The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) has questioned the Central Bank of Nigeria’s recent actions in imposing a new ban on user accounts linked to crypto-related activity. In a news release, the blockchain collaborative body criticized the Central Bank of Nigeria’s recent “overreach.” Remember that the CBN ordered banks to stop processing cryptocurrency-related…
The Central Bank of Nigeria (CBN) has revealed that the country’s digital currency will be implemented in four stages, culminating in the eNaira’s interoperability with those of other central banks. Mrs Rakiya Mohammed, Director of the CBN’s Information Technology Department, stated this at the licensed payment service providers’ engagement session in Lagos on Monday, as…
The Central Bank of Nigeria, CBN, earlier in February, outlawed crypto trading and prohibited banks and other financial institutions from facilitating related payments. This prohibition comes several months after the Apex bank initially warned Nigerians about the dangers of dealing in cryptocurrencies, stating that they were not legal tender and that investors were unprotected. In the…
Nigerians without access to internet-enabled phones would also be able to utilize the eNaira currency. This was revealed by the Central Bank of Nigeria, CBN, in a document titled “Design paper for the eNaira”. The CBN, through this document, stated that the eNaira solution will take into consideration all Nigerians, irrespective of the device type they…