between Dash And Bitfxt
According to the report, this partnership is meant to ensure that Nigeria's crypto-enthusiasts enjoy remittances at a very affordable rate. While Dash is deemed as a leading digital asset for remittances and international payments with secure, fast and affordable transactions, BITFXT a Nigerian exchange with the goal of bringing more liquidity to the Nigerian crypto market. The recent development indicates that the team has decided to bridge the gap in remittances for Nigerians through the use of Dash at a 1% cost.
Nigeria Eyes New Regulatory Framework to Boost Crypto and Blockchain Adoption
Nigeria’s Ministry of Finance is collaborating with the nation’s capital market watchdog, to provide a new regulatory environment for the blockchain and crypto space.
Nigerian Securities Commission to Release Official Guidelines on Crypto Regulations
The Nigeria Securities and Exchange Commission has announced a proposed crypto regulation guideline.
Binance Enables Support for Naira, But is Cryptocurrency Legal in Yet in Nigeria?
Binance, one of the top cryptocurrency exchange has opened support for the Nigerian National currency (Naira) on its trading platform.
Bitcoin Adoption in Africa Sees Massive Surge as P2P Volumes Hit All-Time Highs
Crypto analyst Kevin Rooke has revealed that Bitcoin is having a field day as peer to peer (P2P) volumes are hitting all-time highs (ATHs) as a 2.5-fold surge has been experienced since March. Some of the African nations leading the pack include Kenya, South Africa, Nigeria, and Ghana, as the Bitcoin being traded weekly has exceeded $1 million.
Binance Lists the Nigerian Naira on its Exchange Platform in Partnership with Flutterwaves
Binance has announced its listing of the Nigerian Naira on its exchange in collaboration with Flutterwaves, a Nigerian company that is poised to help banks and businesses build secure and seamless payments solutions for their customers.
UN Investigates North Korea on Cyberattacks Funding WMD
The U.N. experts are currently investigating 35 cases in 17 countries where North Koreas were using cyberattacks to raise money for the military objective.
COINNEWSEXTRA AND GLOBAL POLICY HOUSE TO HOST FIRST UNPRECEDENTED CBDC CONFERENCE IN AFRICA
One of the best gift possessed by humans is the ability to adapt to change. Little did we know that the global COVID-19 pandemic was going to deprive us of our regular mode of living, here we are today with several months of stay at home with many organisations and people pivoting into the digital economy. The immense impact of the COVID-19 pandemic has severely affected the whole world with developments changing frequently. However, digital innovations and technology solutions have been deployed to respond urgently to these changes, This has led to a notable increase in demand for online transactions, resulting in a significant shift from cash to digital payment methods.