# Nigeria

ALL From Nigeria

Nigeria’s National Blockchain Policy Greenlighted by the Government

Nigeria’s Federal Ministry of Communications and Digital Economy (FMCDE) has approved the National Blockchain Policy as the country doubles down on creating a blockchain-powered economy.

Crypto Evening Briefing: Bitcoin's Dominance Rate Surges After U.S. Banking Crisis

The cryptocurrency's dominance rate, which measures Bitcoin's share of the total cryptocurrency market capitalization, has risen to over 50%, its highest level in months.

Nigeria Approves National Policy to Create 'Blockchain-Powered' Economy

Nigeria has reportedly approved a national policy to create a blockchain-powered economy. The policy is aimed at promoting the use of blockchain technology to drive innovation, economic growth, and job creation in the country. The policy outlines a number of key objectives, including the creation of a regulatory framework for blockchain and cryptocurrency, the development of blockchain-based applications in various sectors, and the promotion of blockchain education and research. The move is seen as a positive step for the cryptocurrency and blockchain industry in Nigeria, which has been facing regulatory challenges in recent years.

Nigeria SEC Will Support Asset-Backed Tokens: Bloomberg

The Nigeria Securities and Exchange Commission (SEC) will allow tokenizing assets like equities, property, and debt.

Nigeria’s SEC Considers Allowing Licensed Digital Exchanges To List Asset-Backed Tokens

Nigeria's Securities and Exchange Commission (SEC) is considering allowing licensed digital exchanges to list tokens backed by assets like equity, debt, or property. Cryptocurrencies like Bitcoin or Ether will not be among those assets, according to SEC head of securities and investment Abdulkadir Abbas. The SEC aims to register fintech firms as digital sub-brokers, crowdfunding intermediaries, fund managers, and tokenized coins issuers, but crypto exchanges will not be registered until the central bank provides clear regulations for the market.

Alchemy Pay Supports Nigeria Bank Transfer for Fiat-Crypto On-Ramp

Alchemy Pay has announced that it now supports domestic bank transfer payments for crypto purchases in Nigeria.

Paxful To Shut Down Its Operations: Customers Advised For Fund Withdrawal

Peer-to-peer Bitcoin marketplace Paxful has announced that it will shut down, directing users to retrieve their funds from its platform.

Nigerian Crypto Foreign Investment Is at a Record Low: Study

Foreign direct investment (FDI) in Nigeria dropped by 33% in 2022 due to a severe shortage of dollars, which discouraged crypto companies from expanding into the country, according to the National Bureau of Statistics. Despite the exponential growth in crypto adoption, FDI declined to $468 million from the previous year's $698 million. Nigeria has a high adoption rate of crypto, with more active adult crypto traders than most countries due to the constant devaluation of the naira.

Paxful Shutdown Hit Nigeria Harder Than the Rest of the World

The shutdown of peer-to-peer cryptocurrency marketplace Paxful has left its worldwide community searching for alternatives, but it appears to have especially affected the Nigerian Paxful community. Nigeria ranked eighth in terms of crypto adoption and usage rate among 154 countries included in a 2020 study by Chainalysis. Paxful pioneered the use of peer-to-peer trading in Nigeria, helping expand the crypto industry in the country. Some members of the Nigerian Paxful community expressed their worry about the future of crypto marketplaces, while others expressed concern about getting their funds back. Paxful CEO Ray Youssef has assured users that the team is working on clearing send-outs.

Nigeria Wealth Fund Profit Falls 33% in 2022 on Market Turmoil

The Nigeria Sovereign Investment Authority reported a sharp drop in profit for 2022 compared with a year earlier, citing macroeconomic conditions in developed and emerging markets as well as in the local economy.