P2P Bitcoin Traders in Nigeria Think Outside the Box in the Wake of CBN Restr...
After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency industry, bitcoin and altcoin trade volumes on centralized exchanges immediately plunged. Nevertheless, the new regulations seem to have succeeded in boosting crypto trade volumes on informal markets or on peer-to-peer trading platforms. Nigerian Crypto Traders Get Creative Still, the increasing trades on informal platforms have also led to increased reports of users losing money to con artists. Moreover, with the CBN seemingly eager to see volumes of crypto trades plummet, Nigerian users had....
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Just a few days after launching the e-naira digital currency, the Central Bank of Nigeria (CBN) is now reportedly ramping up the pressure against cryptocurrency traders. Bank Employees Warned In a memo to its staff seen by Bitcoin.com News, one of Nigeria’s leading banks, FCMB, warns its employees against aiding cryptocurrency traders. The bank reveals that any account that is found to be in violation of the CBN directive will be closed. In addition, FCMB said employees that willfully fail to disclose the existence of an account that is involved in cryptocurrency trading will also....
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....
In the wake of the recent ban on Nigerian banks' servicing of crypto exchanges, Bitcoin's price in the country has seemingly spun out of control. It's been roughly 11 days since the Central Bank of Nigeria banned all regulated financial institutions from providing services to cryptocurrency exchanges in the country. At the risk of stiff penalties, all banks and institutions were directed to close crypto-related firms' accounts immediately. In the wake of the controversial move, public interest in Bitcoin (BTC) in Nigeria continues to outstrip other countries, according to the latest....
The Central Bank of Nigeria (CBN) called for the bank accounts of two allegedly crypto traders to be frozen and funds suspended by all Nigerian commercial banks. The crackdown seems to be the beginning of more tightening measures. the Director of Banking Supervision, J. Y. Mammanand addressed the banks in a circular quoted by Peoples […]