* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Sunday, June 22, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Netflix unveils Dallas immersive venue for fans of hit shows like ‘Squid Game,’ ‘Stranger Things’ – Houston Chronicle

    Step Inside Netflix’s New Dallas Immersive Experience Featuring Hits Like ‘Squid Game’ and ‘Stranger Things

    ‘Puttin’ on the Ritz’: Civic Players bring ‘Young Frankenstein’ to life – Yahoo

    Civic Players Deliver a Hilarious and Unforgettable Performance of ‘Young Frankenstein

    ‘Wheel of Fortune’: Amputee Wins $60,000 After Breaking Incredible ‘Curse’ – Hastings Tribune

    Wheel of Fortune’ Amputee Breaks Incredible ‘Curse’ to Win $60,000!

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    Safety concerns in Deep Ellum create apprehension as the entertainment district gains visitors – CBS News

    Safety Concerns Surge Amid Deep Ellum’s Booming Popularity and Growing Crowds

    Elisabeth Moss’ ‘Handmaid’s Tale’ Emmy chances, by the numbers – Yahoo

    Elisabeth Moss’ ‘Handmaid’s Tale’ Emmy chances, by the numbers – Yahoo

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    How AI can help make cities work better for residents – MIT Technology Review

    How AI can help make cities work better for residents – MIT Technology Review

    Tech Champions with Leo Bletnitsky of Healthy Technology Solutions – Buzz Media Group

    Meet Tech Champion Leo Bletnitsky of Healthy Technology Solutions

    Crypto’s true revolution is about humanity, not technology – Cointelegraph

    Crypto’s Real Revolution: Transforming Humanity Beyond Technology

    $1 Billion Problem: New Technology Could Save Your Daily Cup of Coffee – SciTechDaily

    The $1 Billion Challenge: How New Technology Could Rescue Your Daily Cup of Coffee

    Canada’s construction industry gets serious about investing in technology as pressure mounts to do more with less – Yahoo Finance

    Canada’s Construction Industry Accelerates Tech Investments to Overcome Growing Challenges and Boost Efficiency

    Workforce Technology Eases Staffing Shortages in Rural Health Care – AJMC

    Workforce Technology Eases Staffing Shortages in Rural Health Care – AJMC

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Netflix unveils Dallas immersive venue for fans of hit shows like ‘Squid Game,’ ‘Stranger Things’ – Houston Chronicle

    Step Inside Netflix’s New Dallas Immersive Experience Featuring Hits Like ‘Squid Game’ and ‘Stranger Things

    ‘Puttin’ on the Ritz’: Civic Players bring ‘Young Frankenstein’ to life – Yahoo

    Civic Players Deliver a Hilarious and Unforgettable Performance of ‘Young Frankenstein

    ‘Wheel of Fortune’: Amputee Wins $60,000 After Breaking Incredible ‘Curse’ – Hastings Tribune

    Wheel of Fortune’ Amputee Breaks Incredible ‘Curse’ to Win $60,000!

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    Safety concerns in Deep Ellum create apprehension as the entertainment district gains visitors – CBS News

    Safety Concerns Surge Amid Deep Ellum’s Booming Popularity and Growing Crowds

    Elisabeth Moss’ ‘Handmaid’s Tale’ Emmy chances, by the numbers – Yahoo

    Elisabeth Moss’ ‘Handmaid’s Tale’ Emmy chances, by the numbers – Yahoo

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    How AI can help make cities work better for residents – MIT Technology Review

    How AI can help make cities work better for residents – MIT Technology Review

    Tech Champions with Leo Bletnitsky of Healthy Technology Solutions – Buzz Media Group

    Meet Tech Champion Leo Bletnitsky of Healthy Technology Solutions

    Crypto’s true revolution is about humanity, not technology – Cointelegraph

    Crypto’s Real Revolution: Transforming Humanity Beyond Technology

    $1 Billion Problem: New Technology Could Save Your Daily Cup of Coffee – SciTechDaily

    The $1 Billion Challenge: How New Technology Could Rescue Your Daily Cup of Coffee

    Canada’s construction industry gets serious about investing in technology as pressure mounts to do more with less – Yahoo Finance

    Canada’s Construction Industry Accelerates Tech Investments to Overcome Growing Challenges and Boost Efficiency

    Workforce Technology Eases Staffing Shortages in Rural Health Care – AJMC

    Workforce Technology Eases Staffing Shortages in Rural Health Care – AJMC

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

CBN Targets Cryptocurrency To End Naira Depreciation

March 8, 2024
in Business
CBN Targets Cryptocurrency To End Naira Depreciation
Share on FacebookShare on Twitter

Binance cryptocurrencyBinance halts its operations in Nigeria following increased scrutiny.

FIRS

In response to the Nigerian government’s increasing scrutiny of crypto businesses, Binance, the world’s biggest cryptocurrency exchange, has halted its operations in Naira.

The decision came after authorities in Africa’s biggest economy imposed restrictions on cryptocurrency exchanges as part of attempts to halt the sliding value of the local currency.

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said at the end of last month that cryptocurrency exchanges were conduits for money laundering and singled out Binance as the biggest culprit.

“Certain practices go on that indicate illicit flows going through a number of these entities. In the case of Binance, in the last one year alone, $26 billion has passed through Binance Nigeria from sources and users who we cannot adequately identify.”

Changpeng Zhao, who was head of Binance, has pleaded guilty to violating anti-money laundering laws in the United States.

With the naira weakening almost daily, crypto exchanges have been seen as one way Nigerians can protect their money against the currency’s plummet.

Since the government floated the naira in May, the currency has fallen from around 410 to the dollar to around 1,600 naira to the greenback on the official exchange.

In late February, a dollar was exchanged for as much as 1,900 naira on the black market.

Officials have accused crypto exchanges of distorting foreign exchange rates, contributing to the naira’s weakening.

Binance did not immediately respond to AFP’s request for comment on the allegations.

But in an email sent to its Nigerian users, the crypto giant said it was shutting down all its naira-based services on March 8.

“This affects NGN services only, you can continue to make use of services and products for other available cryptocurrencies,” the crypto giant said in the email seen by AFP, referring to the naira trading symbol NGN.

Local media reported that two officials of the company who flew into Nigeria to negotiate with the government were detained and their passports seized.

Nigerian officials have not confirmed those arrests, but lawmakers are also considering issuing arrest warrants for the company’s top executives for “ignoring invitations”.

Those detentions are “likely to negatively affect the country’s reputation,” said Seyi Awojulugbe, a senior analyst at Lagos-based risk consultancy firm SBM Intelligence.

Binance has denied any wrongdoing in a statement posted on its website last month.

Bayo Onanuga, a media adviser to the Nigerian president, insists Binance was sabotaging the country’s economy by influencing exchange rates.

Onanuga told a local broadcaster in February, “That is why the government moved against Binance. Some people sit down using the cyberspace to dictate even our exchange rate, hijacking the role of the CBN (Central Bank of Nigeria).”

Onanuga did not respond to AFP’s request for comments.

In the run-up to the general election in February 2023, President Bola Tinubu promised a regulatory environment to encourage healthy adoption of digital assets, including cryptocurrency.

At the time, a Central Bank of Nigeria order prohibiting banks from enabling crypto transactions was in place.

The bank had ordered the closure of all accounts linked to cryptocurrency exchanges in 2021.

It feared anonymity around cryptocurrencies could enable money laundering, terrorism financing and that the high volatility could wipe out investments.

Despite the prohibition, Nigerians’ appetite for cryptocurrency grew with many adopting peer-to-peer transactions, which allow people to trade digital assets among themselves.

Nigeria rose from 11th position in 2022 to second place a year later on a global crypto adoption index, according to Chainalysis, a global cryptocurrency analysis firm.

The CBN reversed its decision months after Tinubu was sworn in as president.

But a more intense crackdown on crypto exchanges began weeks after the ban was lifted.

Experts said a more balanced regulatory approach was needed.

“The high adoption of cryptocurrency in Nigeria underscores the need for clear regulatory reforms that strike a balance between safeguarding the interests of all stakeholders, maintaining financial stability, and promoting innovation,” Arushi Goel, the head of policy, Middle East and Africa at Chainalysis, told AFP.

Despite projecting a modest 3.2 percent GDP growth for the economy in 2024, the International Monetary Fund warned that a weakened naira, inflation, and policy tightening will provide headwinds for Nigeria’s economy.

Experts said the current crypto crackdown will add to the pressure the economy already faces and will force millions of people who use peer-to-peer mechanisms to trade digital assets.

According to Ray Youssef, the CEO of NoOnes, a peer-to-peer cryptocurrency marketplace, “The clampdown will only starve Nigeria of more foreign FX and further plunge the Naira into loss.”

SOURCE: AFP

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : EconomicConfidential – https://economicconfidential.com/2024/03/cbn-targets-cryptocurrency-end/

Tags: businessCryptocurrencytargets
Previous Post

CBN: 75% of OMO, Treasury Bills Were Bid By Foreign Investors

Next Post

MTNF to invest N600m to equip women entrepreneurs

How AI can help make cities work better for residents – MIT Technology Review

How AI can help make cities work better for residents – MIT Technology Review

June 22, 2025
Angel Reese Has No Words After Another Blowout Loss – Yahoo Sports

Angel Reese Left Speechless After Another Crushing Defeat

June 22, 2025

When Technology Meets Ecology: Charting a Bold Path for Our Planet’s Future

June 21, 2025
‘Jaws’ at 50: Scientists Are Still Studying the Mysteries of Sharks – The New York Times

Jaws at 50: Exploring the Timeless Mysteries of Sharks

June 21, 2025
A Cracked Piece of Metal Self-Healed in Experiment That Stunned Scientists – ScienceAlert

Self-Healing Metal: The Revolutionary Experiment That Amazed Scientists

June 21, 2025
How leading Bollywood actresses are adopting one transformative lifestyle shift – Times of India

How Leading Bollywood Actresses Are Fearlessly Embracing a Bold New Lifestyle Transformation

June 21, 2025
Muskego mom breaks world record in planking – WISN

Muskego mom breaks world record in planking – WISN

June 21, 2025
Russian Minister Warns of Recession as Officials Spar on Economy – Bloomberg

Russian Minister Issues Recession Warning Amid Heated Economic Debate

June 21, 2025
Netflix unveils Dallas immersive venue for fans of hit shows like ‘Squid Game,’ ‘Stranger Things’ – Houston Chronicle

Step Inside Netflix’s New Dallas Immersive Experience Featuring Hits Like ‘Squid Game’ and ‘Stranger Things

June 21, 2025
Breakfast key to meeting daily fiber needs amid American ‘health crisis’ – Fox News

How Breakfast Can Help You Crush Your Daily Fiber Goals During America’s Health Crisis

June 21, 2025

Categories

Archives

June 2025
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
30 
« May    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (696)
  • Economy (710)
  • Entertainment (21,611)
  • General (15,501)
  • Health (9,751)
  • Lifestyle (715)
  • News (22,149)
  • People (713)
  • Politics (717)
  • Science (15,930)
  • Sports (21,207)
  • Technology (15,696)
  • World (690)

Recent News

How AI can help make cities work better for residents – MIT Technology Review

How AI can help make cities work better for residents – MIT Technology Review

June 22, 2025
Angel Reese Has No Words After Another Blowout Loss – Yahoo Sports

Angel Reese Left Speechless After Another Crushing Defeat

June 22, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version