As the central bank of Nigeria has been actively encouraging its people to switch to digitalized currency, the price of Bitcoin premium in the country has risen to unsustainable heights. The current price of one bitcoin on the Nigerian cryptocurrency market NairaEX is 17.8 million Naira, or $38,792. Compared to
Modibbo R. Hamman Tukur, the Director of the Nigerian Financial Intelligence Unit (NFIU), has announced that, as of March 1, government employees in Nigeria would no longer be able to withdraw cash from government accounts. According to reports, the new law applies to officials at all levels of government and
The Central Bank of Nigeria (CBN) has announced that the weekly withdrawal limit for individual banking customers would increase to $1,120 (N500,000) from January 9, 2023, from the current limit of under $50 (established on December 6). The CBN has imposed a cash withdrawal limitation for corporations of $11,200, a
To keep up with global trends, the Nigerian government is expected to approve legislation regulating Bitcoin and other cryptocurrencies in the near future. On December 18th, Punch Newspapers, a leading publication in Nigeria. Published the article after interviewing House of Representatives Committee on Capital Markets Chairman Babangida Ibrahim. The local
Binance the world’s most prominent cryptocurrency exchange announced that once again it has added a fiat gateway for the Nigerian Naira (NGN). Binance making more effort to extend cryptocurrency use and accessibility for the general public. As part of this Nigerian users can now able to deposit and withdraw NGN
According to the CoinGecko analysis Nigeria got 1 place with a score of 371. The ranking score is given to countries by total search score. According to a CoinGecko analysis, Nigeria and the United Arab Emirates are two nations that are investing in cryptocurrencies more eagerly than others. These nations
CBN upgrades its CBDC, e-Naira. Urges the usage of e-Naira over fiat currency. All financial assistance from the Nigerian government to be in e-Naira. The play of Central Bank Digital Currency (CBDC) has indeed become extremely vital for a nation to keep up its banking sector and financial economy. Ever
LBank has conducted another blockchain training event in Nigeria in partnership with Litedex Protocol. As part of its efforts to drive development and adoption of blockchain technology in Nigeria, LBank, the top crypto exchange, recently organised “Abuja Blockchain Konnect 2022.” LBank believes that blockchain is a hot topic and sees
The inclusion of social sentiment data considerably influenced the indicator’s value. Nigeria’s decision to develop its own digital currency surprised many. eNaira was introduced by Nigeria’s central bank in October after the country prohibited the banking trade of cryptocurrencies in February last year. Compared to other countries, Nigeria was the
BN is ready to launch eNaira despite its previous failure. CBN has released a document in which it repeats its commitments CBN mentions eNaira will be available to offline users. Nigeria Central Bank planned to launch its CBDC eNaira on October 1st. But unfortunately, the mission was failed. But now,
