Economy
CBN Moves to Formally Legalise Crypto Currency in Nigeria
By Modupe Gbadeyanka
Deputy Director/Head, Payments System Policy and Oversight at the Central Bank of Nigeria (CBN), Mr Musa Jimoh, has disclosed that the apex bank has commenced arrangement to introduce a digital currency in the country a move to key into the global adoption of Crypto currency initiative.
According to Guardian, the apex bank executive made this disclosure at the Crypto currency conference held recently in Lagos.
Mr Jimoh was quoted to have said at the event that, CBN cannot stop the tide of waves generated by the blockchain technology and its derivatives.
“Currently, we have taken measures to create four departments in the institution that are looking forward to harmonise the white paper on Crypto currency.”
Crypto currency is a digital currency in which encryption techniques are used to regulate the generation of units of currency, and verify the transfer of funds, operating independently of a central bank.
Before now, the CBN had been wary to adopting digital currency until it had concluded assessment on its transaction methodology, especially as it has been said that “decentralised crypto currencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation.”
Speaking on the development, President of Information Security Society of Nigeria (ISSAN), Dr David Isiawe, said: “The reality that is before us today, particularly in Nigeria, is that the Distributed Ledger Technology (DLT), blockchain and Crypto currency are facts that we must face, whether we like it or not. We cannot wish this reality away.
“It is made worse when we realise that we are still grappling with current challenges of e-commerce and other electronic payment systems but technology development and advancements are not waiting.
“The impact of the emergence of blockchain and Crypto currency will be felt in the nation just as in the global community.
“Nigerian must be proactive rather than reactive by considering how these technologies would affect and influence our lifestyles and business operations and channel, and thus fashion our rules of engagement for their adoption.”
Mr Isiawe also admonished prospective investors to be careful investing in Crypto currencies, as every investment has its share of risks.
The conference tagged: “Learning to Glow with the Flow,” also served as the debut of a new coin, Corion.
Highlighting the coin, the President, Corion Platform, Ida Frauda, said: “Crypto currency is a currency that allows parties to exchange value. Unlike gold, paper money and other means of payments, Crypto currency is digital and decentralised granting transactions to be made without intermediaries and giving the transactors control over their money.
“With the Corion, users have daily payments and value storage with a staple price, fair distribution of benefits, keys to the challenges to engage the majority in using Crypto currency on a daily basis, an ecosystem to get the financial benefits from merely being a user. They make transaction in multiple currencies, peer-to-peer exchange in a limitless market in the global market; make money from the daily coin release from the increasing number of users instead of speculation.”
For the conference organiser, Chimezie Chuta, Nigeria should create learning institutions to educate and engage the youths and make them relevant in this space.
He urged the youths to equip themselves with learning blockchain, as it is the technology of the future. “Any sector can be on it like the Internet, which will lead to a skill shortage. People should read online, and research as many firms are going to be requiring blockchain experts in their sphere.
“The blockchain technology can be used across boards like smart contract, e-voting, identity management, healthcare. We should not be sole users rather; we should harness our numerical strength in his space,” said.
The Chief Technical Officer (CTO), Digital Encode, Oluseyi Akindeinde, said crypto currency is the currency of the future. “This currency cannot be monopolized by any government or company. It allows transparency; the velocity of transactions can be monitored with the blockchain, as it cuts across borders of accounts with the use of Applications.”
Highlighting the use of blockchain for transactions, Akindeinde said: “The technology is not only used for Crypto currency, although, the naira can be on the blockchain just like some other countries, so instead of spending bitcoin, everyone can spend the naira and transfer from peer to peer without going to financial institutions. Nonetheless, it can be used for land registration, stock exchange. Everything that has value can be used on the blockchain.”
Speaking on the security of the blockchain, he said: “If the CBN places the naira on it, then they are securing it with the hashing power of the blockchain. Presently based on the design which has been in existence since 2009, the blockchain is hack-proof due to the encryption and cryptography technology.
“The reasons banks are prone to hack is because they are centralised. Blockchain is decentralised. It is located everywhere there is Internet, so except someone hacks the entire Internet, then they can hack the blockchain system.”
Source: Guardian
By Adedapo Adesanya
The Naira returned from break with more pressure, losing 2.6 per cent or N35.38 against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, March 23, to trade at N1,388.38/$1 compared with last Wednesday’s closing price of N1,353.00/$1.
It was the same outcome for the Nigerian Naira against the Pound Sterling in the official market, where it tumbled by N58.36 to sell for N1,860.29/£1 versus the preceding session’s N1,801.93/£1, and crashed against the Euro by N53.19 to N1,609.41/€1 from N1,556.22/€1.
Similarly, the domestic currency depreciated against the US Dollar at the GTBank FX counter by N8 yesterday to close at N1,371/$1 versus the previous rate of N1,363/$1, and in the black market, it depreciated by N5 to quote at N1,400/$1 versus N1,395/$1.
The projection for the Naira appears to be changing course as it edged towards consecutive weaknesses due to disruptions to global oil supply, which have increased volatility in energy markets, making investors jittery.
This is also causing outflow for international payments, as evidenced by Nigeria’s external reserves recording drops.
Regardless, Coronation Merchant Bank’s research subsidiary expects the Naira to trade within a relatively stable range in the near term, supported by sustained foreign portfolio inflows (FPI) and improved exporter participation in the FX market.
Meanwhile, the cryptocurrency market saw the price of Bitcoin rise by 4.5 per cent to $70,827.12 after US President Donald Trump announced a five-day pause to airstrikes against Iranian energy infrastructure, citing “productive” diplomatic talks. Meanwhile, Iranian officials denied the existence of talks, but the crypto market largely brushed it off.
Solana (SOL) improved by 6.7 per cent to $91.66, Ethereum (ETH) expanded by 5.8 per cent to $2,157.56, Dogecoin (DOGE) grew by 5.7 per cent to $0.095, Cardano (ADA) jumped 5.2 per cent to $0.2630, Ripple (XRP) soared 4.2 per cent to $1.43, and Binance Coin (BNB) climbed 2.3 per cent to s$639.92.
However, TRON (TRX) dropped 2.8 per cent to $0.3049, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited resumed trading activity on Monday after a two-day break last Thursday and Friday for Eid al-Fitr.
At the resumption of trading of shares yesterday, investors embarked on profit-taking, crashing Customs Street by 1.07 per cent at the close of transactions.
The sell-offs were mainly in the banking, consumer goods and insurance sectors, which closed lower by 2.02 per cent, 1.13 per cent, and 0.16 per cent, respectively.
The trio made nonsense of the 0.31 per cent growth posted by the energy index and the 0.17 per cent increase recorded by the industrial goods counter.
Consequently, the All-Share Index (ASI) contracted by 2,142.83 points to 199,014.02 points from last Wednesday’s 201,156.85 points, and the market capitalisation decreased by N1.376 trillion to finish at N127.750 trillion compared with the previous N129.126 trillion.
Consolidated Hallmark was the worst-performing stock for the day after it lost 9.64 per cent to close at N4.50, Deap Capital depreciated by 8.37 per cent to N5.91, GTCO declined by 8.18 per cent to N105.00, International Energy Insurance lost 7.67 per cent to trade at N2.77, and Nigerian Breweries slumped by 7.29 per cent to N70.00.
Conversely, Presco appreciated by 10.00 per cent to N1,871.20, Zichis improved by 9.91 per cent to N9.43, John Holt expanded by 9.70 per cent to N13.00, Premier Paints grew by 9.62 per cent to N25.65, and Sovereign Trust Insurance gained 8.74 per cent to settle at N2.24.
Market participants transacted 848.8 million equities worth N53.3 billion in 139,458 deals on the first trading session of this week compared with the 6.1 billion equities valued at N130.1 billion traded in 58,562 deals in the preceding trading day, indicating a spike in the number of deals by 138.14 per cent, and a shrink in the trading volume and value by 86.09 per cent and 59.03 per cent apiece.
UBA was the most active stock on Monday, with a turnover of 114.2 million units worth N5.5 billion. Wema Bank traded 112.0 million units valued at N2.9 billion, Access Holdings transacted 54.8 million units for N1.4 billion, Zenith Bank exchanged 38.2 million units worth N4.1 billion, and Zichis sold 32.2 million units valued at N272.6 million.
By Adedapo Adesanya
Oil prices dropped over 10 per cent on Monday after US President Donald Trump said he would postpone any military strikes against Iranian power plants for five days.
Brent futures fell by $12.25 or 10.9 per cent to settle at $99.94 a barrel, while the US West Texas Intermediate (WTI) crude lost $10.10 or 10.3 per cent to trade at $88.13 per barrel.
President Trump claimed that constructive talks to resolve hostilities in the Middle East were going, hours before a deadline that threatened to escalate the four-week-old war over the Strait of Hormuz, where roughly 20 per cent of global oil and liquefied petroleum gas (LNG) flows through and which disruption has already driven a sharp spike in crude prices and heightened fears of a prolonged supply shock.
The Iranian media claimed there had been no direct or indirect contact with President Trump.
Iran’s Revolutionary Guards had said they would attack Israel’s power plants and those supplying US bases across the Gulf region if America follows through with Mr Trump’s threat to “obliterate” Iran’s power network. The war has already damaged major energy facilities in the Gulf and effectively halted shipping through the strait.
Amid the tussle, it was reported that two tankers bound for India sailed through the Strait of Hormuz on Monday carrying LNG loaded in the United Arab Emirates and Kuwait.
The head of the International Energy Agency (IEA), Mr Fatih Birol, estimated that since the current crisis, which started with bombings against the regime in Tehran on 28 February, there have been losses of 11 million barrels of oil per day and about 140 billion cubic metres of gas.
Mr Birol said that about 5 million barrels of oil had been lost in the two previous crises in 1973 and 1979, while Russia’s 2022 invasion of Ukraine removed about 75 billion cubic metres of natural gas from international markets.
The supply crunch has led to a temporary waiver of US sanctions on Russian and Iranian oil already at sea. Indian refiners plan to resume buying Iranian oil while refiners elsewhere in Asia are examining such a move.
There was a surplus in global oil markets at the start of 2026, but recent developments have sparked shortages and growing anxieties around the world.
Beyond supply, some demand has also been affected as global air travel remains severely disrupted after the Iran war forced the closure of key Middle Eastern hubs including Dubai, Doha and Abu Dhabi, stranding tens of thousands of passengers.
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