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Report: Nigerian Securities and Exchange Commission Sets Up Fintech Division for Crypto Research
5.9.2021
Nigeria’s securities regulator, the Nigerian Securities and Exchange Commission (SEC) has set up a fintech division “to study crypto investments.” This was revealed by Lamido Yuguda, the director-general of the SEC during an interview. Protecting Crypto Investors In...
Nigerian Central Bank Freezes Bank Accounts of Fintech Firms, Accuses Them of Violating Forex Regulations
19.8.2021
The Central Bank of Nigeria (CBN) reportedly frozen bank accounts belonging to four fintech firms for up to 180 days after a Federal High Court in Abuja acceded to an “ex parte motion.” The ex parte motion, which is a form of temporary suspension, was granted after a Nigerian chief...
Leader of Nigerian Crypto Stakeholders’ Body Welcomes the E-Naira — Says It ‘Comes With No Magic Wand’
1.8.2021
Nigeria’s proposed digital currency, the e-naira, is likely to be a welcome boost to ongoing efforts to reduce the number of Nigerians that are financially excluded, a leader of a stakeholders’ body has said. However, according to Senator Ihenyen, the president of Stakeholders...
Nigerian Crypto Exchange Boss: CBN Directive Led Shift of Trades From Centralized Exchanges to Black Market Exchanges
1.8.2021
It has been more than six months since the Central Bank of Nigeria (CBN) directed banks to stop serving customers from the cryptocurrency industry. While the measure appears to have succeeded in removing crypto entities from the banking ecosystem, the policy has however led to the growth...
Nigerian Twitter Suspension Has Unintended Effects on Country’s Crypto Community
6.7.2021
On the surface, it looks like Nigeria’s suspension of Twitter operations on June 4 may have been triggered by the microblogging company’s decision to take down a controversial tweet — from President Mohammed Buhari. However, as some observers have noted, the removal of the tweet...
The CBN Says Nigeria Will Have a Digital Currency Before End of Year
12.6.2021
Nigeria is likely to have its own central bank digital currency (CBDC) by the end of the year, an official with the Central Bank of Nigeria (CBN) has said. In his remarks following the bankers’ committee meeting, Rakiya Mohammed, who is the director of information technology at CBN, also...
Central Bank of Nigeria Governor Says “Digital Currency Will Come to Life” but Attacks Volatile Cryptocurrencies
26.5.2021
Central Bank of Nigeria (CBN) governor, Godwin Emefiele, says digital currency “will come to life even in Nigeria” just a few months after the central bank ordered banks to stop serving the crypto industry. While acknowledging his country’s position as one of the leading crypto...
Nigerian Regulator Issues ‘Extreme Caution’ Crypto Investments Warning
28.4.2021
Nigeria’s Economic and Financial Crimes Commission (EFCC) has become the latest body to warn of risks associated with cryptocurrency investments. In a public warning, the law enforcement agency argues that investing in cryptos “is a high-risk activity as the terrain is largely...
Sale of MTI Bitcoins in South Africa Briefly Wipes out Premium Buyers
22.4.2021
The premium or arbitrage gap on bitcoin in South Africa recently turned negative following the offloading of coins worth over $75 million by liquidators of MTI. As a result of the temporary supply glut, buying bitcoins on local South African exchanges briefly became cheaper than buying on overseas...
P2P Bitcoin Traders in Nigeria Think Outside the Box in the Wake of CBN Restrictions
18.4.2021
After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency industry, bitcoin and altcoin trade volumes on centralized exchanges immediately plunged. Nevertheless, the new regulations seem to have succeeded in boosting crypto trade volumes on informal markets...
Nigeria’s SEC in Talks With Central Bank of Nigeria Over Crypto Regulation— 2020 Crypto Guidelines Still Suspended
17.4.2021
Nigeria’s Securities and Exchange Commission (SEC) has revealed that talks with the Central Bank of Nigeria (CBN) regarding the regulation of cryptocurrencies are ongoing. The securities regulator also reiterated that due to a CBN directive that was issued on February 7, 2021, the crypto...
Nigerian Blockchain Educator Says Uncertain Regulations and Scams Slow Adoption of Cryptocurrencies
15.4.2021
With a population of over 200 million, Nigeria is widely regarded as one the biggest crypto markets in the world. Some in the crypto world believe Nigeria is one of the few countries better placed to see a greater acceptance of digital currencies. However, despite this optimism, the Nigerian crypto...
Central Bank of Nigeria Official Reiterates Nigerian Residents Free to Trade Cryptos: Directive Only Applies to Banking Sector
21.3.2021
A senior executive with Nigeria’s central bank, Adamu Lamtek, has reportedly denied that his institution had placed restrictions on the use of cryptocurrencies. Instead, Lamtek, who is the deputy governor responsible for corporates services at the Central Bank of Nigeria (CBN), says...
Nigerian Vice President Yemi Osinbajo Contradicts Central Bank, Says Cryptocurrencies Must Regulated and Not Prohibited
27.2.2021
In an apparent rebuke of the Central Bank of Nigeria (CBN), the Vice President of Nigeria Yemi Osinbajo says the country’s monetary authorities must consider regulating crypto assets. He adds that instead of “killing the goose that might lay the golden egg”, Nigerian monetary...
IMF Representative of Nigeria Calls for Caution Over the Use of Cryptocurrencies
20.2.2021
The International Monetary Fund (IMF) resident representative for Nigeria, Ari Aisen recently discussed the Central Bank of Nigeria (CBN) directive that targets crypto entities. In remarks made during a special virtual press briefing, Aisen repeats some of the CBN’s claims that...
Nigeria Crypto Ban: Bitcoin Sells for $76K as Deposits on Centralized Exchanges Plummet
18.2.2021
According to a website that tracks the price of bitcoin across the globe, the crypto asset’s selling price in Nigeria as of February 18 stood at $ 76,000. At this price, the crypto asset is selling for $20,000 more than the approximately $52,000 that most cryptocurrency exchanges...