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Crypto Ban in Nigeria Stalls eNaira Adoption Despite Global Recognition
29.12.2023
Source: AdobeStock Chinedu Albert, a legal expert specializing in Nigerian tech and innovation, has attributed the challenges facing the adoption of the eNaira, the Central Bank of Nigeria’s digital currency (CBDC), to a previous crypto ban. In an exclusive interview with Cointelegraph...
Nigeria Lifting Ban on Bank Accounts for Crypto Firms Could Lead to Usage 'Surge'
27.12.2023
Pan-African exchange Yellow Card has said it will seek licensing in the country
Crypto Exchange Yellow Card Financial Set to Apply for Nigerian License Following Cryptocurrency Ban Lift
25.12.2023
Image Source: Pexels Pan-African cryptocurrency exchange Yellow Card Financial has announced plans to apply for a license in Nigeria following the recent lifting of the country’s cryptocurrency ban. The ban, which was imposed in 2021, prohibited financial institutions from transacting...
Central Bank of Nigeria Lifts Crypto Ban Following New SEC Regulation
23.12.2023
Source: AdobeStock / Faraz The Central Bank of Nigeria (CBN) has reversed its ban on dealing with companies involved in digital tokens. According to a report by BusinessDay, the CBN has now instructed lenders to open accounts for crypto firms, marking a reversal of the ban it imposed in 2021. ...
Report: Nigerian Currency Plunges to New Low Versus the US Dollar
22.12.2023
The official exchange rate of the Nigerian currency versus the U.S. dollar recently plunged to a record low of 1,248 naira for every greenback. The governor of the Central Bank of Nigeria has told the country’s legislators that he sees the foreign exchange market stabilizing in 2024. Official...
Nigerian Crypto Exchange Describes Deposit Suspension as ‘Industry-Standard Precautionary Measure’
19.12.2023
The Nigerian cryptocurrency exchange platform Bitmama recently said it has temporarily suspended deposits due to “ongoing third-party maintenance.” Bitmama said that while earlier media reports about its suspension of deposits are correct, they nevertheless “lack context,”...
Nigerian Central Bank Warns Counterfeiters as Residents Reportedly Grapple With Cash Shortages
13.12.2023
As Nigeria grapples with cash shortages, the country’s central bank warned of the presence of counterfeit, higher-denomination naira banknotes. The bank has urged members of the public to report anyone suspected of falsifying or counterfeiting the banknotes. Central Bank Collaborates With...
Report: 47% of Nigerians Engaged in Crypto-Related Activities
10.12.2023
A new study has found that as much as 47% of Nigerians are actively engaged in crypto trading which is now increasingly incorporated in their financial lives. The analysis also showed that crypto ownership in the country grew by 15% between 2020 and 2023. Cryptocurrencies No Longer Seen...
Nigerian Supreme Court Extends Old Banknote Demonetization Deadline Again
1.12.2023
The Supreme Court of Nigeria has again extended the lifespan of the N1000, N500, and N200 naira notes. The Central Bank of Nigeria (CBN) also reiterated that all banknotes, including the previously demonetized naira, remain legal tender “ad infinitum, even beyond the initial 31 December 2023...
How DeFi Can Bridge the Forex Gap in Africa, According to Banking CEO
30.11.2023
Source: AdobeStock / Confidence Neobank Canza Finance‘s decentralized finance (DeFi) tech provides decentralized foreign exchange (FX) for African currencies, its CEO and co-founder Pascal Ntsama IV said. Canza website stresses that access to financial services and products is “a...
Stakeholder urges swift implementation of Nigeria’s blockchain policy
29.11.2023
SiBAN president Obinna Iwuno stressed the necessity of establishing a forward-thinking regulatory framework to accelerate the infusion of blockchain technology into diverse sectors of the economy
Nigeria Law Enforcement Nab Politician Who Laundered Funds Stolen From Crypto Exchange
26.11.2023
Nigerian law enforcement recently arrested a politician who is accused of laundering digital funds that were stolen from Patricia Technologies in May. CEO Hanu Fejiro praised the politician’s arrest and said the recovered funds will “go a long way to soothe Patricia users.”...
Nigerian Politician Arrested for $246,153 Theft from Patricia Technologies’ Crypto Wallet
26.11.2023
Source: AdobeStock / Faraz The Nigeria Police Force (NPF) has announced the arrest of a politician in connection with the theft of over 200 million naira (approximately $246,153) from Patricia Technologies’ crypto wallet. In a recent post on X (formerly Twitter), the NPF said the arrest...
Nigeria’s Patricia Technologies relieved as arrest made in crypto wallet heist
25.11.2023
The Nigerian Police Force spokesperson said in the statement that Ambassador Wilfred Bonse has been arrested concerning the theft, conversion of cryptocurrency wallets, and unauthorized fund diversion from Patricia Technologies Limited
Nigeria’s NITDA advocates AI integration in payments for global recognition
24.11.2023
NITDA chief Kashifu Inuwa Abdullahi said it’s crucial to take proactive measures to harness AI benefits and mitigate threats
Report: Bitcoin Mining Project Initiates Construction of Hydro-Powered Facility in Nigeria
21.11.2023
A Nigerian startup named Trojan Mining is constructing a hydro-powered facility dedicated to bitcoin (BTC) mining in the African country, according to a recent report. Over the weekend, Trojan unveiled the creation of its mining container, locally produced and designed for a 500-kilowatt (KW)...
Nigeria’s Fintech Startup Paystack Cuts Workforce, 33 Employees to Depart
18.11.2023
The Nigerian fintech startup, Paystack, will be scaling down its operations outside Africa. In addition, Paystack will part ways with at least 33 employees based in Europe and the United Arab Emirates. Co-founder Shola Akinlade has promised to help affected employees secure new roles elsewhere....
Nigerian Central Bank Dismisses Old Naira Banknote and Cash Shortage Rumors
11.11.2023
The Nigerian central bank has dismissed rumors suggesting that the previously demonetized naira banknotes are no longer legal tender. According to the bank, all banknotes it has ever issued remain legal tender and “should not be rejected by anyone.” No Shortage of Naira Banknotes Says...
Nigeria and UK foundation launch Code Clubs for digital literacy
10.11.2023
Nigeria’s communication ministry said the Code Clubs will introduce young participants to coding and digital technology and encourage them to deploy creative problem-solving in their everyday lives
Nigeria’s 3MTT program draws 1M+ applicants, introduces AI course
9.11.2023
The training will unfold in three stages according to the government’s disclosed implementation strategy