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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 Punch, the official, Abebe Selassie, said this
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The eNaira was developed by fintech company Bitt, whose Digital Currency Management System (DCMS) is also behind the East Caribbean CBDC.Oct 25, 2021 at 12:07 p.m. UTCUpdated Oct 25, 2021 at 12:07 p.m. UTCENaira speed wallet registration page. (CoinDesk) Original Source
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The main webpage for Nigeria’s central bank digital currency (CBDC) has gone live earlier than next month’s planned rollout date for the digital naira.According to the site, the eNaira is a “unique form of money” denominated in the national currency serving as both a medium of exchange and store of
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After four years of development, the Central Bank of Nigeria (CBN) is set to roll out its digital currency project. The launch will reportedly happen on the occasion of the country’s 61st Independence Day celebration on Oct. 1.Nigeria’s central bank digital currency (CBDC) project comes amid significant anti-crypto policies from
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In 2021, financial institutions operating in Nigeria have been the lever of a government crackdown on cryptocurrencies, beginning with February’s notorious central bank ban on lenders providing services to crypto exchanges in the country. With much of the Nigerian crypto market of necessity peer-to-peer, Nigeria’s Securities and Exchange Commission (SEC)
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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
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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 Cryptox, Nigeria’s CBDC is codenamed “Project
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The Central Bank of Nigeria (CBN) is moving forward with its central bank digital currency project (CBDC) project, as the CBN will launch a digital naira pilot program later in October 2021. Nigeria Progresses With Digital Naira Initiative According to the Peoples Gazette, the CBN made the announcement while addressing stakeholders at
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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
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