Cryptocurrency Analysis and News Portal
The shutdown of the peer-to-peer (P2P) cryptocurrency marketplace Paxful has left its worldwide community searching for alternatives, but it appears to have significantly affected the Nigerian crypto community. On April 4th, Paxful declared that it would halt its operations. The reason for this decision, according to the founder and CEO Ray
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Nearly 18 months after launching its in-house central bank digital currency (CBDC), eNaira, Nigeria witnessed its massive adoption as national fiat reverses face severe shortages. The acute cash shortage in Nigeria was due to the central bank’s decision to replace older bank notes with bigger denominations amid rising inflation. While developing
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Self-custody cryptocurrency purchases are becoming more accessible in Nigeria as major crypto wallet MetaMask expands direct on-ramps with local banks.On March 21, MetaMask’s parent firm ConsenSys announced a new integration with crypto fintech MoonPay, enabling users in Nigeria to purchase crypto via instant bank transfers.The new feature is available within
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The Central Bank of Nigeria, under Buhari’s administration, issued a digital naira in October 2021 to encourage electronic payments and rival the adoption of private cryptocurrencies in the country. Nigeria’s tech-savvy, young population made the nation one of the fastest crypto adopters in the world, despite attempts by the government
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The Central Bank of Nigeria (CBN) continues to develop its central bank digital currency (CBDC), the eNaira, but this time it’s calling for backup.According to a Feb. 21 Bloomberg report, the CBN is in talks with new “technology partners” to develop a new and improved system to manage the eNaira.According
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After initially ignoring pleas to extend the period for returning old naira banknotes, the Nigerian central bank recently said it has shifted the deadline for returning old banknotes to Feb. 10. The bank’s governor, Godwin Emefiele, said some 30,000 so-called super agents have been deployed nationwide to help with the
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The price of Bitcoin (BTC) in Nigeria has skyrocketed to well above market levels amid continued efforts by the central bank to push its citizens into digitalized cash.At the time of writing, the price of 1 BTC on Nigerian crypto exchange NairaEX is currently 17.8 million Naira, equating to a
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The Nigerian Debt Management Office (DMO) contravened the law when its borrowings exceeded the set limit which is equivalent to $2.2 billion, Adetilewa Adebajo, an international financial markets expert has reportedly said. Adebajo also suggested that the Central Bank of Nigeria governor Godwin Emefiele should be probed for his role
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Nigeria’s central bank will explore the adoption of blockchain technology to power a central bank digital currency (CBDC), the potential of stablecoin adoption and regulatory considerations of initial coin offerings (ICOs) over the next two years.These are the key takeaways of a policy document titled Nigeria Payments System Vision 2025,
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From the start of March, Nigerian public officials will be barred from withdrawing cash from government bank accounts, the head of the Nigerian Financial Intelligence Unit reportedly said. Public officials that want to be exempted from this new regulation will have to obtain a waiver from the Nigerian Presidency. Government
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