Nigeria Declares War on Cryptonics

Nigeria Declares War on Cryptonics

In Nigeria, the central bank has again reaffirmed the illegality of cryptomoney and is ordering banks and financial institutions to close all accounts linked to these digital currencies. In detail, the latter are prohibited from « using, holding, exchanging and/or transacting with cryptomoney ».

A firm position that the monetary issuing institution justified in a communication published on Sunday. Presented as encrypted, opaque tools that prevent any surveillance and therefore cannot be settled, digital currencies are considered to present too great a risk for the national financial ecosystem. The Central Bank Of Nigeria (CBN) said the risks include « loss of investments, money laundering, financing of terrorism, illicit flow of funds and criminal activities » and « tax evasion » which is hitting the country hard.

But more than that, beyond serving totally opaque transactions, these currencies are accused of being used particularly for speculation, which fuels their high volatility, hence significant risks for citizens’ savings.

« (…) the CBN cannot for all these reasons accommodate crypto-currencies for the time being and will continue to do everything within its regulatory powers to educate Nigerians to renounce their use and to protect our financial system against the activities of fraudsters, » the institution argues.

In the fund, the CBN’s decision is not new as it dates from 2017; but it is a reminder given the growing interest in Bitcoin in particular, whose prices have soared in recent months. One year ago, on February 8, 2020, Bitcoin was trading at just under $10,000. On the morning of February 8, 2021, its price was around $39,000, having passed the $40,000 mark a few weeks ago.

As a reminder, according to a Citigroup report, in 2018, Nigeria was the third largest Bitcoin holder in the world as a percentage of GDP after Russia and New Zealand.

What was the name of the first president of Nigeria?

What was the name of the first president of Nigeria?

An article from Wikipedia, the free encyclopedia. Benjamin Nnamdi Azikiwe, born on 16 November 1904 and died on 11 May 1996, is a Nigerian statesman. He was the first president of Nigeria.

How big is Nigeria?

How big is Nigeria?

Which African state has the smallest surface area?

If we limit ourselves to continental Africa, the Gambia becomes the smallest African state. The surface area of this Republic, which is landlocked in Senegal, is 11,300 km² (in comparison, Switzerland covers 41,285 km²). The Gambia is one of the poorest states in the world.

What is the largest country in Africa by area?

In terms of surface area, Algeria and its 2,381,741 km² is on its way to becoming the largest state on the African continent. The country, long confined to the role of dolphin of Sudan, should take advantage of the announced partition and the creation of a Southern Sudan to take first place.

What is the population of Nigeria in 2019?

Official Name Federal Republic of Nigeria
Sub-continent sub-Saharan Africa
Population (ranking: 5th) 212,871,345 inhabitants (2019)
Population growth 3.25 % / year
Area 923,768 sq. km

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Who's running Nigeria?

Nigeria is a federal republic under the Constitution of May 1999. The current President, who is both Head of State and Head of Government, is Muhammadu Buhari who was sworn in on 29 May 2015.

What are the names of the people of Nigeria?

Its inhabitants are the Nigerians (those of Niger being the Nigerians). It is bordered to the west by Benin, to the east by Cameroon, to the north by Niger and to the north-east by Chad. The official language is English, but there are more than 500 languages spoken in Nigeria.

Why is Nigeria rich?

Thanks to its human potential and its wealth of natural resources, Nigeria ranks as Africa’s leading economic power with a GDP of $481.07 [archive] billion dollars (2016), ahead of South Africa ($312.8 billion in 2016)….

Nigeria Declares War on Cryptonics
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