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Nigerians' passion for crypto is stopping short at the eNaira
26.10.2022
With less than 0.5% adoption, the central bank of Nigeria is struggling to push its eNaira CBDC to its citizens
Nigerian Presidential Hopeful’s Party Says It Will Review Country’s Blockchain and Crypto Policy if Elected
23.10.2022
The party of the Nigerian presidential hopeful Asiwaju Bola Tinubu has promised to set up an advisory committee to review regulations that govern blockchain and virtual asset services if it wins in the upcoming elections. The All Progressives Congress also said it “will work with the Central...
Nigeria Can Become World Leader in the Digital Economy Says Vice President Yemi Osinbajo
14.10.2022
According to Nigerian Vice President Yemi Osinbajo, his country is well-positioned to become a global leader in the digital economy. However, for that to happen, Nigeria must choose the right approach and spend more time developing digital skills. Nigeria Better Equipped Than 3 Decades Ago...
Forex Shortages Blamed After Nigerian Currency Hits New Low Versus the US Dollar
3.10.2022
A surge in the demand for foreign exchange and the general scarcity of the resource may be the reasons why the naira currency recently slumped to a new all-time low of 735 versus the U.S. dollar, a report has said. One Nigerian currency dealer said he expects the naira to further depreciate to...
Kenyan Central Bank Raises Key Rate by 75 Basis Points
2.10.2022
The monetary policy committee of the Kenyan central bank recently revealed it increased the central bank rate by 75 basis points from 7.5% to 8.25%. Justifying its decision to act, the committee cites growing inflationary pressures and increased global risks, as well as their likely impact on...
Ghana set to catch up to Nigeria and Kenya in terms of crypto adoption: Chainalysis
29.9.2022
Paxful CEO Ray Youssef said that the current growth trends in Ghana show that it has the potential to be a leader in terms of crypto adoption
Nigerian Central Bank Hikes Key Interest Rate Just Days After Naira Plunges to New Low
28.9.2022
Following the latest meeting of the monetary policy committee, the Central Bank of Nigeria says it has hiked the monetary policy rate to 15.5%. By increasing the key interest rate by 150 basis points, the central bank hopes to “narrow the negative real interest rate gap and rein...
Kenyan Central Bank Says It’s ‘Craziness’ to Convert Country’s Reserves to Bitcoin
25.9.2022
The Kenyan central bank governor Patrick Njoroge has described as “craziness” the calls to convert Kenya’s reserves into bitcoin. He added that he would have to be out of his mind before agreeing to this. Njoroge argued that cryptocurrencies like bitcoin are not only volatile...
Nigerian Inflation Rate Rises to 20.52% in August — Month-on-Month Rate Drops
19.9.2022
While Nigeria’s year-on-year inflation rose for the seventh straight month to 20.52% in August 2022, the latest data from Nigeria’s National Bureau of Statistics shows that the month-on-month rate declined from 1.82% to 1.77% during the same period. The depreciation of the local...
Nigerian Blockchain Startup Bitmama Closes $2 Million Pre-Seed Round
11.9.2022
After raising $1.65 million via a pre-seed extension, Bitmama, a Nigeria-based blockchain startup, has now closed its pre-seed funding round at $2 million, a report has said. Leading the funding round were two Africa-focused venture capital firms: Unicorn Growth Capital and Launch Africa....
Report: Legal Experts Say Nigeria in Need of ‘Clear-Cut Guidelines’ for Crypto Industry
8.9.2022
Authorities in Nigeria have been told to consider upgrading the country’s cryptocurrency regulatory guidelines because current regulations are not consistent with the realities on the ground. According to legal experts, the growing interest in cryptocurrencies by Nigerians means the country...
Nigerian Presidential Candidate Says Fixed Exchange Rate Regime ‘Has to End’ — Touts Success of Fintech Unicorn Flutterwave
6.9.2022
A Nigerian presidential election candidate, Peter Obi, has said the local currency’s exchange rate against the dollar must not be fixed but must be determined “by the forces of demand and supply.” Pointing to the success of the Nigerian fintech Flutterwave, the candidate said...
Nigeria and Binance Build a Blockchain Hub City for Blockchain Projects
6.9.2022
NEPZA, the Nigerian government agency in charge of export processing zones, announced on Saturday that it is in talks with cryptocurrency exchange Binance to establish a "virtual free zone" dedicated to blockchain technology and the digital economy.
The National Economic and Production Zones...
Nigeria Plans to Create a Virtual Free Zone With Binance Crypto Exchange
5.9.2022
The west African country has held discussions with Binance about creating something similar to Dubai’s virtual commercial city
Binance Partners With Nigerian Authorities to Launch Dubai-Like Digital Economic Zone
5.9.2022
Major crypto exchange Binance is expanding its presence in Africa by launching a partnership with Nigeria’s authorities to build a Dubai-like digital economic zone. ...
Read More: Binance Partners With Nigerian Authorities to Launch Dubai-Like Digital Economic Zone
Nigeria, Binance in early-stage talks for crypto-friendly economic zone
5.9.2022
The proposed partnership aims to build a crypto-friendly digital city similar to the virtual free zone in Dubai
Fintech Unicorn Flutterwave Granted ‘Game Changing’ License by Nigerian Central Bank
3.9.2022
The Nigerian fintech Flutterwave has said the switching and processing license it recently received from the Central Bank of Nigeria allows it to “deliver an improved experience to our customers.” The new license is said to allow Flutterwave to “connect every single store...
More Than a Third of Africa’s 53 Million Crypto Owners Are From Nigeria, Study Shows
30.8.2022
With an estimated 53 million cryptocurrency owners, the African continent now accounts for 16.5% of the global total, a study has found. The study findings suggest that Nigeria, which has more than 22 million crypto owners, currently accounts for more than a third of the continent’s total...
Nigerian Central Bank Slashes CBDC Transaction Fees by 50%
30.8.2022
The Central Bank of Nigeria has said it is slashing transaction fees for the e-naira platform by 50% — a move which the bank claims will increase the volume of transactions on the central bank digital currency (CBDC) platform. The central bank also believes that wider adoption of the CBDC...
Zugacoin Controversy: Supposed Poverty Eradicating Cryptocurrency Criticized as Just Another Complex Nigerian Ponzi Scheme
27.8.2022
After reports that merchants and holders of “Zugacoin” cryptocurrency are unable to make withdrawals, the founder of the Nigerian crypto, Sam Zuga responded by accusing unnamed “ignorant people” of working to tarnish the project. One Nigerian expert has advised...