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.
Nigeria’s central bank digital currency will go into pilot testing on Oct. 1 with a tiered AML/KYC regime for the eNaira.
Project Giant: Nigeria’s CBDC set for pilot rollout on Independence Day
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 m...
Nigeria's securities regulator establishes fintech unit to study crypto
The CBN considered Bitt Inc’s experience in the development of the Eastern Caribbean Central Bank’s DCash, launched in April.
Nigeria's central bank partners with fintech firm Bitt Inc for CBDC rollout
The CBN says the proposed central bank digital currency will offer parity of value and will operate as a non-interest-bearing CBDC.
Nigeria’s central bank issues draft guidelines on e-naira CBDC project
The report indicates that the adoption of crypto assets jumped 880% worldwide, with peer-to-peer platforms driving cryptocurrency usage in emerging economies.
Emerging economies dominate Chainalysis’ 2021 Global Crypto Adoption Index
Nigerians are still hungry for crypto despite the central bank’s efforts to quash it.
Nigerian crypto adoption rises despite gov’t crackdown
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.
Nigeria to pilot central bank digital currency in October