Business

Nigeria leads global cryptocurrency ownership – Report

Published

6 days ago

December 16, 2024

Nigeria leads global cryptocurrency ownership – Report

Nigeria leads the world in crypto ownership, according to ConsenSys’ second annual Global Survey.

The report indicated that emerging markets like Nigeria and South Africa are driving the global adoption of cryptocurrencies.

The percentage of ownership is highest in the Philippines (54%), South Africa (68%), and Nigeria (73%).

These countries are at the forefront of notable interest in cryptocurrency-related awareness, ownership, and engagement.

According to the survey, 51% of respondents say they understand crypto assets and 93% of respondents worldwide are aware of them.

Additionally, these countries have shown a strong interest in Web3 activities, such as staking, utilizing decentralized finance (DeFi), and holding NFTs.

Eighty per cent of Nigerian respondents were aware of decentralization, and 77% correctly defined blockchain. In addition, 74% of respondents from South Africa said they were familiar with the concept, compared to 61% of those from the Philippines.

The survey also reveals enduring obstacles to entry, despite the increasing interest in cryptocurrency in these regions. Concerns about scams, market volatility, and a lack of understanding of its purpose are common worldwide.

Respondents from emerging markets have shown a willingness to accept virtual currencies despite these difficulties and barriers.

Seventy-five per cent of those surveyed expressed concern about artificial intelligence’s (AI) potential to spread fraud and create fake news, highlighting that blockchain may be crucial in resolving these issues.

Blockchain could offer the accountability and transparency required to counteract AI-driven disinformation, according to roughly 54% of participants worldwide.

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Speaking about the survey’s findings on the growing significance of data privacy, Joseph Lubin, co-founder of Ethereum and CEO of ConsenSys, stated: “It is impossible to overestimate the crucial role that blockchain technology and decentralization play in improving privacy, trust, and transparency in the way our data is handled.

“The adoption of Web3, blockchain, and cryptocurrency has accelerated recently, with 2024 being a key year.”

He clarified that this growth is partly due to the recent U.S. presidential election, which might result in more transparent regulations for the sector.

Nigeria: A Unique Crypto Market

Nigerians have been drawn to the digital world in hopes of making a living as the real economy struggles with high youth unemployment and astronomical food inflation.

Chainalysis, a New York-based company that tracks blockchain use, estimated that 33% of Nigerians currently invest in cryptocurrencies, placing the country second in global adoption, after India.
Nigerians living abroad use crypto assets to send money to their families back home, avoiding the hassles and exorbitant fees associated with traditional remittance methods.
However, Nigerian policymakers have been concerned about the appetite for cryptocurrencies, which are transnational by nature. They claim that instead of resolving Nigerians’ problems, the country’s move toward cryptocurrencies has weakened their ability to govern and further harmed the struggling naira.

These obstacles haven’t deterred President Tinubu’s administration from using a carrot-and-stick approach. While the Nigerian SEC has theoretically regulated a few local cryptocurrency exchanges, at least three well-known cryptocurrency companies have left the Nigerian market this year.

Bitcoin Bullish Run

Bitcoin surged to a new all-time high, reaching as high as $106K on Monday morning as investors anticipated a rate cut by the Federal Reserve later this week.
Bitcoin is now up 50% since the U.S. elections and almost 8% for the month since Trump’s victory, with a year-to-date gain of 145%.
Digital assets continue to benefit from the prospect of a more favorable regulatory environment and the potential creation of a national strategic bitcoin reserve under the incoming Donald Trump administration.

Nigeria leads global cryptocurrency ownership – Report

Railway

Lagos Rail Mass Transit part of FG free train ride – NRC

Published

10 hours ago

December 21, 2024

Trends Admin

Lagos Rail Mass Transit part of FG free train ride – NRC

The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.

The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).

This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.

While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.

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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.

“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.

Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.

He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.

Lagos Rail Mass Transit part of FG free train ride – NRC

Business

NNPC denies claim of Port Harcourt refinery shutdown

Published

11 hours ago

December 21, 2024

Trends Admin

Port Harcourt refinery

NNPC denies claim of Port Harcourt refinery shutdown

The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.

The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.

Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.

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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.

“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”

He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”

NNPC denies claim of Port Harcourt refinery shutdown

Business

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

Published

2 days ago

December 20, 2024

Trends Admin

CBN Governor, Olayemi Cardoso

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).

This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.

The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.

The arrangement will be in effect from December 19, 2024, to January 30, 2025.

Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.

Transactions to occur at the prevailing NFEM rate

The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.

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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.

The circular read in part:

“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).

This window will be open between December 19, 2024 to January 30, 2025.

“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”

The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”

These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.

This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.