The Central Bank of Nigeria has raised concerns over illegal currency dealers charging premiums of 20–40% on naira banknotes. Threat to Naira Credibility The Nigerian central bank has raised alarms over the growing practice in which illegal currency dealers charge a premium on local currency banknotes. According to Olayemi Cardoso, the governor of the Central […]
Coinbase has partnered with Onboard Global to offer Nigerian users secure and efficient cryptocurrency trading. Shielding Coinbase from Regulatory Risk Coinbase and Onboard Global have partnered to provide secure and efficient cryptocurrency trading for Nigerian users. The collaboration enables the purchase of cryptocurrency with local currency through a peer-to-peer (P2P) exchange, with streamlined verification and […]
Nigeria has sued Binance for $81.5 billion for running an unlicensed operation and tax evasion. Nigeria Demands Binance Pay for Economic Harm The Nigerian government has reportedly filed a lawsuit against Binance, seeking $79.5 billion in compensation for “economic losses” and $2 billion in back taxes. The lawsuit, filed in Federal High Court in Abuja, […]
On Valentine’s day, Tigran Gambaryan reiterated claims that rogue Nigerian lawmakers demanded a $150 million bribe in exchange for dropping the case against the cryptocurrency exchange. Fake Meeting Tigran Gambaryan, head of financial crime compliance at Binance, has reiterated the claim that rogue Nigerian lawmakers demanded $150 million in exchange for dropping the case against […]
The director general of the Nigerian Securities and Exchange Commission (SEC) has praised blockchain technology for its potential to improve efficiency and aid in capital market regulation. Blockchain Solutions for Africa’s Challenges Emomotimi Agama, director general of the Nigerian Securities and Exchange Commission, praised blockchain technology, saying it has the potential to improve efficiency and […]
A coalition of software firms recently launched Nigeria’s first compliant stablecoin, cNGN, which is now included in the Nigerian Securities and Exchange Commission incubation program. Stablecoin to Bring ‘Stability’ to Nigeria’s Digital Economy A coalition of software firms recently launched what has been described as Nigeria’s first “compliant” stablecoin, cNGN. The stablecoin, which is now […]
Visa has invested over $10 million in African fintech Moniepoint, joining its Series C funding round, which now exceeds $120 million. Moniepoint provides banking, credit, and payment services to businesses and individuals in Africa. The investment aims to drive financial inclusion and support SME growth across the continent. Moniepoint processes over 1 billion transactions monthly, […]
Nigeria is set to launch Africa’s first dedicated artificial intelligence (AI) university, Wini Institution, in Epe, Lagos. This ambitious project aims to equip young Nigerians with cutting-edge AI skills, fostering a thriving tech ecosystem and positioning Nigeria as a global leader in AI innovation. Inspired by a similar institution in Qatar, Wini University has received […]
The Nigerian securities regulator has cautioned that some applicants for virtual asset service provider (VASP) licenses do not meet regulatory requirements. SEC Welcomes Stakeholder Feedback The Director-General of the Nigerian Securities and Exchange Commission (SEC), Emotimi Agama, warned that some virtual asset service provider (VASP) license applicants do not meet the regulator’s requirements and will […]
China and Nigeria have renewed a $2 billion currency swap arrangement for another three years. Trump Tariff Threat China and Nigeria have agreed to renew a $2 billion currency swap arrangement, initially signed in 2018. The arrangement reportedly aims to strengthen financial cooperation between the two countries and expand the use of their respective currencies. […]