Nigeria To Upgrade CBDC For Wider Use As Crypto Restrictions Cripple Fintech ...
Africa’s largest economy and most populous country “Nigeria,” launched the continent’s first digital currency, the e-Naira, back in October 2021. The Central Bank of Nigeria (CBN) carries over plans to upgrade the country’s central bank digital currency (CBDC) to use in a broader range of goods and services. However, it also maintains strict crypto restrictions […]
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Nigeria’s central bank has upgraded its eNaira to steer the country away from crypto even after a UN report stated that restrictions on digital currencies are stifling the nation's fintech sector. The Central Bank of Nigeria (CBN) is moving ahead with plans to upgrade the country’s central bank digital currency (CBDC) to be used on a wider range of goods and services. It is also maintaining harsh crypto restrictions that cripple the country's fintech sector.The CBN Branch Controller Bariboloka Koyor spoke at a campaign aiming to “sensitize” businesses to the eNaira at a market in the....
According to a press release, the Stellar Development Foundation (SDF) will join forces with major exchange platform Mercado Bitcoin. The partners will work on the nine cases of the Central Bank of Brazil (Bacen) LIFT Challenge. Related Reading | Nigeria To Upgrade CBDC For Wider Use As Crypto Restrictions Cripple Fintech Sector The initiative was deployed […]
Nigeria had earlier in the year announced it planned to launch its own CBDC. The eNaira was announced after the government had banned banks and financial institutions from facilitating crypto transactions in the country. The timeline for the launch of the eNaira has been put at sometime before the end of the year. Citizens of […]
The Central Bank of Nigeria has said it is slashing transaction fees for the e-naira platform by 50% — a move which the bank claims will increase the volume of transactions on the central bank digital currency (CBDC) platform. The central bank also believes that wider adoption of the CBDC will bolster Nigeria’s cross-border trade volumes. Boosting E-Commerce Transaction Volumes In yet another move aimed at boosting the embrace and adoption of the e-naira central bank digital currency (CBDC), the Central bank of Nigeria (CBN) reportedly said it will slash the service fees....
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....