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Central Bank’s Targeting of P2P Crypto Transactions Forces Startup to Quit Nigeria
23.11.2021
The Nigerian startup behind the social payment app for cryptocurrency and fiat, Kurepay, says the Central Bank of Nigeria (CBN)’s current crackdown on crypto entities has forced it to suspend operations in Nigeria. ‘Horrible’ Year for Crypto Adoption According to a report...
Kenya Central Bank Governor on CBDC: It’s About Getting It Right Rather Than Being First
22.11.2021
The Central Bank of Kenya (CBK) governor, Patrick Njoroge, has said his institution is currently exploring the use of central bank digital currencies (CBDC) to settle cross-border payments. Njoroge however insists the bank’s priority is getting it right rather than being the first....
Nigerian Remittances Rebound as Country Tops Sub Sahara Africa — Sending Costs Still High
21.11.2021
Nigeria is once again Sub Sahara Africa’s biggest recipient of remittances into the region where the money transfers went up by 6.2 percent to $45 billion, a new World Bank report has shown. The Impact of Nigerian Policies on Remittances According to the November 17, 2021 press release, this...
IMF Says Nigerian CBDC Drawing Global Interest, Warns of Associated Risks
18.11.2021
The International Monetary Fund (IMF) has acknowledged that the recently launched Nigerian central bank digital currency (CBDC) is attracting interest from many institutions globally, including central banks. Still, the fund warns that the CBDC carries risks for monetary policy implementation...
Nigeria Central Bank Governor: Cryptocurrency Is a Product ‘Embedded in High Level of Illegality’
18.11.2021
The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, has claimed that a majority of cryptocurrency transactions are embedded in illegality. He also asserts that there is no room for cryptocurrency in the Nigerian banking space. Pushback Against Endsars Protest Claims In his latest...
Nearly 500,000 Nigerian CBDC Wallets Downloaded Since Launch
17.11.2021
Nearly half a million e-naira wallets have been downloaded a few weeks after the central bank digital currency (CBDC) was officially launched by Nigerian President Muhammadu Buhari, the central bank has said. E-Naira’s Initial Trade Volumes In addition to the 488,000 wallets that have been...
Analysts: Lack of Trust in Nigerian Government an Impediment to CBDC’s Success Prospects
12.11.2021
While Nigerians have seemingly embraced the Central Bank of Nigeria (CBN)’s digital currency, skeptical analysts believe a lack of trust in the government will ultimately limit the e-naira’s prospects for success. Threat From Fintech Startups In addition, some analysts insist...
Nigerian banks tracking customer accounts for crypto trading
11.11.2021
Personal accounts with large multi-day inflow and outflow are being tracked per an order by the country's central bank
Nigerian Central Bank Intensifying Fight Against Cryptocurrency Traders
10.11.2021
Just a few days after launching the e-naira digital currency, the Central Bank of Nigeria (CBN) is now reportedly ramping up the pressure against cryptocurrency traders. Bank Employees Warned In a memo to its staff seen by Bitcoin.com News, one of Nigeria’s leading banks, FCMB, warns...
Nigeria's central bank reportedly freezes crypto traders' accounts
8.11.2021
In February, the CBN banned banks from servicing crypto exchanges in the country, citing concerns including volatility, money laundering, and the financing of terrorism
Nigerian Experts Insist Africa’s First CBDC Is Presently Not for the Unbanked
6.11.2021
While the Central Bank of Nigeria (CBN) continues to tout the e-naira’s credentials as a tool for fostering financial inclusion, some experts agree that this central bank digital currency (CBDC) is presently not doing this. The CBDC’s Chaotic Start This assertion as well as...
eNaira slowly gains traction post-launch amidst glitches
1.11.2021
Nigerian government officials have big expectations regarding the eNaira
Finder Survey: Nigeria’s 24.2% Adoption Rating Is the Highest Rate of Crypto Ownership Globally
31.10.2021
According to the latest Finder Cryptocurrency Adoption Index, in October 2021, Nigeria had the highest rate of cryptocurrency ownership globally, at 24.2%. Bitcoin Is the Most Popular Coin in Nigeria In addition to finding the West African nation as the country with the highest proportion...
CBDC Could Increase Nigeria’s GDP by $29 Billion in 10 Years: President Buhari
28.10.2021
The Nigerian president, Muhammadu Buhari, suggested in a recent speech that the new e-naira central bank digital currency (CBDC) could lead to an increase in the value of his country’s GDP by $29 billion in ten years. Africa’s First CBDC President Buhari made bold remarks in...
Nigerian Judge Rules in Favor of Accused Crypto Startup, Accounts to Be Reopened
27.10.2021
A Nigerian Federal Court judge recently ruled that the two frozen bank accounts belonging to Rise Vest Technologies, which is accused of trading cryptocurrencies, must be reopened. CBN’s Bank Account Freeze Order Dismissed In a ruling that overturns the Central Bank of Nigeria (CBN)’s...
IMF Partly Blames Uncertainty in Nigeria’s Forex Market for Drop in Remittances
26.10.2021
The uncertainty that prevails in Nigeria’s foreign exchange market is partly to blame for the plunge in cross-border remittances into the country, an official with the International Monetary Fund (IMF) has said. Covid-19 Another Contributing Factor According to a report by local news outlet...
Nigerian president to unveil eNaira central bank digital currency
25.10.2021
The Nigerian central bank digital currency was originally slated for launch earlier this month but was delayed
Nigeria Launches CBDC Amid Efforts To Tighten Grip Over Crypto Market
25.10.2021
Nigeria’s President Muhammadu Buhari should launch a central bank digital currency (CBDC) today to enhance the operations of the country’s payments system.
“Following [a] series of engagements with relevant stakeholders including the banking community, fintech operators, merchants and indeed,...
Nigerian President Muhammadu Buhari to Unveil Country’s CBDC
25.10.2021
The Nigerian President, Muhammadu Buhari, is expected to formally launch the country’s central bank digital currency (CBDC) on October 25, 2021. High-Level Endorsement of the CBDC According to a statement released by the Central Bank of Nigeria (CBN), the formal event marking...
Nigerian Central Bank Says It Is Now Ready to Launch CBDC, Downplays Previous Failure
23.10.2021
After failing to roll out its CBDC on October 1, the Central Bank of Nigeria (CBN) has released a document in which it reiterates its commitment to launching the e-naira. In fact, in this document titled The Design Paper for the E-naira, the CBN says it is now ready to launch Nigeria’s CBDC....