The Central Bank of Nigeria froze two bank accounts of individuals and one business account that it claims have been trading digital currencies against its circular.
The eNaira was launched by President Muhammad Buhari, and after a few glitches, it’s starting to gain traction as more Nigerians appreciate its benefits.
Plans for the digital currency have been ongoing in the last four years and according to CBN Governor Godwin Emefiele, 500 million eNaira ($1.21 million) have already been minted.
A fintech firm went to court to sue the Central Bank of Nigeria for trademark infringement over use of eNaira, but the court has sided with the bank.
The website for the eNaira has launched, introducing the public to the CBDC and touting its benefits, as the official October launch date draws ever closers.
Africa has seen massive growth since June last year, with the need for cheap remittances, rise of P2P platforms, and savings needs leading the adoption, according to Chainalysis.
Kenya has ranked first in the world for P2P volume for the second year in a row and fifth for adoption – local traders and startup founders share their views.
Kaspersky found that investors in Rwanda and Ethiopia have the highest ratio of targeted attacks at over 3%, with Nigeria and Kenya also ranking highly.
The regulator intends to use the new fintech division to assess the feasibility of digital currency investments and decide on the need for comprehensive regulations.
The Central Bank of Nigeria plans to mint and issue the CBDC while commercial banks will be in charge of distribution, with zero fees for P2P wallet transactions.
The Central Bank of Nigeria has moved to court to freeze the bank accounts of forex trading platforms, claiming they contribute to naira’s depreciation.