Category: Financial Inclusion

The Infallibility of the Central Bank of Nigeria and How the Crypto Industry Pays for It

Introduction If the Supreme Court of Nigeria is not infallible, how much more the Central Bank of Nigeria (CBN)? Over the last one year, CBN has been obsessed with cryptocurrencies. Obviously troubled by the increasing adoption of cryptocurrencies in Nigeria and the rate of cryptocurrency transactions completed with the...

How the Central Bank of Nigeria’s definition of ‘cryptography’ illustrates the dangers of the single story

Introduction The single story is a dangerous story because it destroys, sometimes slowly but surely. In the Central Bank of Nigeria’s (CBN) response to the reactions that followed its directive on cryptocurrency in Nigeria in February, the CBN felt it needed to provide further justifications about its position to the general...

“Without trust and confidence in the system, e-Naira will fail”

In late August 2021, the Central Bank of Nigeria announced their partnership with a Barbados-based fintech company that will help create Nigeria’s first digital currency, the e-Naira. The innovative news was greeted with loads of expectations amidst controversies. Since then, Nigerians have anticipated its launch on October 1 as...