LAGOS DECEMBER 22ND (NEWSRANGERS)-The Central Bank of Nigeria (CBN) has lifted its two-year-old ban on cryptocurrency, replacing it with a comprehensive regulatory framework aimed at harnessing its potential while mitigating risks. The policy shift was announced on Friday in a circular signed by CBN Director of Financial Policy and Regulation, Haruna Mustapha. The full statement…
LAGOS SEPTEMBER 20TH (NEWSRANGERS)-Cryptocurrency usage is growing in Nigeria as Africa’s largest economy grapples with a weakening currency and soaring inflation, New York-based blockchain research firm Chainalysis said in a report on Tuesday. Nigeria’s volume of crypto transactions grew 9% year-over-year to $56.7 billion between July 2022 and June 2023. In Uganda, crypto use is…
LAGOS SEPTEMBER 6TH (NEWSRANGERS)-Nigeria, Africa’s largest economy, has emerged as the world’s most cryptocurrency-aware nation, according to the results of a global survey conducted by ConsenSys and YouGov. The survey aimed to provide insights into how various countries perceive cryptocurrencies and the broader Web3 ecosystem. The primary findings of the poll suggest that Nigeria and…
LAGOS MAY 7TH (NEWSRANGERS)-Cryptocurrencies “have no intrinsic value” and people who invest in them should be prepared to lose all their money; Bank of England (BOE) Governor Andrew Bailey said Thursday. Digital currencies like bitcoin, ether and even dogecoin have been on a tear this year; reminding some investors of the 2017 crypto bubble in which…
LAGOS MARCH 30TH (NEWSRANGERS)-When Nigerian office worker Chigoziri Okeke bought cryptocurrency for the first time in 2016, he was only looking to make an online payment. But the 10 percent gain on his wallet’s balance after a few days fired up the 27-year-old’s interest. Now, the Lagos resident has more than $50,000 worth of different…
LAGOS MARCH 1ST (NEWSRANGERS)-The prevailing market volatility at the crypto market led to heavy losses of global investors’ funds when roughly $70 billion worth of crypto positions evaporated into thin air within a day. The downward trend gained momentum immediately after the flagship crypto touched below the $45,000 value amid several large sell orders placed…
LAGOS FEBRUARY 22ND (NEWSRANGERS)-It’s been about two weeks since Nigeria’s Apex bank prohibited regulated financial institutions from dealing with Cryptos or face the wrath. At the fear of Nigeria’s Central Bank, financial institutions immediately began to close crypto-related firms. In the wake of such a ban, the demand for Bitcoin by Nigerians had exponentially grown…
LAGOS FEBRUARY 14TH (NEWSRANGERS)-India has become the second country to outrightly ban Bitcoin and other cryptocurrencies. This is coming after the Central Bank of Nigeria instructed all financial institutions in the country to block the accounts of all individuals and entities linked to cryptocurrency transactions. There has been a lot of drama surrounding India’s cryptocurrency…