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Central Bank of Nigeria Orders Banks to Close Accounts of Crypto Clients as Remittances via Traditional Corridors Drop by 97%
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Central Bank of Nigeria Governor Decries the Use of Parallel Exchange Rate as Citizens Switch to Crypto
The governor of the Central Bank of Nigeria (CBN) Godwin Emefiele says the embrace of the parallel market exchange rate by some professionals in that country is unfair and unfortunate. The CBN governor says the parallel foreign exchange market only accounts for a share of the market that does not exceed 5%. He also adds […]
The post Central Bank of Nigeria Governor Decries the Use of Parallel Exchange Rate as Citizens Switch to Crypto appeared first on Bitcoin News.
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Brazen Nigerian Crypto Scam Inksnation Still Operational Three Months After Regulator Warning
One of Nigeria’s most brazen crypto scams, Inksnation remains operational and still invites new investors some three months after the country’s Securities and Exchange Commission (SEC) deemed its activities illegal. The SEC has previously warned Nigerians against investing with the scam saying doing so would be at own risk as there is no legal recourse […]
The post Brazen Nigerian Crypto Scam Inksnation Still Operational Three Months After Regulator Warning appeared first on Bitcoin News.
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Nigeria Foreign Exchange Crisis: Worsening US Dollar Shortages Point to Further Devaluation
Pressure on Nigeria’s current exchange rate is likely to get worse in 2021, when the expected recovery of imports is set to force another devaluation of the local currency to N430/$ next year, according to two Bank of America analysts. Earlier rate adjustments, one in March and another in July, already appear to have failed […]
The post Nigeria Foreign Exchange Crisis: Worsening US Dollar Shortages Point to Further Devaluation appeared first on Bitcoin News.
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High Fees Make BTC Less Appealing for Remittances in Africa: ‘Pray Blocks Happen Quickly’
Bitcoin trading volumes are on the rise on the African continent despite the ongoing concerns about the high network fees. Data shows peer to peer bitcoin trading platforms recorded spiked growth in volumes starting in April. This was the same time as many countries implemented lockdown measures. Anecdotal evidence seems to suggest that Covid-19 related […]
The post High Fees Make BTC Less Appealing for Remittances in Africa: ‘Pray Blocks Happen Quickly’ appeared first on Bitcoin News.
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Nigerians Can Now Buy Bitcoin With Cash From Stores and ATMs That Take Naira
If there’s a place where cryptocurrencies draw significantly more attention than anywhere else right now, it has to be Nigeria. Africa’s largest economy is driven by its oil exports, expanding manufacturing, financial services, communications and information technology sectors, but also by a tech-savvy generation that asks Google about Bitcoin more than its peers in other […]
The post Nigerians Can Now Buy Bitcoin With Cash From Stores and ATMs That Take Naira appeared first on Bitcoin News.
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Africa and its Antiquated Banking: Cryptocurrencies The Solution?
Africa has steadily accelerated the switch to modern technologies. But can a continent facing a crisis with antiquated banking technologies, low rate of financial inclusion, poor confidence in the banking system, and high remittance costs become the new battleground for blockchain or cryptocurrency-centred settlements? Also read: Square’s Big Week: Crypto Patent, Shares Leap, and Lightning […]
The post Africa and its Antiquated Banking: Cryptocurrencies The Solution? appeared first on Bitcoin News.
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Nigeria Experiences Spike in Bitcoin Adoption
Nigeria has witnessed a recent spike in bitcoin adoption, with the P2P markets setting a new record for trading volume thus far during the week of the 16th of December. Nigeria comprises the most recent African nation to experience a spike in cryptocurrency adoption, with Zimbabwe’s bitcoin prices having been among the highest worldwide for a […]
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