According to Cointelegraph, Binance has implemented a USDT price ceiling in its Binance P2P platform in order to comply with local regulations in Nigeria. Binance is also working with Nigerian authorities, legislators, and regulators to ensure action is taken against users who do not comply with the price ceiling.This initiative emphasizes the role that speculators have played in exacerbating inflation, causing economic instability, and devaluing the naira in Nigeria.

African Stablecoin Alliance (ASC) confirmed last week that it plans to launch the cNGN Naira stablecoin on February 27th. Although it stated that the stablecoin is part of a sandbox, it has been widely interpreted as a public release. This week, the ASC, which is composed of banks, fintech companies, and blockchain companies, clarified that the February date is only the beginning of the sandbox activity. cNGN will not be open to the public.

The Central Bank of Nigeria (CBN) has approved the Africa Stablecoin Consortium (ASC) to conduct a cNGN stablecoin pilot in its regulatory sandbox, with the cNGN stablecoin set to launch on February 27, 2024. The ASC, composed of multiple banks and fintech operators in Nigeria, stated that the cNGN stablecoin meets the regulatory requirements and standards set by the CBN, the Nigerian Securities and Exchange Commission, and the Nigerian Financial Intelligence Unit. The ASC is working with regulatory agencies to ensure compliance, consumer protection measures, and transparency. It is reported that the cNGN stablecoin is a complementary product to the Central Bank of Nigeria's digital currency eNaira, rather than a substitute. The ASC will be responsible for supervising the cNGN stablecoin.

The Central Bank of Nigeria (CBN) has issued guidelines for banks regarding digital assets, indicating a relaxation of the country's strict stance on crypto. The guidelines, released on the bank's website, provide more information on the decision to allow virtual asset service providers to open accounts last month. While the move is a reversal of Nigeria's previous ban on financial institutions servicing crypto firms, the rules do not permit Nigerian banks to hold or trade cryptocurrencies on their own behalf. The CBN's push for increased oversight of digital assets is in line with similar initiatives in neighboring African nations, where cryptocurrencies are being used as a hedge against inflation.

After Nigeria lifted the ban on cryptocurrency, strict regulations were imposed on banks. Cryptocurrency providers can open bank accounts, but cannot withdraw cash. Banks are still prohibited from holding or trading cryptocurrencies themselves.

The Central Bank of Nigeria has lifted its ban on local banks and financial institutions serving crypto firms, which is expected to increase the use of cryptocurrencies in one of the world's fastest adopters of digital assets. The decision reverses a 2021 directive against institutions facilitating cryptocurrency transactions, although users continued to switch to peer-to-peer trading. The lifting of restrictions on crypto exchanges and other service providers from opening bank accounts could boost adoption, with pan-African exchange Yellow Card saying it will seek a crypto license in the country. The change was prompted by the global trend of regulating crypto, with international standard setters recommending supervision of the industry rather than blanket bans.

On October 17th, African Blockchain Lab's cryptocurrency trading application VIBRA stopped operating in Nigeria in July of this year. Vincent Li, co-founder of African Blockchain Lab and founding partner of Web3 accelerator Adaverse, stated that the business is currently undergoing transformation but did not disclose any details. African Blockchain Lab completed a $6 million financing round in December 2021, with investors including Lateral Frontiers and Dragonfly Capital.

At the Digital Assets Summit 2023 in Abuja, a group of Nigerian blockchain experts discussed the challenges of educating the public on blockchain technology. One of the major challenges identified was the language barrier due to Nigeria's linguistic diversity. However, local blockchain hubs have started educating individuals in local languages.

On September 4th, ConsenSys, the Ethereum infrastructure development company, published a survey report on its official website stating that Nigeria has the highest level of cryptocurrency awareness in the world. In a public opinion poll, 99% of respondents indicated that they were aware of cryptocurrency, and 70% of respondents had a clear understanding of the basic concepts of blockchain technology.

Kashifu Inuwa Abdullahi, Director General of the National Information Technology Development Agency (NITDA) of Nigeria, revealed that blockchain technology will be used for the generation and verification of certificates for the National Youth Service Corps (NYSC) in Nigeria. The NYSC is a Nigerian program that requires university graduates under the age of 30 to participate in a one-year national service program that involves community development projects and cross-cultural integration.