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Nigeria Remains Open to Cryptocurrency Business Amidst Previous Challenges, Says Report
The Nigerian government continues to welcome the presence of cryptocurrency businesses within its borders, even amidst challenging circumstances such as the ongoing legal battles involving Binance, a prominent crypto exchange, and the arrest of one of its executives, Tigran Gambaryan. Recently, Mohammed Idris, the Minister of Information for Nigeria, clarified in an interview with Semafor…
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Nigeria’s New Crypto Tax Policies Might Fall Short of Generating Required Revenue
As Nigeria faces a myriad of economic challenges, it has become increasingly evident that innovative solutions are vital for sustainable growth and fiscal stability. One such solution is the proposed introduction of a tax on cryptocurrency transactions. This decision reflects the government’s recognition of the cryptocurrency market’s rapid expansion and its potential to contribute to…
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Nigeria Initiates $81.5 Billion Lawsuit Against Binance Exchange, According to Reports
In January 2025, Nigeria witnessed a notable shift in its monetary landscape as the total money supply, commonly referred to as M2, experienced a significant increase of 17% compared to the same period last year. This uptick in the money supply has serious implications for the value of the Nigerian currency, potentially leading to a…
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792 Individuals Arrested in Nigeria in Major Crypto-Romance Scam Operation
In recent years, law enforcement investigators have made significant strides in uncovering and dismantling organized criminal networks involved in various fraudulent activities, particularly romance and investment scams. One such network that has come under scrutiny involves the collaboration between foreign individuals and Nigerian recruits in perpetrating these deceptive schemes. The intricate web of deception utilized…
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Consultative Group Recommends Architecture for Retail Central Bank Digital Currency (CBDC)
The implementation of Central Bank Digital Currencies (CBDCs) has gained significant traction across the globe, with several countries exploring and advancing in the development of their respective programs. A report by the Bank for International Settlements (BIS) has shed light on the progress of CBDC initiatives in Jamaica, Nigeria, China, Sweden, the Bahamas, and Peru,…
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Emerging Markets Fuel Growth of Crypto: Report by Consensys
According to a recent global survey conducted by blockchain technology company ConsenSys, Nigeria, South Africa, and the Philippines stand out as key drivers of cryptocurrency adoption, boasting notably high levels of awareness and ownership rates. The findings shed light on the evolving landscape of digital assets in these countries and provide valuable insights for financial…
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Nigeria lifts longstanding restrictions on cryptocurrency transactions
The Central Bank of Nigeria (CBN) made a noteworthy about-face in its position on cryptocurrency transactions in the country, effectively lifting the ban that had been in place. The announcement, which was made on December 22 through a circular, permits Nigerian banks and other financial institutions to resume their operations with cryptocurrency service providers. This…
