Chidirim Ndeche

Nigeria’s Crypto Tax Signals Slow Walk to Official Recognition—But Will People Pay Up?

A lack of clarity over cryptocurrency’s status in Nigeria could make it challenging to collect newly-introduced taxes, experts told Decrypt. The 2023 Finance Act, signed into law by Nigeria’s outgoing president Muhammadu Buhari, introduced sweeping changes to the nation’s revenue drive, including the introduction of a 10% capital gains tax on profits made in the disposal of digital assets from May 1, 2023. The country’s Security and Exchange Commission (SEC) clarified that digital assets encompa...

Nigeria’s Crypto Future Still Cloudy Despite Tokenization Push

More than two years after clamping down on crypto trading, Nigerian authorities are mulling plans to roll out tokenized coins on exchanges. Tokenized coin offerings, a form of digital fundraising in which assets like real estate, stocks, and bonds are tokenized and sold on blockchain platforms, allow investors fractional ownership in the underlying asset. The new pilot involves the creation of a permissioned liquidity pool comprising tokenized bonds and deposits. “We always like to start, as a r...

Inside Nigeria's Ambitious Push of Cashless Society, eNaira CBDC

Nigeria’s push to adopt digital currency and move towards a cashless society shifted into high gear on December 6, when the country’s central bank announced a cap on cash withdrawals, either over the counter or via ATMs. The new policy affects more than 200 million people, and its impact could be far-reaching and dramatically unpredictable. The Central Bank of Nigeria said in a memo to deposit money banks (DMBs) that withdrawals should not exceed ₦100,000 ($225) per week for individuals and ₦500...

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Chidirim Ndeche

Stories by Chidirim Ndeche

Nigeria’s Crypto Tax Signals Slow Walk to Official Recognition—But Will People Pay Up?

Nigeria’s Crypto Future Still Cloudy Despite Tokenization Push

Inside Nigeria's Ambitious Push of Cashless Society, eNaira CBDC