Tag: Nigeria
Cryptocurrency Businesses in Nigeria Must Now Establish a Local Base in Order to Be Permitted to Operate
In order to be eligible for regulatory approval, virtual asset service providers (VASPs) operating in Nigeria are required by the Nigerian Securities and Exchange Commission (SEC) to have a physical…
Nigeria will stop manipulating its currency by removing the Naira from P2P trading sites
The Naira, the currency of Nigeria, is to be removed from all peer-to-peer (P2P) trading systems, as announced by the government. As part of a larger initiative to stop the…
Nigerian government seeks the extradition of Binance executive who is fugitive from Kenya
Nadeem Anjarwalla, the executive of Binance, fled from custody and was found in Kenya by the Nigerian authorities. Currently, the government wants to repatriate him to Nigeria. Punchng.com verified that…
Central Bank of Nigeria forbids using foreign exchange as collateral for loans denominated in local currency
Stopping the Naira’s Decline The Central Bank of Nigeria (CBN) has ordered banks to stop using foreign currencies as collateral for loans in local currency because of the continuous shortages…
Nigeria’s SEC Proposes Significant Fee Hike for Crypto Firms Amid Economic Concerns
In response to perceived risks and challenges associated with the cryptocurrency industry, Nigeria’s Securities and Exchange Commission (SEC) has put forward substantial increases to supervision fees for crypto firms. The…
Binance Suspends Services in Nigeria
The cryptocurrency exchange Binance declared that it will no longer offer any NGN-related services. The company announced today that all leftover NGN balances in Binance users’ accounts will be immediately…
Central Bank of Nigeria Approves cNGN Stablecoin Launch, Paving the Way for Digital Innovation
In a groundbreaking move, the Central Bank of Nigeria (CBN) has granted approval for the launch of the cNGN stablecoin by the Africa Stablecoin Consortium (ASC). Set to debut on…