Nigerian Agency Gets Nod to Freeze $330,000 in Crypto Users’ Bank Accounts

September 12, 2024 Bitcoin.com

Nigerian Agency Gets Nod to Freeze 0,000 in Crypto Users’ Bank Accounts

A Nigerian anti-corruption agency froze bank accounts (over $330,000) belonging to suspected cryptocurrency users on global platforms like Kucoin and Bybit. The agency believes these users manipulated the Nigerian currency (naira) through their trading activity. The exchanges are also accused of failing to adhere to anti-money laundering and terrorist financing regulations. Bank Account Holders Accused […]

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Nigerian Firms Forecast Further Naira Depreciation

August 24, 2024 Bitcoin.com

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A recent Central Bank of Nigeria survey reveals that Nigerian businesses expect the naira to weaken further before strengthening in late 2024 or early 2025. This pessimism comes despite the CBN injecting millions into the forex market. The naira’s depreciation has fueled inflation, sparking protests. While most businesses are pessimistic about the naira’s immediate future, […]

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Nigeria Acts to Defend Naira After Currency Hits New Record Low

July 21, 2024 Bitcoin.com

Africa

The Central Bank of Nigeria recently sold U.S. dollars to Bureaux de Change (BDC) at a flat rate of NGN1,450 per greenback. The central bank stated that eligible BDCs can sell the dollars to end-users at a margin of no more than 1.5% above the purchase exchange rate. The Nigerian apex bank disclosed that it […]

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Nigeria’s Naira Rated Worst-Performing Currency in H1 of 2024; Kenyan Shilling Named Best Performer

June 30, 2024 Bitcoin.com

binance nigeria

In the first half of 2024, the Nigerian currency depreciated by nearly 40%, making it the worst-performing currency during that period. Meanwhile, the Kenyan shilling appreciated by 20.7%, ranking it as the best performer. The depreciation of the Nigerian naira was primarily driven by U.S. dollar shortages. Naira Falls for 9 Straight Days The Nigerian […]

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Crypto enthusiasts warn against naira trade ban on exchanges

June 8, 2024 Coin Telegraph

blockchain technology

Due to the rapid decline of the naira and the resulting almost three-decade-high inflation rate of 29.9%, the Nigerian government has turned its focus to platforms providing cryptocurrency services.

Some Nigerian crypto enthusiasts believe that the country’s decision to halt naira trading on cryptocurrency exchanges will likely worsen matters for the volatile fiat currency.

In an interview with Cointelegraph, Rume Ophi, the executive secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), stated that the official Nigerian narrative that global cryptocurrency platforms contributed to the naira’s depreciation is impractical.

Ophi said Nigeria can effectively regulate the cryptocurrency industry through a framework introduced by the Nigerian Securities and Exchange Commission (SEC) in 2022.

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Nigeria Announces New Cash Withdrawal Restrictions — ATMs Limited to Less Than $44 per Day

December 8, 2022 Bitcoin.com

Nigeria Announces New Cash Withdrawal Restrictions — ATMs Limited to Less Than per Day

bitcoin.com

In a new directive to financial institutions, the Central Bank of Nigeria (CBN) said individuals can now only withdraw an equivalent of just under $222 per week while corporates can only withdraw cash not exceeding $1,111 during the same period. The new limits, which are in line with the CBN’s cashless policy, are set to […]

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Nigerian Currency Gains Versus US Dollar Days After Tapping All-Time Low

November 10, 2022 Bitcoin.com

Africa

Just a few days after plummeting to its worst exchange rate against the U.S. dollar ever, the Nigerian currency was trading at around 820 units for every dollar on Nov. 8, a report has said. An economist has suggested that the Central Bank of Nigeria’s controversial currency plan is unlikely to halt the naira’s depreciation […]

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Nigerian Currency Redesign Controversy: Naira Slips by Almost 20%, Experts See Exchange Rate Reaching 1,000:1 USD Before Year End

November 5, 2022 Bitcoin.com

Andrews Elueni

The Nigerian currency appeared to accelerate its decline versus the U.S. dollar after it slipped to a new low of 900 naira for every dollar. The currency has continued to depreciate even after the Economic and Financial Crimes Commission’s raid on suspected illegal foreign exchange dealers. Continuing U.S. Dollar Shortages Following the Oct. 27 announcement […]

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Nigeria’s Central Bank Doubles Down on Plans to Introduce Newly Designed Naira Banknotes

October 31, 2022 Bitcoin.com

bitcoin.com

The Nigerian central bank was, on Oct. 29, forced to defend its controversial currency redesign plans, just a few days after they were publicly questioned by Nigerian Finance Minister Zainab Ahmad. The central bank insists the move is long overdue and urged Nigerians “to support the currency redesign project which is in the overall interest […]

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Nigerian Central Bank Says It Will Release New Banknotes in December — Naira Falls to New Low

October 29, 2022 Bitcoin.com

Abdulrasheed Bawa

Starting December 15, Nigerians will be using newly-designed 100, 200, 500 and 1,000-naira banknotes, the governor of the Central Bank of Nigeria (CBN) has said. The announcement has since resulted in the naira’s parallel market exchange rate versus the U.S. dollar dropping to a new low of N781:$1. Redesigning Currency a Global Best Practice The […]

naira depreciation