Nigerian Vice President Says Current Naira Exchange Rate ‘Artificially Low’

Nigerian Vice President Yemi Osinbajo recently warned that the country’s official naira exchange rate of N411 for every dollar is artificially low.

Nigeria Central Bank Governor Says CBDC Launch Just ‘a Couple of Days’ Away

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 its kind in Africa.

Nigerians Optimistic CBDC Will Improve Payments and Help Promote Cryptocurrencies

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 Nigerian blockchain experts like Janet Kaatyo believe […]

Nigerian Court Paves Way for CBDC Rollout, Suggests ‘Plaintiff May Be Adequately Compensated’

The Nigerian High Court that is presiding over the e-naira trademark infringement case brought against the Central Bank of Nigeria (CBN), has ruled that Central Bank Digital Currency (CBDC) “may proceed on national interest” considerations.

Nigeria CBDC Countdown: Central Bank Delays E-Naira Rollout

A spokesperson for the Central Bank of Nigeria (CBN), Osita Nwanisobi, has said the launch of the much-hyped e-naira central bank digital currency (CBDC) has now been postponed to a later date.

Nigerian Lawmaker Proposes Closure of All Domiciliary Accounts in Order to Save Imperiled Naira

Nigerian lawmaker Ibrahim Obanikoro has called on Nigerian authorities to “close all domiciliary accounts for the next 12 months.” Such a move, he argues, will help to ease pressure on the naira, which has depreciated by more than 10% in the past two months.

Central Bank of Nigeria awaits eNaira launch ahead of website's success

The countdown to launch one of the world's first central bank digital currencies has begun.

Nigerian CBDC Website Goes Live, Central Bank Faces Trademark Infringement Allegations

According to reports from Nigeria, the official website for the Central Bank of Nigeria (CBN)’s e-naira digital currency is now up and running.

Nigerian Central Bank Threats Force Parallel Exchange Rate Tracker to Suspend Service

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.

Luno to Reinstate Deposit and Withdrawal Function for Nigerian Clients — Denies User Speculation

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 to happen “in the coming weeks.” Luno Not in Direct Communication With […]

Nigerian Currency Plunges to New Low of 570 — 10% of Value Lost in Under 30 Days

The Nigerian currency, the naira, plunged to a new all-time low of N570 for every dollar on September 16, 2021.

Nigeria's central bank advocates e-Naira as a 'safer alternative' to Bitcoin

The Central Bank of Nigeria [CBN] is not a fan of Bitcoin.

E-Naira Countdown: Nigerian Experts Question Selection of Bitt Inc as Central Bank’s Fintech Partner

Nigerian fintech entrepreneurs have slammed the Central Bank of Nigeria (CBN)’s decision to select Bitt Inc as its fintech partner.

Nigerian Central Bank: We Are Not Worried About the Naira’s Valuation

The Central Bank of Nigeria (CBN)’s director of monetary policy, Hassan Mahmud, has suggested that the institution is not worried about the naira’s valuation but is instead interested in “boosting dollar supply on the currency market.” Naira Depreciation According to a report, Mahmud’s remarks were made just a day after the local currency touched a […]

Report: Nigerian Securities and Exchange Commission Sets Up Fintech Division for Crypto Research

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.

Central Bank of Nigeria Selects Barbados-Based Fintech Firm as Technical Partner for CBDC Project

The Central Bank of Nigeria (CBN) has named the fintech firm Bitt Inc.

Central Bank of Nigeria partners with fintech firm to execute its CBDC rollout

Over 85 percent of Central Banks are now considering adopting digital currencies in their respective  countries.

Annual US Dollar Remittances to Nigeria Surge to $34 Billion but Forex Woes Persist

According to a report, the value of annual dollar remittances by Nigerians working abroad has surged to $34 billion, a figure that easily surpasses the previous record-high of $25 billion.

Nigeria's central bank partners with fintech firm Bitt Inc for CBDC rollout

The CBN considered Bitt Inc’s experience in the development of the Eastern Caribbean Central Bank’s DCash, launched in April. Barbados-based fintech firm Bitt Inc will be working as the technical partner for the Central Bank of Nigeria for its proposed e-naira digital currency.In a Monday announcement, the Central Bank of Nigeria (CBN) said it had chosen Bitt Inc based on the company’s “technological competence, efficiency, platform security, interoperability and implementation experience.” It also considered the fintech firm’s experience in the development of the Eastern Caribbean Central Bank’s digital currency, DCash, which it launched in April.

Nigerian Central Bank Reveals CBDC Guidelines, Announces Plan to Launch E-Naira Wallet

The Central Bank of Nigeria (CBN) has reportedly confirmed that its e-naira digital currency will have a legal tender and non-interest-bearing asset status.

Nigeria's central bank issues draft guidelines on eNaira CBDC project

CBN says the proposed central bank digital currency will offer parity of value and will operate as a non-interest-bearing CBDC. The Central Bank of Nigeria (CBN) has issued preliminary guidelines for its proposed eNaira digital currency.In a sensitization document sent to commercial banks in the country, the CBN outlined several design features of the central bank digital currency (CBDC).According to the document seen by Cointelegraph, Nigeria’s CBDC is codenamed “Project Giant” and will be pegged to the value of the naira.Thus, the eNaira will offer parity of value but will not be an interest-bearing currency.

Nigerian Central Bank Freezes Bank Accounts of Fintech Firms, Accuses Them of Violating Forex Regulations

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, Micheal Kaase Aondoakaa, filed the […]

Kucoin Boss on Strategy After Hack: ‘We Chose to Act’

Kucoin, one of the leading crypto exchanges, suffered a hacking incident in 2020 where over $250 million was stolen.

Report: Nigeria’s Digital Currency to Be Designated ‘Critical National Infrastructure’

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.

Leader of Nigerian Crypto Stakeholders’ Body Welcomes the E-Naira — Says It ‘Comes With No Magic Wand’

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.

Nigerian Crypto Exchange Boss: CBN Directive Led Shift of Trades From Centralized Exchanges to Black Market Exchanges

It has been more than six months since the Central Bank of Nigeria (CBN) directed banks to stop serving customers from the cryptocurrency industry.

Nigerian Central Bank Stops Forex Sales to Bureaus de Change — Operators Accused of Feeding Black Market

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.

Report: Nigeria to Start Piloting Digital Currency in October

The Central Bank of Nigeria (CBN) has reportedly set October 1 as the commencement date for the trial phase of its digital currency project.

The Central Bank of Nigeria to Conduct its Central Bank Digital Currency Pilot on October 1

The Central Bank of Nigeria (CBN) officially announced to pilot its central bank digital currency programme on the Hyperledger Fabric blockchain on October 1.

Nigeria to pilot central bank digital currency in October

The Central Bank of Nigeria will start the pilot of its central bank digital currency, which runs on the Hyperledger Fabric blockchain, on October 1. For much of 2021, the Central Bank of Nigeria (CBN) has been in the headlines for its anti-cryptocurrency measures.

These numbers prove that 'there’s no stopping' Bitcoin here

After the Central Bank of Nigeria [CBN] directed the financial institutions from restricting services for businesses involved in cryptocurrencies, users turned to the peer-to-peer mode of transfers.

Nigeria’s June P2P Bitcoin Trade Volumes Surged Again Despite Central Bank’s Crypto Restrictions

Nigeria’s peer-to-peer bitcoin trade volumes went up to just under $38 million in June 2021, the latest data shows.

Nigerian Twitter Suspension Has Unintended Effects on Country’s Crypto Community

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.

Nigerian Currency Overvalued by 10% Says Central Bank Governor

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has reportedly told investors that the country’s currency is overvalued by 10%.

Nigerian Learning Institution Says It Now Accepts Crypto as Payment for School Fees

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.

Report: Nigerian NFT Artists Thrive Despite Bubble Fears and Ongoing Central Bank Anti-Crypto Restrictions

Nigerian artists are now increasing their net worth by leveraging the art world’s lucrative pivot to non-fungible tokens (NFT).

New World Bank Report: Nigeria’s Exchange Rate Policies Fueling Inflation, Affecting Food Prices

Nigeria’s use of multiple exchange rates regimes may have contributed to a rise in the country’s inflation rate, the latest World Bank report has said.

Nigerian Central Bank Threatens Jail Time for Citizens Caught Defacing Naira Banknotes

Fighting to stop the value of the naira from dropping further, the Central Bank of Nigeria (CBN) faces yet another problem: abuse of naira banknotes.

After Central Bank Devalues Naira by 5% Finance Minister Attributes Drop to ‘Market Forces’

Nigerian Finance Minister Zainab Ahmed has denied widespread reports that the Central Bank of Nigeria (CBN) had sanctioned the devaluation of the local currency sometime in May 2021.

The CBN Says Nigeria Will Have a Digital Currency Before End of Year

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.

Nigeria's central bank plans CBDC pilot launch before the end of 2021

The Central Bank of Nigeria says it is gearing up to test a sovereign digital currency to ease foreign remittance restrictions. Rakiya Mohammed, an IT specialist at the Central Bank of Nigeria (CBN) has announced that the apex bank is making efforts to float a central bank digital currency in the country.According to a report by People’s Gazette, Mohammed made this known after the Bankers Committee meeting held in Abuja on Thursday, telling reporters:“Before the end of the year, the Central Bank will be making a special announcement and possibly launching a pilot scheme in order to be able to provide this kind of currency to the populace.”Back in May, CBN governor Godwin Emefiele had stated that digital currencies will “come to life” in Nigeria despite the current ban.Indeed, Nigeria’s central bank banned commercial banks and other financial institutions from servicing crypto exchanges in February citing debunked claims of cryptocurrencies being primarily used for illicit transactions.According to Mohammed, the CBN’s digital currency will act complementary to naira cash notes.

Nigerian Lawmakers Slam Naira Devaluation, Warn of Inflation Implications

Nigeria’s House of Representatives has moved a motion calling on the country’s central bank to end the continuing devaluation of the naira.

African Fintech Start-up Chipper Cash Raises $100 Million — CEO Says No Crypto Services for Nigeria

Chipper Cash, an African fintech firm that specializes in facilitating cross-border payments, recently closed a $100 million Series C funding round.

Central Bank of Nigeria Governor Says “Digital Currency Will Come to Life” but Attacks Volatile Cryptocurrencies

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.

Nigeria Bureau De Change Association Boss Accuses Speculators of Destabilizing the Naira— Says Central Bank Funding Will End Currency Woes

According to the head of the Nigerian group of bureau de change operators, the naira’s continued fall on the parallel market is down to the activities of speculators.

Nigeria Devalues Currency as Central Bank Moves to Unify Exchange Rates

In a possible policy shift, the Central Bank of Nigeria (CBN) recently allowed the local naira currency to briefly drop to a new low of USD$1 for 419.75 nairas on May 14, 2021.

Nigeria’s Cryptocurrency Traded Volumes on P2P Platform Top $1.5 Billion

According to Paxful, a peer-to-peer trading platform, Nigeria’s cryptocurrency traded volumes on the platform topped $1.5 billion in the first four months of the year 2021.

Nigeria Stopping the Rejection of Old or Torn USD Notes Underlines Why Crypto Is a Better Reserve Currency

In early April 2021, the Central Bank of Nigeria (CBN) issued a circular warning Nigerian institutions to stop the practice of rejecting old or lower denomination USD notes.

Nigerians Shun Local Currency— Seek to Protect Wealth From Inflation and Currency Depreciation with Foreign Currency

Nigerians are thought to be accumulating foreign currencies which they believe will protect their wealth from the naira’s volatility as well as the surging inflation.

Nigeria Money Printing Controvesy: CBN Governor’s Remarks Attacked, Government Denies It Financed Deficit via Money Printing

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.

P2P Bitcoin Traders in Nigeria Think Outside the Box in the Wake of CBN Restrictions

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.

Nigeria’s SEC in Talks With Central Bank of Nigeria Over Crypto Regulation— 2020 Crypto Guidelines Still Suspended

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.

Nigeria's SEC says central bank's crypto ban disrupted the market

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 Guardian, the SEC director-general made this assertion known during a press conference organized after the meeting of the Capital Market Committee on Thursday. As previously reported by Cointelegraph, the Central Bank of Nigeria barred commercial banks from servicing crypto exchanges back in February. According to Yuguda, the Commission has been forced to pause its planned cryptocurrency regulatory framework announced in September 2020. The SEC director-general also maintained that the suspension of the Commission’s crypto regulatory plans will remain in place until exchanges can operate bank accounts in the country. As part of his address, the SEC chief maintained that the Commission was working with the CBN to create an optimal regulatory regime for cryptocurrencies in the country.

Central Bank of Nigeria Blocks Fintech Startups From Accessing KYC Service— Decision Described as an ‘Attack on All Fintechs’

The Central Bank of Nigeria (CBN) has recently suspended the provision of the bank validation number (BVN) service to all fintech and third-party partners.

P2P Bitcoin Trade Volumes Surge in Kenya and Ghana but Nigeria Still Dominates

According to new data, peer-to-peer (P2P) bitcoin trade volumes in Kenya and Ghana surged in Q1 of 2021, with the two countries now ranked second and third respectively.

African Migrants Are Turning to Cryptocurrency Platforms for ‘Low-Fee Remittances’

As central banks on the African continent fight to keep cryptocurrencies from going mainstream, many more migrant workers are increasingly turning to money-sending platforms that use cryptocurrencies when moving funds across borders.

Nigerian Citizens Are Not Banned From Trading Bitcoin and Crypto, Says Central Bank

The Central Bank of Nigeria (CBN) has reportedly clarified that Nigerians can freely trade Bitcoin (BTC) and other cryptocurrencies.

Central Bank of Nigeria is OK With Crypto: We Are Not Discouraging People From Trading

Last month the Central Bank of Nigeria said that dealing with crypto was prohibited.

Nigeria's central bank not discouraging people from trading crypto, says governor

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, Central Bank of Nigeria, or CBN, deputy governor Adamu Lamtek said on behalf of Emefiele that the bank had not banned Nigerian residents from buying, trading, or selling crypto, but “[protected] the banking sector from the activities of cryptocurrencies.” Lamtek spoke at a seminar for the Finance Correspondents and Business Editors in the capital, Abuja. “The CBN did not place restrictions from use of cryptocurrencies and we are not discouraging people from trading in it,” said Emefiele.

Central Bank of Nigeria Official Reiterates Nigerian Residents Free to Trade Cryptos: Directive Only Applies to Banking Sector

A senior executive with Nigeria’s central bank, Adamu Lamtek, has reportedly denied that his institution had placed restrictions on the use of cryptocurrencies.

Nigeria to Pay 1.2 Cents for Each Dollar Remitted to the Country to Combat Cryptocurrency Use

The Central Bank of Nigeria (CBN) has announced a scheme that seeks to boost international remittances as well as to encourage the use of official corridors when retrieving funds.

Nigerian Vice President Yemi Osinbajo Contradicts Central Bank, Says Cryptocurrencies Must Be Regulated and Not Prohibited

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.

Blockchain and crypto will challenge current finance, Nigeria VP says

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 ways that we cannot yet imagine,” Osinbajo said on Friday during the Central Bank of Nigeria, or CBN, Bankers’ Committee Economic Summit.

Central Bank of Nigeria Governor Defends Decision to Exclude Crypto Players, Says the Order Is ‘in the Best Interests of Nigerians’

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.

'Cryptocurrency is not legitimate money,' says Nigeria's central bank governor

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 remarked that the CBN ban was in the best interest of Nigerians. According to a report by media outlet Punch, while addressing the Senate committee, Emefiele remarked: “Cryptocurrency is not legitimate money.

Crypto market too big to ignore, says Nigeria SEC

Nigeria’s Securities and Exchange Commission says it is committed to creating a clear-cut regulatory framework for cryptos in the country. Having recently suspended its planned crypto regulations in the wake of the central bank ban, Nigeria’s Securities and Exchange Commission has clarified its position on cryptocurrencies in the country. According to a report by Premium Times, both the SEC and the Central Bank of Nigeria will work collaboratively on devising a concrete regulatory framework for cryptos in Nigeria. For Timi Agama, the commission’s registration, exchanges, market infrastructure, and innovation head, regulators in Nigeria cannot afford to ignore the $1.74 trillion crypto market. Speaking at a virtual conference organized by the Association of Capital Market Academics of Nigeria in the capital, Abuja on Sunday, Agama remarked: “Part of the desire of the SEC even in the future is to provide a regulatory framework that will take care of all these challenges that we have seen internationally and the entire world is grappling with in terms of cryptocurrency and digital assets.

IMF Representative of Nigeria Calls for Caution Over the Use of Cryptocurrencies

The International Monetary Fund (IMF) resident representative for Nigeria, Ari Aisen recently discussed the Central Bank of Nigeria (CBN) directive that targets crypto entities.

Nigeria Crypto Ban: Bitcoin Sells for $76K as Deposits on Centralized Exchanges Plummet

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.

Bitcoin selling at 36% premium in Nigeria

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.

Nigeria Crypto Ban: Stakeholder Body, Politicians Assail Central Bank’s Directive to Financial Institutions

A body representing cryptocurrency and blockchain stakeholders in Nigeria has joined other crypto industry players in assailing the recent Central Bank of Nigeria (CBN) directive to banks.

More harm than good? Nigerian crypto users in disbelief over CBN ban

Crypto and blockchain stakeholders in Nigeria have criticized the central bank’s decision to ban banks from servicing crypto firms. The Central Bank of Nigeria has banned banks from servicing crypto exchanges in the country in a move that echoes actions taken by its Indian counterpart back in 2018.

Nigeria’s SEC Puts Plans to Regulate Crypto on Hold in Light of Central Bank Ban

Nigeria’s Securities and Exchange Commission (SEC) announced Thursday it has put plans to regulate cryptocurrencies on hold.

Nigeria’s Senate Summons Central Bank Chief to Explain Crypto Ban

The Nigerian Senate wants Central Bank Governor Godwin Emefiele and chief securities regulator Lamido Yuguda to testify about cryptocurrencies.

Bitcoin has made the Naira almost useless, says Nigerian Senator

A cross-section of Nigerian senators have reacted to the recent Bitcoin ban enacted by the country’s central bank. As previously reported by Cointelegraph, the Central Bank of Nigeria issued a circular banning banks from servicing crypto exchanges. Reacting to the news during the Thursday plenary session, Senator Sani Musa of the Niger East Senatorial District remarked: “Cryptocurrency has become a worldwide transaction of which you cannot even identify who owns what.

Central Bank of Nigeria Denies It Has Placed New Restrictions on Cryptocurrencies — Uses Debunked Claims to Justify New Directive

Following the outcry over the Central Bank of Nigeria’s latest directive that targets cryptocurrencies, the institution has reaffirmed its stance with another statement.

Bitcoin ‘Can’t Be Stopped’: Nigerians Look to P2P Exchanges After Crypto Ban

Some Nigerians plan to continue using bitcoin (BTC) and other cryptocurrencies despite a directive issued by the Central Bank of Nigeria (CBN) last week ordering banks to close down accounts associated with cryptocurrencies.

State of Crypto: India and Nigeria’s Crypto Crackdowns Continue Old Trends

Both nations hope to prevent banks from providing services to crypto companies.

Central Bank of Nigeria Bans Cryptocurrency Transactions, Says Crypto Breeds Illegal Activities

The Central Bank of Nigeria (CBN) has once again doubled down on its efforts to ban cryptocurrency transactions stating they are a breeding ground for illegal activities.

Nigerian Central Bank Says Its Ban on Crypto Accounts Is Nothing New

The Central Bank of Nigeria said its warning to banks on Friday was not a new position, but a reiteration of its 2017 stance on cryptocurrencies.

Central Bank of Nigeria Orders Banks to Close Accounts of Crypto Clients as Remittances via Traditional Corridors Drop by 97%

The Central Bank of Nigeria (CBN) has circulated a letter directing banks and financial institutions to identify and close accounts of cryptocurrency transacting entities.

Binance Suspends Deposits in Nigeria Following Central Bank Directive

Nigeria's central bank told financial institutions they couldn't provide crypto companies or users with services on Friday.

Central Bank of Nigeria Orders Banks to Discontinue Servicing Bitcoin Clients

The Central Bank Bank of Nigeria has reportedly imposed a ban on cryptocurrency trading activities according to a circulating memo.

Central Bank of Nigeria bans banks from servicing crypto exchanges

Nigeria's central bank has prohibited commercial banks from providing account services to crypto exchanges. The Central Bank of Nigeria has placed a ban on all regulated financial institutions from providing services to crypto exchanges in the country. The prohibition was contained in a circular issued by the CBN on Friday.

Nigeria’s Yellow Card Processes $165 Million in Crypto Remittances So Far This Year

Nigerian crypto startup Yellow Card says it processed over $165 million in volume during the first eleven months of this year.

Central Bank of Nigeria Governor Decries the Use of Parallel Exchange Rate as Citizens Switch to Crypto

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.

Former Microsoft Engineer Says Nigerian Expatriates Are Using Bitcoin to Circumvent Country’s Overvalued Exchange Rate

A former Microsoft software engineer and co-founder of Buycoins Africa Tomiwa Lasebikan says some Nigerians expatriates are now using bitcoin to circumvent the country’s overvalued exchange rate when sending remittances.

Nigeria Protest Group Asks for Bitcoin Donations After Regulators Block Bank Account

A Nigerian protest group called Feminist Coalition is asking well-wishers to make donations via bitcoin after authorities reportedly blocked the organization’s bank account.

Nigeria Foreign Exchange Crisis: Worsening US Dollar Shortages Point to Further Devaluation

Pressure on Nigeria’s current exchange rate is likely to get worse in 2021, when the expected recovery of imports is set to force another devaluation of the local currency to N430/$ next year, according to two Bank of America analysts.