eNaira will continue to circulate alongside its fiat counterpart, promising a faster, cheaper and more secure option for monetary transactions. The Nigerian Federal High Court joins the growing list of regulators across the globe to approve the rollout of a central bank digital currency (CBDC) as a legal tender. Named eNaira, the digital currency will…
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With much of the Nigerian crypto market underground or peer-to-peer due to government restrictions, the country’s securities regulator is looking into ways to make investors safer. In 2021, financial institutions operating in Nigeria have been the lever of a government crackdown on cryptocurrencies, beginning with February’s notorious central bank ban on lenders providing services to…
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George Residence in Lagos has announced plans to start accepting BTC payments. The company has already converted 50% of its balance sheet to Bitcoin. A luxury hotel in Lagos, Nigeria will reportedly accept Bitcoin (BTC) as a form of payment and adopt the digital asset as its primary reserve currency as concerns about inflation continue…
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The Securities and Exchange Commission of Nigeria says it is working with the central bank to create a legal framework for cryptos and digital assets. Lamido Yuguda, the director-general of Nigeria’s Securities and Exchange Commission has said the central bank’s crypto ban has caused significant disruptions to the market. According to a report by The…
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The governor of the Central Bank of Nigeria has seemingly softened his stance on crypto for individuals, if not banks. Godwin Emefiele, governor of Nigeria’s central bank which previously banned banks from servicing crypto exchanges, has reportedly clarified the bank’s position on the use of cryptocurrencies in the country. According to local news outlet TodayNG,…
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The COVID-19 pandemic has highlighted the necessity for the digitalization and sustainable development of African economies. The seventh session of the Africa Regional Forum on Sustainable Development convened earlier this month with the theme “Building forward better: Towards a resilient and green Africa to achieve the 2030 Agenda and Agenda 2063” and to promote the…
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Yemi Osinbajo sees potential for crypto and blockchain. Nigeria’s vice president, Yemi Osinbajo, delivered a speech at an economic summit on Friday in which he spoke positively of crypto and blockchain. “There is no question that blockchain technology generally, and cryptocurrencies in particular, will in the coming years, challenge traditional banking, including reserve banking, in…
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Traders are accustomed to slight price differences between exchanges, but is a 70% gap sustainable? Since the start of 2021, the price of Bitcoin (BTC) has been chasing new highs on a weekly and daily basis. On Feb. 21, BTC reached a new all-time high of $58,300. However, an interesting phenomenon is that even with…
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Nigeria’s central bank is doubling down on its anti-cryptocurrency stance. Godwin Emefiele, governor of the Central Bank of Nigeria, has defended the apex bank’s decision to ban banks from servicing cryptocurrency exchanges in the country. Appearing before a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market, Emefiele…
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In the wake of the recent ban on Nigerian banks’ servicing of crypto exchanges, Bitcoin’s price in the country has seemingly spun out of control. It’s been roughly 11 days since the Central Bank of Nigeria banned all regulated financial institutions from providing services to cryptocurrency exchanges in the country. At the risk of stiff…
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