The Central Bank of Nigeria (CBN) injected $543.5 million into the Nigerian foreign exchange market between September 6 and 30 to address currency volatility. The bank attributed the volatility to high import demand and seasonal factors. Nigeria is facing a foreign exchange shortage and the government has taken several measures to combat the situation, including restricting foreign currency withdrawals and considering selling oil in local currency.

Nigeria’s Minister of Communications, Innovation and Digital Economy, Bosun Tijani, has announced a $1.5 million initiative to boost the country’s Artificial Intelligence (AI) development.
The fund, backed by Luminate, a global organization, will be launched on October 7 in Abuja.
The move comes after the ministry launched a $61,780 AI Fund in partnership with Google, which was criticised as not doing enough to fuel the AI ​​revolution.

Published: 20/08/2024 - Author: Leexim AZC.NEWS
The Nigerian government is moving forward with plans to integrate cryptocurrency into its tax framework.

The Federal Inland Revenue Service (FIRS) is spearheading efforts to draft new tax legislation aimed at regulating and taxing the rapidly growing cryptocurrency sector. Despite Nigeria’s prominent role in the global cryptocurrency market, the country has so far collected only minimal tax revenue from crypto-related activities. To address this, FIRS is seeking legislative support from the Nigerian National Assembly.
Lack of Tax Benefits from Cryptocurrency Activities
Recent reports indicate that a new tax regulation bill targeting cryptocurrency activities is currently being developed. FIRS Chairman Zacch Adedeji presented this initiative to a joint committee of the Nigerian National Assembly as part of broader reforms aimed at modernizing the country’s tax system.
Adedeji emphasized the need for Nigeria to update its tax laws to better reflect the current economic landscape, which increasingly includes cryptocurrency transactions for cross-border trade and payments. Although Nigeria has a significant presence in both the African and global cryptocurrency markets, the country has yet to reap substantial tax benefits from these activities.
Nigerian Government Moves To Tax Cryptocurrency Transactions
To underscore the issue, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, previously highlighted that Binance, a leading cryptocurrency exchange, facilitated $26 billion in transactions from Nigeria. However, some officials argue that the exchange has not been collecting taxes on behalf of the Nigerian government, leading to significant revenue loss for the country.
In his address to the committee, Adedeji acknowledged this concern and outlined plans to overhaul the tax system for greater efficiency.
“We cannot ignore the cryptocurrency ecosystem; it is a crucial part of the current economic environment. However, in Nigeria, there are currently no laws regulating cryptocurrency activities,” Adedeji remarked. He assured the committee that FIRS remains committed to achieving its revenue target of $12.2 billion (19.4 trillion naira) while considering necessary changes to the tax laws.
Meanwhile, Senate Finance Committee Chairman Sani Musa praised Adedeji for his collaboration with lawmakers and supported the idea of a unified tax collection agency. House Finance Committee Chairman Kalejaiye Paul also expressed his support for FIRS’s efforts.

#Crypto #NewsAboutCrypto #nigeria
#CryptoNewss

In the ever-evolving world of digital finance, cryptocurrencies continue to captivate investors with promises of astronomical returns. However, as one Nigerian investor recently discovered, the crypto market can be as unforgiving as it is alluring. This cautionary tale serves as a stark reminder of the risks associated with memecoins, emotional investing, and the dangerous allure of overnight wealth.
The Rise of Memecoins: More Than Just a Joke
The cryptocurrency landscape has witnessed the meteoric rise of memecoins, digital assets often inspired by internet jokes or popular culture. While some dismiss these tokens as mere novelties, their impact on the market is undeniable. From Dogecoin's humble beginnings to the recent explosion of Solana-based memecoins, these assets have proven capable of generating staggering returns – and equally dramatic losses.
Our protagonist's journey began with a modest $100 investment in a trending Solana memecoin. Within days, this small stake ballooned to an eye-watering $40,000. It's the kind of success story that fuels crypto dreams and headlines alike. But as many seasoned investors know, what goes up often comes crashing down.
The FOMO Factor: When Greed Overshadows Reason
The fear of missing out, commonly known as FOMO, is a powerful psychological force in the investment world. It's particularly potent in the fast-paced crypto market, where fortunes can change in the blink of an eye. For our Nigerian investor, the initial success bred an insatiable appetite for more. Rather than cashing out and securing his gains, he held on, convinced that the upward trajectory would continue indefinitely.
This decision, driven by FOMO and unchecked optimism, would prove costly. In a cruel twist of fate, the investor awoke the next day to find his balance had plummeted to a mere $2. The dream of financial freedom had evaporated overnight, leaving behind a harsh lesson in the volatility of cryptocurrency markets.
Navigating the Emotional Minefield of Crypto Investing
The story of our unfortunate investor highlights a critical aspect of cryptocurrency trading: emotional control. The extreme volatility of these assets can trigger a rollercoaster of emotions, from euphoria during bull runs to despair during market crashes. Successful crypto investors often emphasize the importance of maintaining a level head and adhering to a well-defined strategy.
Setting clear profit targets and stop-loss limits can help mitigate the risks associated with emotional decision-making. Had our protagonist implemented such measures, he might have walked away with a life-changing sum rather than a cautionary tale.
Key Takeaways for Aspiring Crypto Investors
Understand the risks: Memecoins and other highly volatile cryptocurrencies can offer tremendous gains, but the potential for loss is equally significant.Develop a strategy: Before investing, establish clear goals, profit targets, and risk management techniques.Beware of FOMO: Don't let the fear of missing out drive your investment decisions. Rational analysis should always trump emotional impulses.Diversify: Avoid putting all your eggs in one basket, especially when it comes to high-risk assets like memecoins.Stay informed: The crypto market moves quickly. Keep abreast of news and developments that could impact your investments.
While the allure of overnight riches in the crypto world remains strong, stories like this serve as a sobering reminder of the market's unforgiving nature. For every rags-to-riches tale, there are countless others of fortunes lost and dreams shattered.
As the cryptocurrency ecosystem continues to evolve, one thing remains constant: the need for caution, research, and emotional discipline. By learning from the mistakes of others and approaching crypto investments with a clear head, aspiring investors can better navigate this exciting yet treacherous financial frontier.

#fomo #nigeria #memecoin #memecoins #FOMOisReal

A recent Central Bank of Nigeria survey found that Nigerian businesses expect the naira to weaken further before appreciating in late 2024 or early 2025. This pessimism comes despite the CBN injecting millions of dollars into the foreign exchange market. The depreciation of the naira has fueled inflation, sparking protests. While most businesses are pessimistic about the naira’s near-term future, they maintain a generally positive outlook.

The Central Bank of Nigeria has resumed selling US dollars to money changers to counter the falling value of the naira. The move comes after the naira-dollar exchange rate fell to a low of NGN1.639 per dollar, likely due to increased demand for US dollars for travel and business. The central bank has outlined rules for money changers to participate in the scheme, including a one percent markup on the purchase price and designated locations for applications.

Nigeria, Africa's largest oil producer, no longer sells its crude oil in US dollars. The government has decided to sell it in naira.
The change was decided by the Federal Executive Council (FEC). Nigeria’s oil industry has long relied heavily on foreign exchange, particularly the dollar.
Mohammed Manga, spokesman for the Ministry of Finance, explained that the strategic change will improve the growth and stability of the Nigerian economy.