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Nigeria’s Central Bank Rolls Out Regulations For Financial Institutions Dealing with VASPs
4.1.2024
Source: AdobeStock The Central Bank of Nigeria (CBN) has issued new regulations to guide banks and other financial institutions that offer domestic accounts for virtual assets service providers (VASPs). In an official circular released on its website on Jan 3, the country’s leading banking...
E-naira Not A Threat - Nigeria’s Central Bank Replies to Critics, Highlights Use Cases
11.10.2023
The e-naira continues to generate controversy on its adoption rate, use cases, and more recently, claims by some observers on the threat it poses to the economy.
The Central Bank of Nigeria (CBN) has publicly backed its digital currency the e-naira which it released to rival the growing popularity...
Yellow Card’s Partnership With Moonpay Set to Enhance Nigerian Users’ Crypto Trading Experience
14.9.2023
Yellow Card, the Africa-focused crypto exchange, recently said it had joined forces with Moonpay in an arrangement which is expected to help “enhance the crypto purchasing experience for Nigerians by leveraging local bank transfers.” According to Uzoma James, Yellow Card’s West...
Nigerian Presidential Hopeful’s Party Says It Will Review Country’s Blockchain and Crypto Policy if Elected
23.10.2022
The party of the Nigerian presidential hopeful Asiwaju Bola Tinubu has promised to set up an advisory committee to review regulations that govern blockchain and virtual asset services if it wins in the upcoming elections. The All Progressives Congress also said it “will work with the Central...
Report: Legal Experts Say Nigeria in Need of ‘Clear-Cut Guidelines’ for Crypto Industry
8.9.2022
Authorities in Nigeria have been told to consider upgrading the country’s cryptocurrency regulatory guidelines because current regulations are not consistent with the realities on the ground. According to legal experts, the growing interest in cryptocurrencies by Nigerians means the country...
Nigerian BTC Peer-to-Peer Volumes Nearly $400M in H1 of 2022 — Significant Growth in Kenya and Ghana Volumes
25.8.2022
Nigeria’s peer-to-peer bitcoin traded volumes of over $1.1 billion between January 2021 and June 2022 mean the West African nation is now Paxful’s largest market. Kenya, which saw traded volumes of over $325 million during the same period, now ranks as the crypto exchange’s...
Nigerian Currency Plunges to New All Time Low — Central Bank Blames Speculators
30.7.2022
The Nigerian central bank has accused currency speculators of being behind the local currency’s recent plunge to a new all-time low of N710 against the greenback. The leader of a Nigerian association of bureau de change operators insisted crypto trading may be to blame for the naira’s...
Nigerian Presidential Hopeful Says He Supports Digital Currencies but Wants the Industry Regulated
30.5.2022
Nigerian presidential hopeful, Bukola Saraki, recently said he supports the digital currency industry which he claimed has created opportunities for the country’s youth. However, he insisted that there is a need for the enactment of laws that guide players in this space. Digital Currencies...
Nigeria upgrades CBDC as crypto restrictions cripple fintech industry
10.5.2022
Nigeria’s central bank has upgraded its eNaira to steer the country away from crypto even after a UN report stated that restrictions on digital currencies are stifling the nation's fintech sector
Nigerian Fintech Founder: ‘African Fintechs Have a Greater Scale Potential Than Other Tech Startups’
9.5.2022
The African fintech industry has grown rapidly over the past few years and this has caught the attention of some well-resourced venture capital (VC) firms. As one would expect, Nigerian fintech startups have dominated the continent in terms of funds raised or the number of transactions performed....
Nigerian Agencies Told to Stop ‘Demonizing’ Crypto Industry Players
20.4.2022
Nigerian public and law enforcement agencies have been urged to “stop the demonization” of the blockchain and cryptocurrency industry. According to an association that advocates for the risk-based regulation of the crypto industry, financial institutions should not use a Nigerian...
Nigerian Blockchain Advocacy Group Says ‘Crypto Is Legit’ — Calls for Regulation of Industry
7.2.2022
The Nigerian blockchain advocacy group, the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), has said crypto is legit and must be regulated. The group adds that any such regulation should on one hand encourage innovation, but discourage bad actors on the other. Equal Access...
Nigerian Crypto Firm Executive: Central Bank Prohibition Led to Growth in Crypto Awareness
31.1.2022
The chief marketing officer (CMO) of a cryptocurrency payments solution company, Rotimi Ogunwede, has insisted that the Central Bank of Nigeria (CBN)’s decision to bar crypto entities from the banking system may be the reason why Nigerians are now more knowledgeable about cryptocurrencies....
Nigerian Crypto and Blockchain Advocacy Group: Freezing or Closure of Bank Accounts Not Supported by Law
23.11.2021
The Blockchain Industry Coordinating Committee of Nigeria (BICCON), has said it is not lawful for Nigerian financial institutions to arbitrarily freeze or close bank accounts belonging to individuals or entities accused of trading cryptocurrency. Affected Crypto Entities Told to Seek Legal Advice...
Central Bank’s Targeting of P2P Crypto Transactions Forces Startup to Quit Nigeria
23.11.2021
The Nigerian startup behind the social payment app for cryptocurrency and fiat, Kurepay, says the Central Bank of Nigeria (CBN)’s current crackdown on crypto entities has forced it to suspend operations in Nigeria. ‘Horrible’ Year for Crypto Adoption According to a report...
Nigeria Central Bank Governor: Cryptocurrency Is a Product ‘Embedded in High Level of Illegality’
18.11.2021
The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, has claimed that a majority of cryptocurrency transactions are embedded in illegality. He also asserts that there is no room for cryptocurrency in the Nigerian banking space. Pushback Against Endsars Protest Claims In his latest...
Nearly 500,000 Nigerian CBDC Wallets Downloaded Since Launch
17.11.2021
Nearly half a million e-naira wallets have been downloaded a few weeks after the central bank digital currency (CBDC) was officially launched by Nigerian President Muhammadu Buhari, the central bank has said. E-Naira’s Initial Trade Volumes In addition to the 488,000 wallets that have been...
Nigerian Judge Rules in Favor of Accused Crypto Startup, Accounts to Be Reopened
27.10.2021
A Nigerian Federal Court judge recently ruled that the two frozen bank accounts belonging to Rise Vest Technologies, which is accused of trading cryptocurrencies, must be reopened. CBN’s Bank Account Freeze Order Dismissed In a ruling that overturns the Central Bank of Nigeria (CBN)’s...
Nigerians Optimistic CBDC Will Improve Payments and Help Promote Cryptocurrencies
7.10.2021
Nigerians are hopeful the planned central bank digital currency (CBDC), also known as the e-naira, is going to enhance cross-border payments and make it “easier for the naira to be widely used and accepted.” E-Naira Launch a Boon for Cryptos In fact, according to a VOA report, some...
Luno to Reinstate Deposit and Withdrawal Function for Nigerian Clients — Denies User Speculation
18.9.2021
One of the African continent’s leading cryptocurrency exchanges, Luno, has told its Nigerian users that it is “in the process of reinstating deposit and withdrawal functions on our platform.” According to an email that was sent to Nigerian users, this reinstatement is expected...