Nigeria is a tech-savvy nation. In October of last year, the Central Bank of Nigeria released the Nigerian Central Bank Digital Currency (CBDC), also known as eNaira.
Since then, the Nigerian CBDC has enabled the transfer of more than $9.3 million in money. The Central Bank banned cryptocurrency trading in late 2021 and ordered banks to stop providing financial services to cryptocurrency enterprises, yet despite this, the volume of cryptocurrency transactions increased by almost 1200% between 2021 and 2022.
According to a 4 September Bloomberg article, Nigerian government agencies have chosen to bring innovative development projects now underway in Nigeria to Dubai, most certainly to build a digital Zone.
The West African region will receive particular attention for bringing digital advancements to the nation for the same reason.
Nigerian officials partnered up with prominent global crypto exchange Binance to construct the Export Processing Zone Authority (NEPZA).
The managing director of NEPZA, Adesoji Adesugba, stated that the nation sought to accomplish the goals to bring improved benefits from the virtual money market.
Previously this year, on August 26, Binance exchange and the city of Busan inked a memorandum of understanding (MoU) to introduce technology based on digital innovations to the city.
To improve regulatory practices and maintain the growth of the nation’s securities sector, Binance and The Securities and Exchange Regulator of Cambodia inked a Memorandum of Understanding in June of this year.
Just lately, Binance opened an education center in Cameroon, to encourage the adoption of blockchain technology via information to various crypto & blockchain education across African countries.
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