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The central bank reportedly emphasized that the addition of NFC technology will play a crucial role in boosting the adoption rates for the CBDC. Go to Source Powered by WPeMatico
According to Nigeria’s securities regulator, Binance is neither registered nor regulated in the country, making its operations illegal. Go to Source Powered by WPeMatico
The central bank released its statement in response to comments on a CBDC discussion paper published in February 2022. Go to Source Powered by WPeMatico
The International Monetary Fund projects 2.2% GDP growth and manageable debt but warns of liquidity risks. Go to Source Powered by WPeMatico
The South African minister of international relations, Naledi Pandor, has urged Brazil, Russia, India, China and South Africa (BRICS) countries to be wary of making a hurried decision when they meet in August to discuss launching a common currency. Pandor said her country will “not shy away from discussions” that relate to her country’s national … Read more
The International Monetary Fund has urged Zimbabwean authorities to weigh the benefits versus risks of issuing a gold-backed digital currency. Instead of using gold-backed digital currency to limit the demand for the greenback, the global lender said monetary authorities should consider liberalizing the foreign exchange market. Risks to Macroeconomic and Financial Stability The International Monetary … Read more
The blockchain and Web3 hub will serve as a center for knowledge exchange and collaboration between technology firms and government entities in Africa. Go to Source Powered by WPeMatico
Nigerian human rights activist and lawyer, Femi Falana, has accused the International Monetary Fund (IMF) and the World Bank (WB) of sabotaging the currency swap arrangement between China and Nigeria. Falana said the Nigerian central bank and the two global financial institutions are helping to perpetuate “the dominance of the United States dollar in Nigeria.” … Read more
The Nigerian payments startup, Nomba, is reported to have raised $30 million via a pre-Series B that was led by Base10 Partners. The new solution is expected to help the startup operate more efficiently and deliver “excellent customer experiences.” Plugging Gaps in Payment Processes Nomba, a Nigerian payments startup, has raised a US$30 million pre-Series … Read more
Fedi, the U.S.-based fintech which is led by the Nigerian bitcoin advocate Obi Nwosu, said on May 3 that it recently raised $17 million in a Series A funding round. The company said it will use the funds to help it launch what it called the “world’s first federated operating system.” Obi Nwosu said the … Read more