Bitcoin Will Persist In Nigeria, But The Ban Changes Things
You have probably heard the news about the Central Bank of Nigeria (CBN) imposing a ban on financial services for cryptocurrency exchange operators, as well as the incongruent excuses for its action. You may have also heard of several connected controversies, like how it’s linked to the #endSARS protests, aid for which was partly funded in bitcoin. What you probably don’t know, though, is how this is related to the economic shock from the COVID-19 pandemic, the huge arbitrage gap in the naira (NGN) prices across the Nigerian currency market, the decline in Nigeria’s....
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Consumers are also investing in Bitcoin as a way to hedge against future Naira depreciation. Bitcoin remains a popular cryptocurrency, despite its value dropping like a brick over the past 48 hours. In Nigeria, Bitcoin continues to be embraced by consumers and enterprises. Most people still see it as an investment vehicle, but it also a valuable tool to bypass expensive remittance solutions. The future of Bitcoin looks bright in Nigeria, and things continue to improve. Similarly to most African nations, Nigeria heavily relies on affordable money transfer services. Bitcoin provides the....
Due to the scarcity of US Dollars in Nigeria, factories are no longer to import the parts. Unfortunately for most people, the US Dollar dictates the world economy, and limited access to that type of currency throws a monkey wrench in the business side of things. Many people are actively wondering what it will take for Bitcoin adoption to reach critical mass over the coming years. Over in Nigeria, Bitcoin interest is growing on a daily basis, as the oil bust is dragging this emerging market down. Trillions of USD in untapped crude oil is not all that appealing with the low prices, forcing....
Authorities in Nigeria and cryptocurrency exchange Binance Holdings Ltd. are in talks tto create a digital economic zone that will support blockchain technology adoption by businesses in the West African country. Binance In Talks With Nigeria According to a press release, Nigeria intends to use the Nigeria Export Processing Zones Authority (NEPZA) to establish the […]
Nigeria is set to become Africa’s FinTech hub after experiencing a boost in mobile money operations last year that has helped catapult the country to the forefront of media attention as it demonstrates its advancements in the sector. According to a report from Finextra, in 2011 mobile money operations in Nigeria grew from an average monthly transaction value of $5 million to $142.8 million in 2016. A key factor to this growth is down to the fact that Nigeria is experiencing a growing population. UN estimations predict that the population in Nigeria is expected to be greater than that in....
However, this news may indicate the Central Bank of Nigeria wants to mimic what Bitcoin brings to the table. The idea of using cryptocurrency in Africa has a lot of merit. With lower transaction fees and global availability, Bitcoin makes for a strong candidate. In Nigeria, the idea has gained a valuable supporter, as the Central Bank of Nigeria shows an interest in cryptocurrency. An exciting future looms for cryptocurrency in the country, albeit specific details are hard to come by. For the time being, it remains somewhat vague as to what the Central Bank of Nigeria aims to achieve. It....