CBN’s Digital Currency To Launch Before 2022 – Bankers’ Committee

Mrs Rakiyat Mohammed, Director of the Central Bank of Nigeria’s Information Technology Department, has stated that the banking authority will create a digital currency by the end of 2021. Muhammed made the announcement during a news conference following the Bankers’ Committee meeting on Thursday. “As I stated before the end of the year, the Central Bank will make a special announcement and possibly launch a pilot scheme to be able to provide this type of currency to its citizens,” she said. She stated that approximately 80% of central banks around the world were looking into the prospect of releasing central […]



The Naira Depreciates In The Black Market As The Central Bank Of Nigeria Modifies The Official Rate

Tuesday, 25th May 2021: The naira-dollar exchange rate finished at N411.56/$1 in the Importers and Exporters window, where forex is formally transacted. On Tuesday, the naira declined against the US dollar at the official NAFEX window, closing at N411.56 to the dollar. This is a 0.08 percent decrease from the N411.25/$1 rate on Monday, 24th May 2021. Additionally, the Naira fell on the parallel market, ending Tuesday, May 25, 2021, at N487/$1. This represents a N1 decline from the previous day’s N486/$1 level. The Central Bank of Nigeria made further adjustments to the exchange rate and formally recognized the NAFEX[…]



Despite CBN Ban On Crypto, Bitcoin Usage Increases By 27%

While the Central Bank of Nigeria has prohibited Nigerian financial institutions from engaging with anything crypto-related for the past three months, recent data shows that its people are gradually looking for other ways to access the world’s most famous cryptocurrency. According to data obtained from Usefultulips (a Bitcoin analytic data provider), Bitcoin peer-to-peer trading use in Nigeria has increased by 27% since the CBN directive went into effect 85 days ago, with Nigerians moving over $103 million worth of Bitcoins through just the Paxful and LocalBitcoins networks alone. Despite the recent N5/$ rebate scheme launched by the Central Bank of[…]