Nigeria to Ban P2P Crypto Trades Amid Economic Turmoil

The Nigerian SEC moves to ban P2P crypto trading to protect the naira.

The post Nigeria to Ban P2P Crypto Trades Amid Economic Turmoil appeared first on BeInCrypto.

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Nigeria plans to delist naira from all P2P crypto platforms

Nigeria aims to ban naira use on peer-to-peer (P2P) trading platforms. News comes after a meeting between the government represented by the Securities and Exchange Commission (SEC) and the blockchain community.

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Nigeria to ban peer-to-peer crypto trading in naira

Nigeria’s SEC is set to launch a new regulatory framework for crypto exchanges, custodians firms “in the coming days.”

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Nigeria to remove Naira from P2P trading platforms to curb currency manipulation

The Nigerian government has revealed intentions to delist the national currency, the Naira, from all peer-to-peer (P2P) trading platforms. Emomotimi Agama, the Director General of the Nigerian Securities and Exchange Commission (SEC), reportedly revealed this plan during a virtual meeting with the country’s blockchain stakeholders today as part of a wider effort to combat the […] The post Nigeria to remove Naira from P2P trading platforms to curb currency manipulation appeared first on CryptoSlate.

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Nigeria SEC: Registration fees for crypto exchanges should increase fivefold

Nigeria’s Securities and Exchange Commission (SEC) is proposing a significant hike in registration fees for cryptocurrency exchanges operating within the nation. The suggested amendment would raise the fee from the current 30 million naira (approximately $18,620) to 150 million naira…

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Binance urges Nigerian authorities to keep dialogue with ‘constructive’ players after halting all services in naira

Binance has issued a compliance statement amid executives’ detention in Nigeria, with their stay in custody until at least March 20. As two executives from Binance remain detained in Nigeria for the second week in a row without any charges…

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Binance Succumbs To Regulatory Scrutiny, Pulls Out Of Nigeria In Major Setback

Binance, the world’s largest cryptocurrency exchange, has suspended all Nigerian naira (NGN) services due to mounting regulatory scrutiny in the country.   The decision came as the Nigerian government accused Binance of manipulating foreign exchange rates and demanded significant compensation.

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Binance leaves Nigeria, suspending all naira services

Cryptocurrency exchange Binance announced that it will stop providing all services related to the Nigerian naira (NGN). According to the platform’s announcement on March 5, starting at 8:00 UTC on March 8, all remaining NGN balances in Binance users’ accounts…

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Nigeria’s government rails against crypto as naira plummets

Regulators are being urged to take action against Binance and other exchanges, such as KuCoin and Bybit, in a bid to prevent further manipulation of the Naira.

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Nigeria arrests Binance executives amid naira speculation crackdown

Nigerian authorities have reportedly detained two senior executives at Binance in a bid to clamp down on naira speculation. As reported by the Financial Times (FT), Binance’s two senior executives have been arrested upon arrival to Nigeria by the Office…

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Binance drops Nigerian naira from P2P platform amid forex manipulation concerns

Crypto exchange Binance has removed Nigeria’s fiat currency, Naira, from the national currencies it supports on its peer-to-peer platform, according to CryptoSlate sources. Meanwhile, the Financial Times reported that two Binance executives have been detained in the country, with their passports seized.

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Two Binance Senior Executives Arrested in Nigeria

In a dramatic turn, Nigeria detains Binance executives amid a crackdown on crypto exchanges to curb naira volatility and tackle rising inflation. The post Two Binance Senior Executives Arrested in Nigeria appeared first on BeInCrypto.

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Nigerian Government Blocks Access to Binance, Coinbase, and Others to Shore Up Sliding Naira

News broke late Wednesday of the Nigerian government blocking access to major cryptocurrency exchanges like Kraken, Binance, and Coinbase, and this came as a shock to many of us (Nigerians). This dramatic move represents the latest escalation in Nigeria’s efforts to shore up the declining naira and curb unregulated cryptocurrency trading.

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Nigeria Blocks Access To Coinbase, Binance and Kraken As Naira Falls To Record Lows

An adviser to the President of Nigeria stated that crypto should be banned within the country.

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Has Central Bank of Nigeria Declared War on Binance P2P Trading?

The Central Bank of Nigeria (CBN) is suspected of manipulating Binance's peer-to-peer exchange rates, causing USDT to fall 30% against the Nigerian Naira. The post Has Central Bank of Nigeria Declared War on Binance P2P Trading? appeared first on BeInCrypto.

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Cryptocurrency adoption surges in Nigeria, report finds

The significant depreciation of the Nigerian naira has led to a growing interest in crypto. According to the report, Nigeria's young and tech-savvy population has eagerly embraced cryptocurrencThe post Cryptocurrency adoption surges in Nigeria, report finds appeared first on AMBCrypto.

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Nigerian authorities call on government to ban Binance amid Naira crisis

The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the Nigerian government to prohibit the operations of Binance because it was exacerbating the strain on the Naira, according to local media outlet The Cable.

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Nigeria’s Bank Association Wants Binance Out Over Added Strain to Naira

Nigeria's Association of Bureaux De Change Operators, cites Binance's influence as a potential stressor on the naira, pushing for its ban.

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Here’s what Nigeria’s naira float means for its crypto market

The move reduces the likelihood of artificial price differences between the naira and cryptocurrencies in different markets.

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Nigeria’s New Crypto Tax Policy Could Set The Tone For Africa’s Positive Web3 Relationship

The country’s 2023 budget is riddled with an 11 trillion naira budget deficit and 6 trillion naira debt service cost, so it is looking for new avenues to fund its budget, observers say. Nigeria has placed a 10% tax on digital asset profits in the latest Nations Finance Act 2022 amendment. The tax will include […]

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The University of Jos in Nigeria will accept e-Naira for payment

The University of Jos in Nigeria has expressed its willingness to accept digital Nigerian Naira (e-Naira) to pay for its educational programs. The top manager of the Central Bank of Nigeria (CBN), Tinat Esther Catherine, announced this during a visit to the University of Jos (UNIJOS).

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Naira redesign no more: President’s directive canned by Nigerian Supreme Court

The Supreme Court of Nigeria says no to redesigning the naira, ruling that the old banknotes will remain in circulation.

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Bitcoin premium hits 60% in Nigeria as country limits ATM cash withdrawals

The price of one Bitcoin (BTC) in Nigeria has skyrocketed to the equivalent of $38,000 in the local currency, the naira.

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Nigeria's CBDC eNaira Used for Nearly $10M Worth of Transactions Since October

Nigeria's central bank digital currency (CBDC), the eNaira, has been used to carry out transactions worth 4 billion naira ($9.3 million) since its introduction in October 2021, the governor of its central bank has said.

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Naira now has a third “crypto exchange rate” as Nigerians rely heavily on crypto

Nigeria’s exchange rate system dominated by the official and black-market rates now has a “crypto exchange rate” as a competitor since Nigerians have been accumulating crypto since 2020 due to low confidence in the Naira, the Bloomberg reports.

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P2P Crypto Trading in Nigeria Deals Blow to Naira

Nigeria's Naira slumps as more citizens flock to crypto as a hedge against a weakening fiat currency. The post P2P Crypto Trading in Nigeria Deals Blow to Naira appeared first on BeInCrypto.

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Nigeria’s Central Bank Plans to Launch CBDC Pilot Scheme in October 2021

The Central Bank of Nigeria (CBN) is moving forward with its central bank digital currency project (CBDC) project, as the CBN will launch a digital naira pilot program later in October 2021. Nigeria Progresses With Digital Naira Initiative  According to the Peoples Gazette, the CBN made the announcement while addressing stakeholders at a webinar onRead More

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Nigerian Currency Overvalued by 10% Says Central Bank Governor

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has reportedly told investors that the country’s currency is overvalued by 10%. The governor’s remarks, which have been confirmed by two unnamed sources, suggest that the central bank is planning to devalue the naira again.

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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 […]

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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.

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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.

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Will Nigeria Lead The Digital Currency Movement In Africa?

Nigeria’s apex regulatory bank, The Central Bank of Nigeria (CBN), earlier this week hinted at its plans to create a digital Naira. Godwin Emefiele, the nation’s CBN Governor, made this disclosure at a Monetary Policy meeting held in Abuja, the country’s capital.

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Nigeria’s Naira Loses Ground on Forex Black Market Just a Few Days After Devaluation

The Nigerian naira currency lost further ground against major currencies after it depreciated to 493 nairas for one dollar on the black market on May 25, 2021. Before the latest depreciation, the currency had stabilized at around 485 nairas to the dollar.

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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) […]

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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.

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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 […]

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Binance Launches Express Mode, Adds Nigerian Naira for P2P Trading

Nigeria is the second-largest peer-to-peer (P2P) cryptocurrency market in the world. The country suffered a huge blow on Feb. 5 when its apex bank released a circular issuing a ban on cryptocurrency trading.

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Bitcoin adoption in Nigeria soars as central bank blocks remittances in Naira

The Central Bank of Nigeria’s “Naira defense” policy is pushing more Nigerians toward Bitcoin and crypto adoption.

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Transfer Money in Nigeria Instantly with Cryptocurrencies using Cryptofully.com

Cryptofully. com is offering Nigerian investors from around the world to transfer money to Nigeria in a simple two-step process through Bitcoin. 12 September 2020, Lagos. Cryptocurrency owners can now send funds across the world to Nigerian Naira accounts without the requirement of registering on a new platform.

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P2P Cryptocurrency Exchanges in Africa Pivot: Nigeria and Kenya the Target Markets

Leading cryptocurrency exchanges are bullish about Africa’s growth prospects as evidenced by their ongoing forays into the continent. During the month of August, Kucoin crypto exchange announced the addition of Nigeria’s naira currency as a payment option on its peer-to-peer platform.

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Nigeria’s Foreign Currency Crisis Boon for Bitcoin: Country Tops Wallet Downloads Ahead of the US

Nigeria’s weakening naira currency, as well as the shortage of U. S. dollars, are forcing businesses to switch to bitcoin as the means of settling payments for international transactions. Nigerian businesses need the American currency to buy new supplies, as well as to order essential equipment from abroad.

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No End in Sight as Nigeria Devalues Currency Over 5%

The Nigerian government continues to devalue its currency, the naira, according to reports from the central bank. The bank offered naira at a recent auction at 380 to the dollar, an increase of over 5%.

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BTC Usage in Africa Intensifying, Nigeria’s Naira Posting Highest Volume After USD on P2P Exchanges

Bitcoin adoption in Africa continues to ramp up. On peer-to-peer bitcoin exchange platform, Paxful and LocalBitcoins, Nigeria's Naira accounted for $9 million of trading volume each week. This growing usage has Nigeria's Naira second most used currency after the US Dollar.

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Remitano Adds Nigerian Naira Wallet with Instant Trade Feature

Remitano, one of the most popular peer-to-peer cryptocurrency marketplaces in Nigeria, has added a fiat wallet for Naira (NGN). This brand-new Naira fiat wallet will allow users (of Level 2 and above) who require quick transfers between Naira and crypto on the platform.

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Nigerians Can Now Buy Bitcoin With Cash From Stores and ATMs That Take Naira

If there’s a place where cryptocurrencies draw significantly more attention than anywhere else right now, it has to be Nigeria. Africa’s largest economy is driven by its oil exports, expanding manufacturing, financial services, communications and information technology sectors, but also by a tech-savvy generation that asks Google about Bitcoin more than its peers in other […] The post Nigerians Can Now Buy Bitcoin With Cash From Stores and ATMs That Take Naira appeared first on Bitcoin News.

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Wifi Sharing Platform Wicrypt Gets Government Grant in Nigeria

A crypto startup providing wifi hotspot sharing services in Nigeria has won funding from the country’s telecom regulator. Wicrypt placed second among 25 tech companies participating in an innovation competition organized by the Nigeria Communication Commission and it’s going to receive a grant worth 2 million naira to finance its project.

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Africa’s First Stablecoin is based on Nigerian Naira & Built on Binance Chain

The very first stablecoin of Africa is backed by Naira, the fiat currency of Nigeria and it will be built on Binance Chain, the blockchain software system developed by the leading cryptocurrency exchange Binance.

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Africa’s First Stablecoin is Built on Binance Chain

Africa’s first stablecoin, the Africa Stable-Coin(ABCD) is backed by Nigeria’s national currency, the Naira. Also, the fiat-backed crypto is built on Binance’s native blockchain, the Binance Chain.

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If Nigeria finds a way to hedge against its nair

Bitcoin’s Volatility No Match For Nigeria’s Naira “I can use Bitcoin for anything now […],” Soji, a Lagos web designer told Jeremy Kirshbaum and Pelumi Oguntemehin. “It means I can invest and also pay anybody currently, except old people, I will send them bitcoin. The Nigerian Naira fell against the Chinese yuan by over 15%,

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