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 use of bank accounts, CBN issued its 5 February 2021 circular. Crypto...

US Treasury Launches Cryptocurrency Awareness Program; Lessons for Nigeria and other unfriendly crypto jurisdictions

Due to the fast-growing adoption of cryptocurrencies amongst households in the U.S., the U.S. Department of the Treasury is launching an education campaign to raise awareness about the risks of investing in cryptocurrencies. The initiative is targeted at investors who have limited access to mainstream financial services. The Treasury's Financial Literacy Education Commission will be in charge of this initiative, ensuring...

President Buhari’s first-ever remark on cryptocurrencies and what this means for Nigeria’s crypto industry

"The absence of a swift and effective solution to these requirements, as well as fears that Central Banks’ actions sometimes lead to hyperinflation created the space for non-government entities to establish new forms of “private currencies” that seemed to have gained popularity and acceptance across the world, including here in Nigeria." - Muhammadu Buhari, President of the Federal Republic of Nigeria

After suspending its October 1 launch date for the eNaira, the Central Bank of Nigeria says the eNaira is “a work in process”; welcomes input from all Nigerians.

In the Design Paper for the eNaira released by the Central Bank of Nigeria (CBN) most recently, it states that “[l]ike the eNaira itself, the Design Document is also a work in process.” The CBN then “welcomes continued input on these design elements from all Nigerians” as the CBN “work[s] together to develop the eNaira so that it develops in a...