Nigeria Joins Growing List of Countries Piloting Digital Fiat Currency

Nigeria is joining a small but growing clique of countries that are experimenting with digital fiat. According to Rakiya Mohammed, who works in I.T at the country’s central bank, disclosed that plans to issue a digital Naira are underway.

He was quoted by a local news agency stating that the piloting of the digital currency could happen within 2021. His statement supports those made by the country’s Central Bank Governor a month ago.

The governor, Mr. Godwin Emefiele, stated that while the country had barred financial institutions in the country from crypto transactions, it expected digital currencies to remain active. The Central Bank had issued directives that barred banks from offering services to crypto exchanges. The argument was that they were enabling financial crimes. This has since been proven to be untrue.

Still, on Mohammed’s statement, he added that the digital currency would not replace the Naira banknotes. Instead, it will act as a complement to the physical currency. He added that one of the advantages of the digital Naira would be efficiency in forex transactions. He specifically noted that the digital currency would help ease the country’s restrictions on Forex.

The country has a raft of restrictions on forex. They were instituted to protect the Naira after a sharp decline in oil prices affected its forex reserves.

The restrictions pushed a lot of Nigerians to embrace cryptocurrencies. Most of the forex/crypto activity comes from the diaspora community sending money back to the country. With a digital Naira, this market could open up significantly. According to World Bank figures, Nigerians sent home $26.4 billion in 2019.

Leave a Reply

Your email address will not be published. Required fields are marked *

bitcoin
Bitcoin (BTC) $ 36,043.00 4.09%
ethereum
Ethereum (ETH) $ 2,429.63 0.94%
tether
Tether (USDT) $ 1.00 0.28%
polkadot
Polkadot (DOT) $ 21.03 1.39%
cardano
Cardano (ADA) $ 1.49 1.91%
binance-coin
Binance Coin (BNB) $ 348.59 2.10%
xrp
XRP (XRP) $ 0.844297 1.92%
litecoin
Litecoin (LTC) $ 163.86 0.68%
chainlink
Chainlink (LINK) $ 22.21 0.87%
bitcoin-cash
Bitcoin Cash (BCH) $ 587.50 0.32%
stellar
Stellar (XLM) $ 0.339013 4.08%
usd-coin
USD Coin (USDC) $ 1.01 0.64%
dogecoin
Dogecoin (DOGE) $ 0.316646 2.05%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 36,111.00 3.27%
uniswap
Uniswap (UNI) $ 21.80 2.69%
aave
Aave (AAVE) $ 287.94 1.06%
cosmos
Cosmos (ATOM) $ 12.07 0.41%
monero
Monero (XMR) $ 249.95 1.14%
eos
EOS (EOS) $ 4.89 3.59%
bitcoin-sv
Bitcoin SV (BSV) $ 162.67 1.79%
tron
TRON (TRX) $ 0.069074 2.27%
nem
NEM (XEM) $ 0.161091 5.20%
iota
IOTA (MIOTA) $ 1.03 2.48%
vechain
VeChain (VET) $ 0.107454 1.16%
tezos
Tezos (XTZ) $ 3.20 1.28%
theta-token
Theta Network (THETA) $ 7.80 5.06%
havven
Synthetix Network Token (SNX) $ 8.57 4.24%
avalanche-2
Avalanche (AVAX) $ 13.63 2.67%
neo
NEO (NEO) $ 46.93 4.15%
terra-luna
Terra (LUNA) $ 5.79 0.96%
dash
Dash (DASH) $ 164.23 3.52%
huobi-token
Huobi Token (HT) $ 13.31 3.52%
okb
OKB (OKB) $ 13.25 5.39%
elrond-erd-2
Elrond (EGLD) $ 80.46 4.08%
crypto-com-chain
Crypto.com Coin (CRO) $ 0.114059 4.24%
the-graph
The Graph (GRT) $ 0.617637 2.85%
compound-ether
cETH (CETH) $ 48.54 1.21%
solana
Solana (SOL) $ 36.87 0.77%
maker
Maker (MKR) $ 3,005.08 0.04%
filecoin
Filecoin (FIL) $ 70.66 2.42%
cdai
cDAI (CDAI) $ 0.021604 0.29%
dai
Dai (DAI) $ 1.00 0.30%
ftx-token
FTX Token (FTT) $ 31.30 2.28%
celsius-degree-token
Celsius Network (CEL) $ 7.02 0.35%
sushi
Sushi (SUSHI) $ 8.36 4.02%
kusama
Kusama (KSM) $ 409.98 4.72%
compound-governance-token
Compound (COMP) $ 305.33 2.55%
zcash
Zcash (ZEC) $ 128.51 0.04%
ethereum-classic
Ethereum Classic (ETC) $ 56.34 2.65%
decred
Decred (DCR) $ 132.11 5.88%
binance-usd
Binance USD (BUSD) $ 1.01 0.54%
compound-usd-coin
cUSDC (CUSDC) $ 0.022215 0.83%
zilliqa
Zilliqa (ZIL) $ 0.102804 4.28%
uma
UMA (UMA) $ 11.58 0.11%
yearn-finance
yearn.finance (YFI) $ 37,196.00 0.51%
leo-token
LEO Token (LEO) $ 2.43 1.01%
pancakeswap-token
PancakeSwap (CAKE) $ 15.99 4.31%
waves
Waves (WAVES) $ 14.72 0.59%
near
Near (NEAR) $ 3.00 4.29%
amp-token
Amp (AMP) $ 0.059614 8.36%
0x
0x (ZRX) $ 0.877069 0.97%
huobi-btc
Huobi BTC (HBTC) $ 35,985.00 3.85%
algorand
Algorand (ALGO) $ 0.985613 3.87%
digibyte
DigiByte (DGB) $ 0.054482 7.33%
icon
ICON (ICX) $ 0.914627 0.35%
hedera-hashgraph
Hedera Hashgraph (HBAR) $ 0.193001 5.02%
nexo
NEXO (NEXO) $ 1.90 4.39%
xsushi
xSUSHI (XSUSHI) $ 9.63 4.21%
ethos
Voyager Token (VGX) $ 2.26 3.41%
loopring
Loopring (LRC) $ 0.297813 1.89%
thorchain
THORChain (RUNE) $ 7.24 1.55%
ontology
Ontology (ONT) $ 0.908534 5.60%
renbtc
renBTC (RENBTC) $ 35,999.00 3.59%
nano
Nano (NANO) $ 6.26 2.92%
basic-attention-token
Basic Attention Token (BAT) $ 0.636274 5.39%
omisego
OMG Network (OMG) $ 4.76 3.47%
republic-protocol
REN (REN) $ 0.413288 5.66%
zencash
Horizen (ZEN) $ 81.97 0.59%
bittorrent-2
BitTorrent (BTT) $ 0.003448 3.28%
swissborg
SwissBorg (CHSB) $ 0.657139 5.51%
ravencoin
Ravencoin (RVN) $ 0.072241 5.61%
iostoken
IOST (IOST) $ 0.027117 5.83%
qtum
Qtum (QTUM) $ 8.71 6.00%
paxos-standard
Paxos Standard (PAX) $ 1.01 0.44%
venus
Venus (XVS) $ 22.96 3.32%
blockstack
Stacks (STX) $ 0.854058 5.29%
matic-network
Polygon (MATIC) $ 1.37 4.21%
curve-dao-token
Curve DAO Token (CRV) $ 2.13 3.43%
siacoin
Siacoin (SC) $ 0.015231 3.35%
quant-network
Quant (QNT) $ 52.55 3.26%
bancor
Bancor Network Token (BNT) $ 3.83 1.70%
reserve-rights-token
Reserve Rights Token (RSR) $ 0.027869 7.07%
fantom
Fantom (FTM) $ 0.245066 7.45%
mdex
Mdex (MDX) $ 1.96 3.22%
enjincoin
Enjin Coin (ENJ) $ 1.25 7.03%
energy-web-token
Energy Web Token (EWT) $ 7.66 1.68%
lisk
Lisk (LSK) $ 2.82 5.24%
ampleforth
Ampleforth (AMPL) $ 0.836407 3.10%
balancer
Balancer (BAL) $ 23.09 2.18%
terrausd
TerraUSD (UST) $ 1.01 0.28%
ocean-protocol
Ocean Protocol (OCEAN) $ 0.491018 6.08%
husd
HUSD (HUSD) $ 1.00 0.21%
nxm
Nexus Mutual (NXM) $ 92.94 0.97%
1inch
1inch (1INCH) $ 2.73 3.69%
bitcoin-gold
Bitcoin Gold (BTG) $ 56.73 4.04%
kyber-network
Kyber Network Crystal Legacy (KNCL) $ 1.71 3.16%
verge
Verge (XVG) $ 0.026811 3.44%
decentraland
Decentraland (MANA) $ 0.675210 6.35%
alpha-finance
Alpha Finance (ALPHA) $ 0.593561 3.64%
flow
Flow (FLOW) $ 11.95 7.66%
band-protocol
Band Protocol (BAND) $ 6.71 0.63%
status
Status (SNT) $ 0.070590 11.15%
dodo
DODO (DODO) $ 1.28 3.02%
bitcoin-cash-abc-2
Bitcoin Cash ABC (BCHA) $ 20.12 2.30%
compound-usdt
cUSDT (CUSDT) $ 0.021277 0.15%
xdce-crowd-sale
XDC Network (XDC) $ 0.050770 4.99%
staked-ether
Lido Staked Ether (STETH) $ 2,435.74 1.56%
arweave
Arweave (AR) $ 14.88 7.42%
polymath-network
Polymath Network (POLY) $ 0.202986 7.84%
safepal
SafePal (SFP) $ 0.959716 5.73%
true-usd
TrueUSD (TUSD) $ 1.01 0.60%
zkswap
ZKSwap (ZKS) $ 0.662128 3.68%
polkastarter
Polkastarter (POLS) $ 1.32 6.71%
ethlend
Aave [OLD] (LEND) $ 2.85 2.32%
helium
Helium (HNT) $ 12.67 4.33%
civic
Civic (CVC) $ 0.259012 4.60%
pundi-x
Pundi X [OLD] (NPXS) $ 0.001299 10.95%
kava
Kava.io (KAVA) $ 3.66 1.50%
golem
Golem (GLM) $ 0.262952 7.40%
harmony
Harmony (ONE) $ 0.078083 3.72%
nucypher
NuCypher (NU) $ 0.305275 6.52%
holotoken
Holo (HOT) $ 0.007494 3.50%
nusd
sUSD (SUSD) $ 1.01 0.14%
electroneum
Electroneum (ETN) $ 0.007563 14.36%
nervos-network
Nervos Network (CKB) $ 0.018553 3.12%
derivadao
DerivaDAO (DDX) $ 2.41 6.59%
district0x
district0x (DNT) $ 0.144429 5.69%
bitcoin-diamond
Bitcoin Diamond (BCD) $ 3.02 11.25%
trust-wallet-token
Trust Wallet Token (TWT) $ 0.355528 0.11%
rif-token
RSK Infrastructure Framework (RIF) $ 0.179656 2.73%
swipe
Swipe (SXP) $ 1.73 3.75%
gnosis
Gnosis (GNO) $ 172.11 0.24%
numeraire
Numeraire (NMR) $ 39.18 3.58%
rook
KeeperDAO (ROOK) $ 149.14 1.10%
kucoin-shares
KuCoin Token (KCS) $ 8.07 0.44%
btc-standard-hashrate-token
BTC Standard Hashrate Token (BTCST) $ 28.00 0.99%
aragon
Aragon (ANT) $ 4.44 0.05%
fetch-ai
Fetch.ai (FET) $ 0.263116 4.87%
litentry
Litentry (LIT) $ 3.19 5.17%
funfair
FUNToken (FUN) $ 0.020383 5.86%
chiliz
Chiliz (CHZ) $ 0.284313 10.32%
seth
sETH (SETH) $ 2,434.20 0.72%
oasis-network
Oasis Network (ROSE) $ 0.067406 6.97%
injective-protocol
Injective Protocol (INJ) $ 7.82 3.59%
vethor-token
VeThor Token (VTHO) $ 0.007734 3.53%
saffron-finance
saffron.finance (SFI) $ 415.64 0.32%
augur
Augur (REP) $ 18.90 5.23%
the-sandbox
The Sandbox (SAND) $ 0.270353 12.75%
singularitynet
SingularityNET (AGIX) $ 0.189441 2.36%
secret
Secret (SCRT) $ 1.34 2.36%
telcoin
Telcoin (TEL) $ 0.029214 3.92%
serum
Serum (SRM) $ 3.78 4.97%
gatechain-token
GateToken (GT) $ 3.88 3.71%
mainframe
Hifi Finance (MFT) $ 0.008808 7.00%
sbtc
sBTC (SBTC) $ 36,095.00 4.10%
compound-uniswap
cUNI (CUNI) $ 0.435885 3.47%
ardor
Ardor (ARDR) $ 0.169852 9.67%
vai
Vai (VAI) $ 0.897053 0.15%
utrust
UTRUST (UTK) $ 0.315311 4.03%
prometeus
Prometeus (PROM) $ 14.62 20.87%
reddcoin
Reddcoin (RDD) $ 0.002883 21.36%
monacoin
MonaCoin (MONA) $ 1.83 2.55%
noia-network
Syntropy (NOIA) $ 0.198806 3.86%
compound-0x
c0x (CZRX) $ 0.017854 2.52%
wink
WINkLink (WIN) $ 0.000432 4.44%
ankr
Ankr (ANKR) $ 0.085611 0.07%
bytom
Bytom (BTM) $ 0.075151 1.21%
rocket-pool
Rocket Pool (RPL) $ 11.74 1.61%
origintrail
OriginTrail (TRAC) $ 0.315942 1.63%
steem
Steem (STEEM) $ 0.407781 10.81%
maidsafecoin
MaidSafeCoin (MAID) $ 0.690562 3.16%
tomochain
TomoChain (TOMO) $ 1.49 0.63%
edgeware
Edgeware (EDG) $ 0.009517 0.62%
skale
SKALE (SKL) $ 0.285120 5.31%
stratis
Stratis (STRAX) $ 1.25 8.34%
hegic
Hegic (HEGIC) $ 0.105511 3.64%
komodo
Komodo (KMD) $ 1.08 12.66%
bitshares
BitShares (BTS) $ 0.048164 1.59%
unibright
Unibright (UBT) $ 1.01 3.43%
coinmetro
CoinMetro (XCM) $ 0.354788 10.29%
ark
Ark (ARK) $ 1.06 4.45%
mirror-protocol
Mirror Protocol (MIR) $ 3.75 3.87%
keep-network
Keep Network (KEEP) $ 0.414190 6.16%
neutrino
Neutrino USD (USDN) $ 1.01 0.42%
iexec-rlc
iExec RLC (RLC) $ 3.27 5.71%
harvest-finance
Harvest Finance (FARM) $ 55.73 0.01%
iotex
IoTeX (IOTX) $ 0.022764 1.82%
badger-dao
Badger DAO (BADGER) $ 12.37 7.28%
redfox-labs-2
RedFOX Labs (RFOX) $ 0.071423 4.53%
empty-set-dollar
Empty Set Dollar (ESD) $ 0.055281 3.20%
ultra
Ultra (UOS) $ 0.375970 0.61%
wanchain
Wanchain (WAN) $ 0.715026 3.45%
iris-network
IRISnet (IRIS) $ 0.077166 7.68%
perpetual-protocol
Perpetual Protocol (PERP) $ 7.77 0.16%
trustswap
Trustswap (SWAP) $ 0.978577 1.27%
tokenlon
Tokenlon (LON) $ 3.55 4.25%
orion-protocol
Orion Protocol (ORN) $ 6.93 2.28%
titanswap
TitanSwap (TITAN) $ 4.33 8.50%
tether-gold
Tether Gold (XAUT) $ 1,869.57 0.40%
wax
WAX (WAXP) $ 0.136318 4.15%
yfii-finance
DFI.money (YFII) $ 1,680.63 1.49%
aelf
aelf (ELF) $ 0.211979 7.47%
haven
Haven (XHV) $ 9.80 5.14%
pax-gold
PAX Gold (PAXG) $ 1,897.39 0.66%
defipulse-index
DeFiPulse Index (DPI) $ 303.71 2.84%
math
MATH (MATH) $ 1.41 1.53%
api3
API3 (API3) $ 2.70 8.08%
sora
Sora (XOR) $ 244.88 10.61%
dent
Dent (DENT) $ 0.003176 3.82%
loom-network
Loom Network (OLD) (LOOMOLD) $ 0.071254 6.74%
nftx
NFTX (NFTX) $ 54.12 0.56%
gala
Gala (GALA) $ 0.009681 4.79%
axie-infinity
Axie Infinity (AXS) $ 3.88 11.69%
beefy-finance
Beefy.Finance (BIFI) $ 1,131.17 5.08%
swingby
Swingby (SWINGBY) $ 0.105447 8.09%
parsiq
PARSIQ (PRQ) $ 0.646503 5.23%
akropolis
Akropolis (AKRO) $ 0.020218 5.41%
nest
Nest Protocol (NEST) $ 0.011627 11.57%
stakehound-staked-ether
StakeHound Staked Ether (STETH) $ 3,719.75 0.00%
akash-network
Akash Network (AKT) $ 2.99 5.89%
cream-2
Cream (CREAM) $ 141.73 7.49%
auto
Auto (AUTO) $ 1,068.54 2.16%
storj
Storj (STORJ) $ 0.929697 3.30%
e-radix
e-Radix (EXRD) $ 0.144966 16.63%
hive
Hive (HIVE) $ 0.338136 6.47%
chainx
ChainX (PCX) $ 5.93 17.74%
wrapped-nxm
Wrapped NXM (WNXM) $ 61.15 2.62%
hathor
Hathor (HTR) $ 0.417496 1.59%
gemini-dollar
Gemini Dollar (GUSD) $ 1.01 0.23%
frontier-token
Frontier (FRONT) $ 0.775736 7.54%
everid
Everest (ID) $ 0.366940 12.16%
lto-network
LTO Network (LTO) $ 0.225620 7.72%
power-ledger
Power Ledger (POWR) $ 0.203694 9.52%
livepeer
Livepeer (LPT) $ 25.89 0.53%
xdai-stake
xDAI Stake (STAKE) $ 7.55 1.21%
rari-governance-token
Rari Governance Token (RGT) $ 5.63 12.84%
cashaa
Cashaa (CAS) $ 0.029924 3.97%
energi
Energi (NRG) $ 1.97 3.88%
bytecoin
Bytecoin (BCN) $ 0.000450 2.36%
duckdaodime
DuckDaoDime (DDIM) $ 11.86 2.06%