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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The leader in news and information on cryptocurrency, digital assets and the future of money, CryptoX is a media outlet that strives for the highest journalistic standards and abides by a
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Nigeria has been struggling with a crippling cash shortage since the central bank started replacing old naira notes with new ones late last year. Currency in circulation has slumped to about 1 trillion naira from 3.2 trillion naira in September, Emefiele said, according to Bloomberg. The shortage of notes has
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Two sources familiar with the matter said that the central bank is willing to develop its own software for the CBDC in order to keep full control of the effort. It’s been nearly eighteen months since Nigeria launched its central bank digital currency (CBDC) eNaira back in October 2021. Now, the
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Nigerians are paying a premium, but probably more for the U.S. dollar than for bitcoin, an analyst told CryptoX. Source
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According to the International Monetary Fund (IMF)’s mission concluding statement, Nigeria’s rising inflation rate as well as the continuing shortage of foreign currency are fueling the naira devaluation speculations. To achieve a unified naira exchange rate, the global lender said Nigeria needs to dismantle “the various exchange rate windows at
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The Nigerian central bank was, on Oct. 29, forced to defend its controversial currency redesign plans, just a few days after they were publicly questioned by Nigerian Finance Minister Zainab Ahmad. The central bank insists the move is long overdue and urged Nigerians “to support the currency redesign project which
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Interesting times have arrived in Nigeria, as cryptocurrency is now a focal point in the campaigns of the Nigerian national elections. Candidates are moving towards embracing cryptocurrency as a staple of the financial world of Nigeria, and are advocating for global adoption of crypto. A presidential hopeful in Nigeria, Abubakar Saraki,
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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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More than 488,000 people have downloaded the consumer wallet for Nigeria’s central bank digital currency, the eNaira, according to a Bloomberg report on Monday.Launched on Oct. 25, the eNaira has been used for NGN 62 million ($150,000) in transactions, according to Osita Nwanisobi, a spokesman for the central bank that
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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 of citizens that hold cryptocurrencies globally,
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