Nigeria plans to create a crypto-friendly free zone with Binance

Nigeria

The Nigerian government is in discussions with crypto exchange Binance regarding a potential crypto-friendly economic zone similar to Dubai’s virtual free zone.

On 2 September, the Nigeria Export Processing Zones Authority (NEPZA), announced that it had held preliminary meetings with Binance and tech infrastructure firm Talent City to talk over the proposed “first Virtual Free Zone in West Africa”.

The zone would focus on blockchain and the digital economy, making...

5 September 2022 | CBDC

Nigeria has highest rate of global crypto ownership at 24.2%

Nigeria

Nigeria has the world’s highest cryptocurrency adoption rating, with 24.2% of adults owning some form of digital currency.

According to the latest Cryptocurrency Adoption Index from financial comparison platform Finder.com, which surveyed 41,645 adults in 22 countries, Nigeria is well ahead of the global average adoption rate of 11.4%.

Of the quarter of online adults in the West African nation who own cryptocurrency, Bitcoin is the most popular with 66.5% of owners...

3 November 2021 | Bitcoin

Nigeria to launch CBDC pilot in October

Nigerian Flag

The Central Bank of Nigeria (CBN) plans to begin its central bank digital currency (CBDC) pilot on October 1, according to Nigerian financial news publication Nairametrics.

According to Nairametrics private sources, Rakiya Mohammed, the bank’s director of information technology, called a webinar last Thursday to confirm the pilot’s start date and emphasise that the CBN could not afford to be left behind in global CBDC development.

The pilot scheme, known as...

27 July 2021 | Banking