Nigeria

In an ongoing investigation that has seen the detention of two high-ranking officials from the cryptocurrency exchange Binance, Nigeria is intensifying its scrutiny by demanding detailed information on the exchange's top 100 Nigerian users and their transaction histories over the past six...

Nigerian officials have called for a $10 billion penalty against Binance (CRYPTO: BNB), alleging that the platform caused substantial financial losses within the country by manipulating exchange rates. What Happened: The government accuses Binance, one of the world's largest cryptocurrency...

The largest economy in Africa, Nigeria, is grappling with a severe economic crisis, marked by a currency in freefall and inflation rates nearing 30%. What Happened: The Nigerian naira has plummeted to a new all-time low against the U.S. dollar, reaching nearly 1,600 on the official market. This is...

An established financial system that’s been around for hundreds of years means stability and prosperity, and that’s why developed countries are as economically stable as they are. However, it also means a lack of flexibility and a lot of barriers to innovation. That’s why...

Oil prices fell by more than 1% on Thursday after Angola said it was to exit the Organization of the Petroleum Exporting Countries (OPEC), raising concerns the African nation will not stick to quotas set by the cartel. Brent crude, the European benchmark oil futures contract, fell 1.1%, to $78.80 a...

Highlighting blockchain technology's transformative impact on global finance and the payment industry, Pratik Gauri, the CEO of 5ire on Monday delved into the global shift towards sustainable digital finance and the unique approaches of countries like the UAE, Nigeria,...

In a recent global survey, Nigeria has emerged as the country with the highest level of awareness about cryptocurrencies such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). Nigeria holds the highest position, surpassing major economies such as the United Kingdom, the United States, Japan, and...

Nigeria's Securities and Exchange Commission (SEC) has reiterated that the activities of Binance (CRYPTO: BNB), a leading cryptocurrency exchange, are illegal in the country. The regulator has issued a warning to the public about the risks associated with investing in crypto-assets and other...

The U.S. stock market wasn’t the only one to rally in 2023, and many U.S.-based investors would have found it beneficial to diversify their portfolios with global stocks and ETFs from roaring emerging market economies. Venturing thousands of miles south of the American continent and crossing...

The Nigerian Securities and Exchange Commission (SEC) is currently reviewing applications for digital exchanges on a trial basis, in an effort to expand market participation in Africa's most populous country, where the central bank has imposed restrictions on cryptocurrency trading. Bloomberg...

ConsenSys has announced that MetaMask has expanded its partnership with MoonPay, a Web3 payment company, to allow Nigerian users to purchase cryptocurrencies directly from their MetaMask wallets using local bank transfers. Nigerians can select their region as Nigeria when purchasing...

Bitcoin (CRYPTO: BTC) demand in Nigeria keeps rising due to its great economic instability, as well as the implications of government monetary policies and the introduction of a central bank digital currency. The Central Bank of Nigeria has been promoting a digital, cashless economy and introduced...

The price of Bitcoin (CRYPTO: BTC) in Nigeria has skyrocketed to levels far beyond global market averages, as the Central Bank of Nigeria promotes a digital, cashless economy. What Happened: At the time of writing, a single Bitcoin for an extraordinary 17.2 million naira on the Nigerian crypto...

Nigeria has become the first African country to receive Starlink’s satellite broadband service. What Happened: SpaceX, led by Twitter and Tesla CEO Elon Musk, shared a link to a coverage map and made the announcement of its Nigerian foray on Monday.  Starlink is now available in...

Nigeria has dramatically curtailed the amount of cash that individuals and businesses can withdraw from ATMs. The move is part of the country's "cash-less Nigeria" strategy and an effort to promote the eNaira, Nigeria's central bank's digital currency (CBDC). What Happened: On...