Godwin Emefiele, the Central Bank of Nigeria’s governor, is convinced that cryptocurrency threatens Nigeria’s financial system and must remain under quarantine indefinitely. At a Senate hearing held on Tuesday, Emefiele described cryptocurrency as “money that is created out of thin air” and used by “players in an electronic dark world where transactions are extremely opaque.” […]
At about 12:35am on Tuesday, one of my colleagues received an email from Ecobank. It started with a few paragraphs reminding him of the Central Bank of Nigeria’s directive that banks should stop enabling cryptocurrency transactions. The crucial message was this: “…please be informed that any account identified as transacting or operating in cryptocurrency exchanges […]
On Tuesday evening, James Chijindu went to a mall in Lagos to grab a meal and groceries. When it came time to pay, his Guaranty Trust Bank and First Bank debit cards were unresponsive. So he called a GTBank helpline and the message was clear; Chijindu’s account was closed in accordance with the directive of […]
On the 5th of February, the Central Bank of Nigeria (CBN) sent out a circular to commercial banks reminding them that “dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited” and ordering them to close any accounts transacting with cryptocurrencies. Two days later, the CBN followed up with a statement clarifying their reason […]
The new regulations mean that you will not be able to use a card from a Nigerian bank or any other financial institution in the country to process any transactions on a crypto exchange. In a nutshell, while virtual currencies remain legal, trading them through an exchange in Nigeria is near impossible.
The BackEnd explores the product development process in African tech. We take you into the minds of those who conceived, designed and built the product; highlighting product uniqueness, user behaviour assumptions and challenges during the product cycle. — Yewande issues a standing order for her bank to transfer ₦26,000 (it can vary) to a third […]