Central Bank of Nigeria

Rwanda May Not Reach Decision on CBDC Issuance Until End of 2022 — Central Bank Official

The Rwandan central bank may not know whether it can issue a digital currency until December 2022, when it completes a study that looks at the benefits and risks that come with such a currency, the bank’s deputy governor has said. The Investigation Phase The deputy governor of the Rwandan central bank, Soraya Hakuziyaremye, recently […]

Report: Nigerian NFT Artists Thrive Despite Bubble Fears and Ongoing Central Bank Anti-Crypto Restrictions

Nigerian artists are now increasing their net worth by leveraging the art world’s lucrative pivot to non-fungible tokens (NFT). According to reports, this move to NFTs is happening despite the Nigerian central bank’s renewed anti-crypto stance. NFT Bubble Concerns As a recent CNN report explains, growing interest in NFTs from Nigerian artists comes alongside warnings […]

New World Bank Report: Nigeria’s Exchange Rate Policies Fueling Inflation, Affecting Food Prices

Nigeria’s use of multiple exchange rates regimes may have contributed to a rise in the country’s inflation rate, the latest World Bank report has said. In addition, the report says ongoing restrictions on the use and movement of foreign exchange are “further pushing up prices of food and agricultural inputs like fertilizer.” Misaligned Exchange Rates […]

Nigerian Central Bank Threatens Jail Time for Citizens Caught Defacing Naira Banknotes

Fighting to stop the value of the naira from dropping further, the Central Bank of Nigeria (CBN) faces yet another problem: abuse of naira banknotes. According to the CBN’s Aladeen Badajo, the central bank is concerned with the rate at which Nigerians “mutilate, deface, squeeze and even spray and sell the naira notes.” He adds […]

Nigerian Central Bank Planning CBDC Launch by End of 2021

An official with the Central Bank of Nigeria (CBN) told local news sources that the bank is hoping to launch a central bank digital currency (CBDC) “before the end of the year.” The post Nigerian Central Bank Planning CBDC Launch by End of 2021 appeared first on BeInCrypto.

After Central Bank Devalues Naira by 5% Finance Minister Attributes Drop to ‘Market Forces’

Nigerian Finance Minister Zainab Ahmed has denied widespread reports that the Central Bank of Nigeria (CBN) had sanctioned the devaluation of the local currency sometime in May 2021. Instead, she attributes the naira’s fall to the “volatility in the oil price.” Ahmed’s remarks come just a few weeks after the official naira exchange rate dropped […]

Jack Dorsey Tweets Support For Nigerian Bitcoin Adoption

CEO of Twitter, Jack Dorsey, has been signaling his support for Nigerian bitcoin adoption through a series of tweets over the weekend. The post Jack Dorsey Tweets Support For Nigerian Bitcoin Adoption appeared first on BeInCrypto.

The CBN Says Nigeria Will Have a Digital Currency Before End of Year

Nigeria is likely to have its own central bank digital currency (CBDC) by the end of the year, an official with the Central Bank of Nigeria (CBN) has said. In his remarks following the bankers’ committee meeting, Rakiya Mohammed, who is the director of information technology at CBN, also revealed that this “digital currency would […]

Central Bank of Nigeria (CBN) Plans For a CBDC Launch By the End of 2021

On Thursday, June 10, the Central Bank of Nigeria (CBN) announced that it preparing for the launch of the central bank digital currency (CBDC) aka Digital Naira and that should happen before the end of 2021. Rukayat Mohammed, the Director of Information Technology (IT) for the CBN made this disclosure yesterday in a virtual briefing The post Central Bank of Nigeria (CBN) Plans For a CBDC Launch By the End of 2021 appeared first on Coingape.

Nigerian Lawmakers Slam Naira Devaluation, Warn of Inflation Implications

Nigeria’s House of Representatives has moved a motion calling on the country’s central bank to end the continuing devaluation of the naira. In his unanimously adopted motion, House Representative Bamidele Salam warned the Central Bank of Nigeria (CBN) of the negative “implications of further devaluing the naira.” Lawmakers Slam CBN U-Turn The House’s warning follows […]

African Fintech Start-up Chipper Cash Raises $100 Million — CEO Says No Crypto Services for Nigeria

Chipper Cash, an African fintech firm that specializes in facilitating cross-border payments, recently closed a $100 million Series C funding round. Taking the lead in what is now Chipper Cash‘s third fundraising round in the past twelve months is the venture capital (VC) firm, SVB Capital. The VC firm is an investment arm of U.S. […]

‘In Africa the Utility of Cryptocurrencies Is Attractive’, Says Marius Reitz, Luno Africa GM

BeinCrypto spoke to Marius Reitz, the General Manager of Luno Africa. We discussed the growth of crypto in Africa, the hurdles, and what's in store for crypto across the continent. The post ‘In Africa the Utility of Cryptocurrencies Is Attractive’, Says Marius Reitz, Luno Africa GM appeared first on BeInCrypto.

Central Bank of Nigeria Governor Says “Digital Currency Will Come to Life” but Attacks Volatile Cryptocurrencies

Central Bank of Nigeria (CBN) governor, Godwin Emefiele, says digital currency “will come to life even in Nigeria” just a few months after the central bank ordered banks to stop serving the crypto industry. While acknowledging his country’s position as one of the leading crypto markets in the world, Emefiele however insists his organization is […]

Nigeria Bureau De Change Association Boss Accuses Speculators of Destabilizing the Naira— Says Central Bank Funding Will End Currency Woes

According to the head of the Nigerian group of bureau de change operators, the naira’s continued fall on the parallel market is down to the activities of speculators. However, Aminu Gwadabe, the president of the Association of Bureau de Change Operators of Nigeria (ABCON), suggests that only a “massive funding” of bureau de change (BDC) […]

Nigeria Devalues Currency as Central Bank Moves to Unify Exchange Rates

In a possible policy shift, the Central Bank of Nigeria (CBN) recently allowed the local naira currency to briefly drop to a new low of USD$1 for 419.75 nairas on May 14, 2021. However, by close of business the naira had recovered and was trading around 411.25. Before the latest adjustment, the naira had fluctuated […]

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

According 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

In 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

The 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.” […]

Nigeria’s SEC in Talks With Central Bank of Nigeria Over Crypto Regulation— 2020 Crypto Guidelines Still Suspended

Nigeria’s Securities and Exchange Commission (SEC) has revealed that talks with the Central Bank of Nigeria (CBN) regarding the regulation of cryptocurrencies are ongoing. The securities regulator also reiterated that due to a CBN directive that was issued on February 7, 2021, the crypto guidelines it issued in September 2020 remain suspended. Crypto Guidelines Set […]