Several crypto analysts based in Nigeria, claim that the number of local crypto exchanges in the country will be drastically reduced due to the crypto license requirements imposed by the Nigerian Securities Exchange Commission (SEC). This is despite the fact that the Central Bank of Nigeria (CBN) has lifted restrictions
Investors and the Nigerian economy stand to benefit from the new stablecoin, the cNGN, which is being developed and managed by a consortium of Nigerian institutions. Anonymous insiders within the project have confirmed that the cNGN token is linked to and supported by the Nigerian naira, the official currency of
Constraints on Nigerian banks aiding cryptocurrency transactions have been removed by the Central Bank of Nigeria (CBN), almost two years after a complete ban on banks working with digital currencies was enforced. Moreover, the CBN acknowledged in a circular addressed to banks on December 22 that the rising worldwide demand
The second edition of the Borderless 2.0 conference, which took place on November 4th, 2023, in the vibrant city of Port Harcourt captured the attention of tech enthusiasts. The event brought together industry leaders, founders, and tech enthusiasts, both locally and from beyond borders. Borderless 2.0 emerged as an intellectual
Bundle, a social payments app popular in Nigeria, has announced it would be discontinuing its cryptocurrency exchange service. As part of the shareholders’ decision to reorganize the firm to concentrate on Cashlink, Bundle announced on its blog on July 20 that it will halt operations of its exchange services. The
The Securities and Exchange Commission of Nigeria has banned a company called Binance Nigeria Limited from operating in the country. Investments placed on Binance Nigeria Limited are not protected by law, as stated in a circular released by the local authorities. Binance is now engaged in a heated legal struggle
On June 14, the official exchange rate of the Nigerian naira against the U.S. dollar hit an all-time low of NGN634 per greenback. The devaluation of the naira by more than 30 percent occurred days after the Central Bank of Nigeria (CBN) disputed that it had lowered the exchange rate
On Saturday, the Nigerian Securities and Exchange Commission called Binance, the biggest cryptocurrency exchange in the world, “illegal” to operate in the country. Binance’s legal woes stem from a complaint filed by the US Securities and Exchange Commission against the cryptocurrency exchange and several affiliated companies. The Securities and Exchange
The Finance Act, 2023 was signed into law by outgoing Nigerian President Muhammadu Buhari on his last day in office, May 28. The legislation enacts a number of tax changes designed to bring the country’s tax system into the contemporary era. Gains from the sale of digital assets, such as
Patricia, a Nigerian platform for buying and selling cryptocurrencies and gift cards, has had a security compromise, forcing swift action to protect its consumers. The platform has temporarily disabled withdrawals as a security measure. The organization disclosed a security vulnerability that resulted in the loss of Bitcoin and Nigerian naira.
