Interview: Bitcoin In Nigeria With Ahyke Otutubuike

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....

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....

The President of Nigeria, Muhammadu Buhari, will formally unveil the much anticipated Central Bank Digital Currency (CBDC), known as the eNaira, on Monday 25th, October 2021, at the State House in Abuja. Related Reading | New Convert: Anti-Crypto Central Bank Of Nigeria Set To Launch Digital Naira The Central Bank of Nigeria (CBN) first announced the […]