The Central Bank Of Nigeria Has Declared That The eNaira Is Finally Ready For Use

The Central Bank of Nigeria (CBN) has announced that the Central Bank Digital Currency (CBDC), eNaira, is finally ready for debut by Nigerian President Muhammadu Buhari on Monday, October 25, 2021. The event was originally scheduled for October 1, Nigeria’s 61st anniversary of independence. The launch, however, was delayed due to certain difficulties, including a lawsuit brought against the central bank by a private entity that first registered the name eNaira with the Corporate Affairs Commission (CAC). The CBN claimed that instead of focusing solely on introducing the eNaira on October 1, 2021, it began work on the digital currency’s […]



ICPC Urges NASS That Cryptocurrencies Should Be Regulated To Prevent High-profile Crimes

The Independent Corrupt Practices and Other Related Offences Commission has requested that the National Assembly pass legislation regulating cryptocurrency trading in order to prevent criminals from utilizing it to commit terrible crimes. Kidnappers and bandits are now using the medium to commit high-profile crimes such as money laundering and ransom payments for kidnappers, according to the anti-graft agency. Prof. Bolaji Owasanoye, the Chairman of the ICPC, stated this during the opening ceremony of a two-day capacity building retreat with National Assembly and ICPC Board/committee directors on the theme of “Corruption, IFFS, and financing for national development,” which took place on[…]



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[…]