Central Bank of Nigeria Archives

Nigeria upgrades eNaira to widen payments scope

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13 May, 2022

Nigeria upgrades eNaira to widen payments scope

The Central Bank of Nigeria said the upgrade makes onboarding easier, makes the wallet faster, and allows users to create...

IMF: Nigeria’s eNaira could be used for terrorism financing, money laundering

Business

Steve Kaaru

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28 February, 2022

IMF: Nigeria’s eNaira could be used for terrorism financing, money laundering

The IMF says that eNaira could raise financial inclusion to meet the ambitious target of 95%, but says Nigeria must...

Nigeria’s eNaira mobile app sees 500,000 downloads weeks after launch

Business

Steve Kaaru

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19 November, 2021

Nigeria’s eNaira mobile app sees 500,000 downloads weeks after launch

The Central Bank of Nigeria further said that $150,000 had been transacted on its app, with 78,000 merchants from 160...

Nigeria central bank freezes 3 accounts over digital currency trading

Business

Steve Kaaru

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12 November, 2021

Nigeria central bank freezes 3 accounts over digital currency trading

The Central Bank of Nigeria froze two bank accounts of individuals and one business account that it claims have been...

Nigeria’s central bank reveals CBDC guidelines and plans to launch digital wallet

Business

Steve Kaaru

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2 September, 2021

Nigeria’s central bank reveals CBDC guidelines and plans to launch digital wallet

The Central Bank of Nigeria plans to mint and issue the CBDC while commercial banks will be in charge of...

Nigeria freezes bank accounts for forex platforms, traps millions of dollars

Business

Steve Kaaru

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25 August, 2021

Nigeria freezes bank accounts for forex platforms, traps millions of dollars

The Central Bank of Nigeria has moved to court to freeze the bank accounts of forex trading platforms, claiming they...

Nigeria CBDC already in development with plans for pilot testing in 2021: report

Business

Steve Kaaru

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26 June, 2021

Nigeria CBDC already in development with plans for pilot testing in 2021: report

The West African country has been cracking down on digital currencies for months, but according to one report, it has...

Nigeria SEC working with central bank to lift digital currency ban

Business

Steve Kaaru

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20 April, 2021

Nigeria SEC working with central bank to lift digital currency ban

The Securities and Exchange Commission acknowledged that a recent ban by the bank had disrupted Nigeria’s digital currency industry, while...

Fintech startups in Nigeria lose access to gov’t KYC/AML verification tool

Business

Steve Kaaru

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13 April, 2021

Fintech startups in Nigeria lose access to gov’t KYC/AML verification tool

Nigerian fintech startups, including those in the digital currency sector, have been relying on the bank verification number (BVN) as...

Nigeria’s central bank didn’t ban digital currencies, official clarifies

Business

Steve Kaaru

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24 March, 2021

Nigeria’s central bank didn’t ban digital currencies, official clarifies

The central bank’s directive only applied to banks, prohibiting them from processing transactions related to digital currencies, an official said.

Nigeria rewarding users of mainstream remittance channels to combat digital currency use

Business

Steve Kaaru

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13 March, 2021

Nigeria rewarding users of mainstream remittance channels to combat digital currency use

The Central Bank of Nigeria announced its “Naira 4 Dollar Scheme” recently, targeting diaspora remittances.

Exclusive: Nigeria’s digital currency community speaks out on central bank ban

Interviews

Steve Kaaru

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9 March, 2021

Exclusive: Nigeria’s digital currency community speaks out on central bank ban

Despite thriving for years now, Nigeria’s digital currency industry faces its biggest threat yet following a central bank ban that...

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