Nigeria Receives Nearly $100,000 From Unlicensed Crypto Firms

October 16, 2024 Bitcoin.com

Nigeria Receives Nearly 0,000 From Unlicensed Crypto Firms

Africa

The Nigerian government received nearly $100,000 from two cryptocurrency firms accused of conducting unlicensed conversions of tether (USDT) to naira and vice versa. The two Nigerian cryptocurrency firms, Paparaxy Global Ventures Limited and Lemskin Technologies Limited were accused of operating without a banking license. Plea Agreement The Nigerian Federal Government recently received nearly $100,000 (NGN160 […]

Greedy L2s are the reason ETH is a ‘completely dead’ investment: VC

Nigeria Injects $543.5M to Shore up Naira

October 9, 2024 Bitcoin.com

Africa

The Central Bank of Nigeria (CBN) injected $543.5 million into the Nigerian foreign exchange market between September 6th and 30th to address currency volatility. The bank attributed the volatility to high demand for imports and seasonal factors. Nigeria is facing foreign exchange shortages and the government has taken various steps to counter it, including restricting […]

Greedy L2s are the reason ETH is a ‘completely dead’ investment: VC

Nigeria Central Bank Governor Defends Naira Float Decision

October 9, 2024 Bitcoin.com

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The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, emphasized the importance of the decision to float the naira, despite public criticism of the move. He stated that the disparity between official and parallel exchange rates encouraged arbitrage and speculation, eroding market trust. He highlighted the positive impact of the decision on reducing […]

Greedy L2s are the reason ETH is a ‘completely dead’ investment: VC

Nigeria Introduces System to Boost Forex Market Transparency

October 6, 2024 Bitcoin.com

Africa

The Central Bank of Nigeria (CBN) is launching a new electronic system (EFEMS) to improve transparency in the foreign exchange market. This comes as the Nigerian currency weakens. Authorized dealers must comply with existing regulations and complete necessary preparations before using EFEMS. Enhancing Transparency in the Foreign Exchange Market The Central Bank of Nigeria (CBN) […]

Greedy L2s are the reason ETH is a ‘completely dead’ investment: VC

Nigerian Currency Plunges After Central Bank Rate Hike

September 26, 2024 Bitcoin.com

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The Nigerian Naira weakened significantly against the U.S. dollar following the Central Bank of Nigeria’s (CBN) decision to hike interest rates for the fifth time this year. The naira dropped to NGN1,658 per dollar on the official foreign exchange market after the CBN increased the benchmark lending rate by 50 basis points. On the parallel […]

Greedy L2s are the reason ETH is a ‘completely dead’ investment: VC

Nigeria Acts to Stabilize Currency with Forex Auction

August 4, 2024 Bitcoin.com

Africa

The Central Bank of Nigeria (CBN) will reintroduce a foreign exchange auction system as part of efforts to ease pressure on the local currency. The CBN has called on authorized dealer banks to share their respective lists of outstanding forex demand by end users. Auction System Aims to Mitigate Impact of Dollar Shortage on Exchange […]

Greedy L2s are the reason ETH is a ‘completely dead’ investment: VC

Designating Crypto as the Bogeyman Will Not Halt the Nigerian Currency’s Depreciation

July 1, 2024 Bitcoin.com

Labeling cryptocurrency a scapegoat, similar to blaming parallel market traders for the Nigerian currency’s woes, will not solve the underlying problems. Proactive preparation for consequential innovations is far preferable to reactive measures. The blockchain and crypto industry is still young, and there’s time for Nigeria to establish regulatory frameworks to govern its participants. Nigeria’s Currency […]

Greedy L2s are the reason ETH is a ‘completely dead’ investment: VC

Nigeria’s interest in Bitcoin unfazed by regulatory restrictions

June 2, 2024 Coin Telegraph

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Notably, Lagos, Nigeria’s commercial nerve center, falls outside the top 15 cities regarding Google search interest for Bitcoin.

Despite President Tinubu’s administration’s crackdown on peer-to-peer (P2P) cryptocurrency trading, which has sparked outrage among many young Nigerians, their enthusiasm for Bitcoin remains unabated.

According to Google Trends statistics, Nigeria, Africa’s largest cryptocurrency market, is currently the country with the highest interest in Bitcoin (BTC), followed closely by El Salvador.

Geographic analysis reveals that Delta state leads the pack in Bitcoin interest, trailed by states like Anambra, Ekiti, Enugu, Ondo, Ebonyi, Bayelsa, Osun, Edo, and Imo. Notably, Lagos, Nigeria’s commercial nerve center, falls outside the top 15 cities regarding Google search interest for Bitcoin.

Greedy L2s are the reason ETH is a ‘completely dead’ investment: VC

‘Spraying’ Naira Notes Causes Depreciation, Warns Nigerian Anti-Graft Body

May 28, 2024 Bitcoin.com

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The Economic and Financial Crimes Commission (EFCC) has issued a warning against the practice of spraying naira notes at social events, emphasizing that it diminishes the dignity of the currency. In a recent post on its official X page, the Nigerian anti-graft agency urged residents to respect the naira and avoid ridiculing it. The EFCC […]

Greedy L2s are the reason ETH is a ‘completely dead’ investment: VC

Cryptocurrency Exchange Kucoin Suspends P2P Services for Nigerian Naira

May 16, 2024 Bitcoin.com

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Kucoin, a global cryptocurrency exchange platform, announced on May 15 that it has temporarily suspended its peer-to-peer (P2P) services for the Nigerian naira, as well as the Fast Buy service via naira cards. The crypto exchange stated that during this period, it will focus on ensuring compliance and creating a more robust and secure environment […]

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