The Central Bank of Nigeria (CBN) has lifted a ban on transacting in cryptocurrencies. At the same time, the bank said there is a need to regulate virtual asset service providers (VASPs), including cryptocurrencies and crypto assets, Reuters reported Wednesday (Dec. 27), citing a Friday (Dec. 22) circular...
African payments technology company Flutterwave has launched a digital solution aimed at addressing the challenges faced by Nigerians in accessing foreign currencies. Developed in partnership with Wema Bank and Kadavra BDC, and backed by the Central Bank of Nigeria (CBN), the new solution, Swap, is a secure and reliable platform that provides...
The move to ban cash withdrawals from government accounts in Nigeria in an attempt to digitize its economy has been a “massive hindrance” to the growth of business-to-business (B2B) payments in the country, says Yele Oyekola, CEO and co-founder at Lagos-based B2B FinTech firm Duplo....
Open banking is now live in Nigeria, the first country to adopt open banking regulations in the Africa region. The operational guidelines to kickstart the scheme were released by the Central Bank of Nigeria (CBN) this week, outlining the rules governing how traditional banks and...
August 29, 2022
It’s been over a year since the Central Bank of Nigeria (CBN) issued a circular prohibiting banks and other financial institutions from facilitating cryptocurrency transactions and processing payments for crypto exchanges, lest they risk “severe regulatory sanctions.” In a statement, the bank said the directive, which saw Binance and other exchanges halt deposits in the […]
February 25, 2024
Cryptocurrency platform Coinbase is denying reports that it is being blocked in Nigeria. Last week saw a report by the Financial Times (FT) that the Nigerian government had gotten the country’s telecoms to block platforms including Coinbase, Binance and Kraken. However, a spokesperson for Coinbase told Coindesk on Thursday (Feb. 22) that it was still in operation in Africa’s largest […]
December 27, 2023
The Central Bank of Nigeria (CBN) has lifted a ban on transacting in cryptocurrencies. At the same time, the bank said there is a need to regulate virtual asset service providers...
September 11, 2023
African payments technology company Flutterwave has launched a digital solution aimed at addressing the challenges faced by Nigerians in accessing foreign currencies. Developed in partnership with Wema Bank and Kadavra BDC, and backed by the Central...
February 05, 2023
Nigeria’s switchover to new paper currency has grown more chaotic. ATMs in Africa’s largest economy have run out of new notes, Bloomberg News reported Saturday (Feb. 4), ahead of a...
