Nigeria’s Cryptocurrency Traded Volumes on P2P Platform Top $1.5 Billion

Nigeria's Cryptocurrency Traded Volumes on P2P Platform Top $1.5 BillionAccording to Paxful, a peer-to-peer trading platform, Nigeria’s cryptocurrency traded volumes on the platform topped $1.5 billion in the first four months of the year 2021. This figure represents almost a third of Paxful’s global total volume of $5 billion. This latest traded volume figure once again reaffirms Nigeria’s status as one of the exchange’s […]

Nigeria Stopping the Rejection of Old or Torn USD Notes Underlines Why Crypto Is a Better Reserve Currency

Nigeria Stopping the Rejection of Old or Torn USD Notes Underlines Why Crypto Is a Better Reserve CurrencyIn early April 2021, the Central Bank of Nigeria (CBN) issued a circular warning Nigerian institutions to stop the practice of rejecting old or lower denomination USD notes. The CBN issued the warning after it became “inundated with complaints from members of the public on the rejection of such notes by banks and other authorized […]

Nigerians Shun Local Currency— Seek to Protect Wealth From Inflation and Currency Depreciation with Foreign Currency

Nigerians are thought to be accumulating foreign currencies which they believe will protect their wealth from the naira’s volatility as well as the surging inflation. Further, as a research paper in a journal published by the Central Bank of Nigeria (CBN) found, Nigerians’ use of dollars exceeds IMF’s 30% threshold. Exchange Rate Volatility and Currency […]

Nigeria Money Printing Controvesy: CBN Governor’s Remarks Attacked, Government Denies It Financed Deficit via Money Printing

Nigeria Money Printing Controvesy: CBN Governor's Remarks Attacked, Government Denies It Financed Deficit via Money PrintingThe fallout sparked by reports that the Central Bank of Nigeria (CBN) printed over $150 million for states’ funding continued a few days after the allegations were initially made. In the latest twist, the opposition People’s Democratic Party (PDP) vice-chairman Dan Orbih said the CBN governor Godwin Emefiele’s response to the allegations is “politically motivated.” […]

Central Bank of Nigeria Blocks Fintech Startups From Accessing KYC Service— Decision Described as an ‘Attack on All Fintechs’

Central Bank of Nigeria Blocks Fintech Startups From Accessing KYC Service— Decision Described as an 'Attack on All Fintechs'The Central Bank of Nigeria (CBN) has recently suspended the provision of the bank validation number (BVN) service to all fintech and third-party partners. The decision means non-banks entities include crypto startups “have lost one of the most comprehensive means of identity verification in the country.” New Identification System Before the latest decision, the CBN […]

P2P Bitcoin Trade Volumes Surge in Kenya and Ghana but Nigeria Still Dominates

P2P Bitcoin Trade Volumes Surge in Kenya and Ghana but Nigeria Still DominatesAccording to new data, peer-to-peer (P2P) bitcoin trade volumes in Kenya and Ghana surged in Q1 of 2021, with the two countries now ranked second and third respectively. On the other hand, volumes in South Africa, which occupied second place in 2020, dropped marginally. Consequently, South Africa has now been relegated to the fourth position […]

African Migrants Are Turning to Cryptocurrency Platforms for ‘Low-Fee Remittances’

African Migrants Are Turning to Cryptocurrency Platforms for 'Low-Fee Remittances'As central banks on the African continent fight to keep cryptocurrencies from going mainstream, many more migrant workers are increasingly turning to money-sending platforms that use cryptocurrencies when moving funds across borders. More Than Just an Investment Thus in addition to becoming a “hot investment for hedge funders and corporate moguls,” crypto-assets like bitcoin are […]

Central Bank of Nigeria Governor Defends Decision to Exclude Crypto Players, Says the Order Is ‘in the Best Interests of Nigerians’

Central Bank of Nigeria Governor Defends Decision to Exclude Crypto Players, Says the Order Is 'in the Best Interests of Nigerians'The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has defended the apex bank’s decision to exclude cryptocurrency transactions from the banking ecosystem. In his testimony before the Nigerian Senate, Emefiele claimed that the February 5 directive is “in the best interests of Nigerians.” Crypto Not Money Immediately following the announcement of the […]

IMF Representative of Nigeria Calls for Caution Over the Use of Cryptocurrencies

The International Monetary Fund (IMF) resident representative for Nigeria, Ari Aisen recently discussed the Central Bank of Nigeria (CBN) directive that targets crypto entities. In remarks made during a special virtual press briefing, Aisen repeats some of the CBN’s claims that cryptocurrencies were being used “for illegal transactions such as money laundering and drug trafficking.” […]