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 Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
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