Nigeria bans ATM cash withdrawals over $225 (₦100,000) weekly
The Central Bank of Nigeria has limited the amount of cash that people and companies may withdraw in order to boost the usage of the eNaira, Nigeria’s Central Bank Digital Currency (CBDC). In a circular sent to financial institutions on December 6, the Central Bank of Nigeria said that individuals and companies would henceforth be […]
Nigeria, Binance discuss crypto-friendly economic zone
The planned alliance between Nigeria and Binance intends to create a digital city that welcomes cryptocurrency, much like the virtual free zone in Dubai. The government of Nigeria and the cryptocurrency exchange Binance met informally in order to discuss the possibility of creating a special economic zone to support companies involved in the blockchain and […]
Nigeria’s eNaira Nears $10M Worth of Transactions
There are 270,000 active wallets and 840,000 downloads of the eNaira app. Since it was introduced last October, the eNaira, which is Nigeria’s central bank digital currency (CBDC), has been used to make transactions worth $9.3 million, according to the country’s central bank governor.In a speech on Thursday, Godwin Emefiele, governor of the Central Bank […]
Nigeria becomes the most crypto-obsessed country after April crash
Nigeria burgeoning interest in cryptocurrencies is being spurred by the lack of competent financial services in the nation According to Google Trends information on the most popular search phrases in 15 countries, “Ethereum” searches outnumbered “Bitcoin” searches in 14 of them. Most cryptocurrencies lost more than 60% of their value from their peak valuation during […]
Nigeria’s eNaira CBDC rollout receives approval from the Federal High Court
The Federal High Court of Nigeria has approved the use of a central bank digital currency (CBDC) as legal tender. eNaira will continue to circulate alongside its fiat counterpart. According to a report by Voice of Nigeria, Nigeria’s CBDC issue clearance was revealed in a federal court hearing on Oct. 2 presided by Justice Taiwo […]