News
eNaira will continue to circulate alongside its fiat counterpart, promising a faster, cheaper and more secure option for monetary transactions.
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Nigeria News
Nigeria is seventh most populous country, and most populous in Africa. Nigeria also has the largest economy in Africa, with more than $500 billion of nominal gross domestic product. The Word Bank considers Nigeria to be an emerging market and is widely seen as a perspective economy. Still, it ranks 152nd in the Human Development Index and has a large variety of problems regarding the lack of education, organized crime and human rights. Bitcoin is legal in Nigeria, but the Nigerian SEC, or Securities and Exchange Commission, warned citizens about cryptocurrency investments being risky and sometimes even fraudulent. However, the Nigeria Deposit Insurance Corporation and the Central Bank of Nigeria have plans to adopt cryptocurrency technology and have several sub-committees working on implementing blockchain into governmental insurance and financial services.
- Analysis
Nigeria’s central bank digital currency will go into pilot testing on Oct. 1 with a tiered AML/KYC regime for the eNaira.
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With much of the Nigerian crypto market underground or peer-to-peer due to government restrictions, the country’s securities regulator is looking into ways to make investors safer.
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The CBN considered Bitt Inc’s experience in the development of the Eastern Caribbean Central Bank’s DCash, launched in April.
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The CBN says the proposed central bank digital currency will offer parity of value and will operate as a non-interest-bearing CBDC.
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The report indicates that the adoption of crypto assets jumped 880% worldwide, with peer-to-peer platforms driving cryptocurrency usage in emerging economies.
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Nigerians are still hungry for crypto despite the central bank’s efforts to quash it.
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The Central Bank of Nigeria will start the pilot of its central bank digital currency, which runs on the Hyperledger Fabric blockchain, on Oct. 1.
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"We believe one day digital money will gain more acceptance than paper money,” said school director Sabi’u Musa Haruna.
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Nigeria’s government is looking to drive blockchain adoption as part of its plans to establish emerging technology centers across the country.
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The Central Bank of Nigeria says it is gearing up to test a sovereign digital currency to ease foreign remittance restrictions.
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Emefiele said the Nigerian government will do its best to prevent crypto from being used to finance illicit activities.
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One Nigerian explains the benefits of Bitcoin from an alternate angle.
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After a successful run in Nigeria, Quidax announced global expansion plans and the launch of its native token, QDX.
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George Residence in Lagos has announced plans to start accepting BTC payments. The company has already converted 50% of its balance sheet to Bitcoin.
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