Tag Archives: Nigeria

Nigeria’s Federal Ministry of Communications and Digital Economy (FMCDE) has approved the National Blockchain Policy as the country doubles down on creating a blockchain-powered economy. The adoption of the policy by the government will pave the way for the formal utilization of the technology in the country, which has seen significant crypto adoption in recent years. The FMCDE believes its implementation will have a positive effect on both the public and private sectors in...

MetaMask is integrating with crypto fintech platform MoonPay to expand its offering in Nigeria. According to MetaMask developer ConsenSys, Nigeria happens to be one of the major markets for the crypto wallet service globally, ranking third in active mobile users. The latest move to gain a stronger foothold in the country comes in response to the inadequacies in the local financial system, as an estimated 90% of credit/debit card attempts to purchase crypto in Nigeria are...

The cash withdrawal restrictions imposed by the Central Bank of Nigeria (CBN) have made a strong case for Bitcoin as a solid store of value and a censorship-resistant currency. Nigeria is currently facing a shortage of physical cash after the CBN redesigned its banknotes, causing the old bills of the local naira currency to become useless. The policy prompted citizens to flood banks and ATMs to swap their old bills for new ones. Nigeria Limits Cash Withdrawals With the...

Bitcoin gibt es in Nigeria nur noch mit einer Art Zusatzprämie von 60 Prozent Aufschlag zu kaufen. Wer Lust hat, kann damit durch Arbitrage-Handel gutes Geld verdienen und erst noch der nigerianischen Bevölkerung helfen. Aber warum sind die Bitcoin-Preise in Nigeria so hoch? In einer kürzlich veröffentlichten Pressemitteilung kündigte die nigerianische Zentralbank neue Tageshöchstbeträge für Bargeldabhebungen an Geldautomaten von 44 Dollar an, was...

Two men in Nigeria have been arrested for allegedly taking part in crypto fraud. The pair obtained quite a bit of money by cheating investors and lying to them about their potential returns. Two Arrests for Crypto Fraud in Nigeria Force PRO – which is the national cybercrime force in Nigeria – said that the duo admitted to being part of a larger syndicate that specialized in defrauding people of their hard-earned funds. The syndicate is reported to attack investors in...

Adewole Adebayo – one of the main contestants to become Nigeria’s next President – promised to use blockchain technology and cryptocurrencies to generate up to 30 million job positions for locals. The unemployment rate is among the country’s main issues, peaking at almost 10% this year. Crypto to the Rescue In a recent TV appearance, the presidential candidate of Nigeria’s Social Democratic Party (SDP) – Adewole Adebayo – vowed to solve the nation’s unemployment problems by...

The cryptocurrency price tracker CoinGecko estimated that this year’s decline in the digital asset market had changed the trends in the industry. According to the company’s research, Nigeria has emerged as the most crypto-curious nation across the globe. Other recent reports revealed that Nigerians’ interest in digital currencies is prompted by their limited access to financial services and the monetary crisis that reigns across the state. Nigeria Occupied the First Spot By...

The Central Bank of Nigeria (CBN) will reportedly enable locals to pay their bills, TV subscriptions, and flight tickets using the eNaira. The move is part of a campaign that aims to popularize the financial product and encourage people to employ it more often in their daily transactions. The Upgrade of Nigeria’s CBDC It is safe to say that the most populated country in Africa – Nigeria – is among the leaders in terms of CBDC efforts. Last year, the authorities introduced the...

The Nigerian entity – Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) – reminded that cryptocurrencies and all related activities are still legal within the African country’s borders. As such, public and law enforcement agencies should stop their “demonization and discrimination” towards the sector. Crypto is not Unlawful in Nigeria Dealing with cryptocurrencies is not legal everywhere around the globe. The Chinese government, for example, prohibited all...

According to research conducted by KuCoin, the growing number of Nigerians investing in crypto is propelled by the lack of proper fiat-based opportunities. The study revealed that over 30 million of Nigeria’s population had traded digital assets in the past six months. The Reasons Behind the Adoption KuCoin’s latest “Into the Cryptoverse Report” found out that 33.4 million Nigerians, or 35% of those aged 18 to 60, have owned or traded cryptocurrencies in the last six months....