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Nigeria Central Bank Governor Says CBDC Launch Just ‘a Couple of Days’ Away
10.10.2021
The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has confirmed the country’s upcoming digital currency will be launched “in a couple of days from now.” According to the governor, the digital currency which is also known as the e-naira will be the first of...
Nigerian Central Bank Threats Force Parallel Exchange Rate Tracker to Suspend Service
20.9.2021
Following threats from the Central Bank of Nigeria (CBN), the management of Abokifx, a website that tracks the Nigerian currency’s black market exchange rates, has announced the suspension of their daily updates. This suspension will remain in effect until Abokifx gets “better clarity...
Nigerian Currency Plunges to New Low of 570 — 10% of Value Lost in Under 30 Days
17.9.2021
The Nigerian currency, the naira, plunged to a new all-time low of N570 for every dollar on September 16, 2021. This new exchange rate means since August 17, the naira has now lost about a tenth of its value on the foreign currency black market. Naira Overvalued In spite of this plunge, which...
Central Bank of Nigeria Selects Barbados-Based Fintech Firm as Technical Partner for CBDC Project
1.9.2021
The Central Bank of Nigeria (CBN) has named the fintech firm Bitt Inc. as a technical partner for its digital currency project, the e-naira. As a technical partner, Bitt is expected to use its “technological competence and implementation experience” to help the CBN successfully launch...
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...
Report: Nigeria’s Digital Currency to Be Designated ‘Critical National Infrastructure’
11.8.2021
According to a report, the Central Bank of Nigeria (CBN) is planning to have its proposed digital currency designated “critical national infrastructure” in order to protect it from operational and cyber-security risks. In addition, the CBN will also apply regulatory and compliance...
Nigerian Central Bank Stops Forex Sales to Bureaus de Change — Operators Accused of Feeding Black Market
28.7.2021
The Central Bank of Nigeria (CBN) recently announced the abrupt end to sales and outsourcing of foreign exchange to Bureau de Change (BDC) operators after accusing them of failing to stick to their core mandate. Instead of providing forex to retail users, BDCs are believed to be supplying...
Report: Nigeria to Start Piloting Digital Currency in October
24.7.2021
The Central Bank of Nigeria (CBN) has reportedly set October 1 as the commencement date for the trial phase of its digital currency project. Dubbed project Giant, this digital currency project, or the “e-naira,” is expected to use the Hyperledger Fabric blockchain. CBDC Comes to Life...
Nigerian Currency Overvalued by 10% Says Central Bank Governor
1.7.2021
The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has reportedly told investors that the country’s currency is overvalued by 10%. The governor’s remarks, which have been confirmed by two unnamed sources, suggest that the central bank is planning to devalue the naira...
Nigerian Learning Institution Says It Now Accepts Crypto as Payment for School Fees
29.6.2021
A learning institution in Nigeria’s Kano state, the New Oxford Science Academy, recently announced it will be accepting cryptocurrency as payment for school fees. According to the school’s proprietor, Sabi’u Musa Haruna, the institution arrived at this decision after consulting...
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...
Nigerian Lawmakers Slam Naira Devaluation, Warn of Inflation Implications
11.6.2021
Nigeria’s House of Representatives has moved a motion calling on the country’s central bank to end the continuing devaluation of the naira. In his unanimously adopted motion, House Representative Bamidele Salam warned the Central Bank of Nigeria (CBN) of the negative “implications...
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...
Nigeria Money Printing Controvesy: CBN Governor’s Remarks Attacked, Government Denies It Financed Deficit via Money Printing
21.4.2021
The fallout sparked by reports that the Central Bank of Nigeria (CBN) printed over $150 million for states’ funding continued a few days after the allegations were initially made. In the latest twist, the opposition People’s Democratic Party (PDP) vice-chairman Dan Orbih said the...
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...
Central Bank of Nigeria Governor Defends Decision to Exclude Crypto Players, Says the Order Is ‘in the Best Interests of Nigerians’
26.2.2021
The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has defended the apex bank’s decision to exclude cryptocurrency transactions from the banking ecosystem. In his testimony before the Nigerian Senate, Emefiele claimed that the February 5 directive is “in the best...
Central Bank of Nigeria Governor Decries the Use of Parallel Exchange Rate as Citizens Switch to Crypto
4.12.2020
The governor of the Central Bank of Nigeria (CBN) Godwin Emefiele says the embrace of the parallel market exchange rate by some professionals in that country is unfair and unfortunate. The CBN governor says the parallel foreign exchange market only accounts for a share of the market that does...