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#$ #write2earnonbinancesquare #written2earn CBN Names Two Factors That Drive Supply of Dollar as Naira Crashes Again Read more: CBN data showed that Nigerians spend money dollar mainly on overseas medical and education The amount allocated for the two services rose from $1.76 billion in 2021 to $1.81 billion in 2022 However, the naira has continued to decline again after strengthening for some days due to CBN’s intervention.

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CBN Names Two Factors That Drive Supply of Dollar as Naira Crashes Again Read more:

CBN data showed that Nigerians spend money dollar mainly on overseas medical and education The amount allocated for the two services rose from $1.76 billion in 2021 to $1.81 billion in 2022 However, the naira has continued to decline again after strengthening for some days due to CBN’s intervention.

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Bitcoin ETFs : #ETFvsBTC $BTC #ETFInvestment Pros: 1. Accessibility: ETFs provide a way for investors to gain exposure to Bitcoin without needing to understand the complexities of purchasing and storing the cryptocurrency directly. 2. Regulated Investment: ETFs are typically regulated investment products, providing a level of oversight and investor protection. 3. Convenience: Buying and selling Bitcoin through an ETF is often as simple as trading stocks on traditional exchanges. 4. Diversification: Some Bitcoin ETFs may hold a diversified portfolio of cryptocurrencies or assets related to the cryptocurrency ecosystem, providing exposure to multiple aspects of the industry. Cons: 1. Fees: ETFs may have management fees and other expenses, which can eat into returns over time. 2. Counterparty Risk: Since investors don't directly hold the underlying Bitcoin, they are exposed to the risk of the ETF issuer or custodian. 3. Market Dependence: ETF prices are influenced by market demand and supply, which may not always accurately reflect the underlying value of Bitcoin. 4. Lack of Ownership: Investors don't actually own Bitcoin when they invest in ETFs, which means they can't use it for transactions or store it in a personal wallet. Direct Bitcoin Purchases: Pros: 1. Ownership:When you buy Bitcoin directly, you own the asset outright, giving you full control over how you store and use it. 2. Security: While it requires more effort, storing Bitcoin in a personal wallet gives you control over security measures, potentially reducing the risk of theft or loss compared to relying on third-party custodians. 3. Decentralization: Direct purchases align with the ethos of decentralization, as they involve Ultimately, the choice between Bitcoin ETFs and direct purchases depends on individual preferences, risk tolerance, and investment goals. For those seeking simplicity and regulated exposure, ETFs may be the preferred option. On the other hand, investors looking for ownership, control, and potential higher returns may opt for buying a
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$#CryptoWatchMay2024 OPay warns customers against crypto trading as CBN tightens noose on fintechs One of Nigeria’s leading fintech companies, OPay, has warned its customers against trading in cryptocurrency or any virtual currency on its app. The company, in a notice issued on Friday, said it would block any account found engaging in such trading and also forward the details of the account owner to the regulator. This comes as the Central Bank of Nigeria (CBN) continues to beam its searchlights on fintech companies in the country. Earlier, the CBN had directed OPay, Moniepoint, Palmpay, and Kuda Bank to stop onboarding new customers. “In compliance with the CBN directive, please note that OPay prohibits any cryptocurrency and all virtual currency trading. Any account engaging in such activities will be closed, and customer information will be shared with regulatory authorities. “Please ensure that your account does not involve any cryptocurrency or any other virtual currency transaction,” the company warned. Crypto as security issue OPay’s warning comes as Nigeria’s National Security Adviser (NSA) is reported to have classified crypto trading as a national security issue. According to the CEO of Moniepoint, Tosin Eniolorunda, the classification means a new crypto regulation that will ban peer-to-peer trading of cryptocurrencies is in the works. This also requires the fintechs to report any account discovered to be trading crypto to the NSA through their regulator, the CBN. $crypto
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#$ #Write2Rean Exclusive: P2P crypto ban imminent as Nigeria calls crypto a national security issue At least three Nigerian fintech startups—Moniepoint, Paga and Palmpay—will block the accounts of customers dealing in cryptocurrency and report those transactions to law enforcement after Nigeria’s National Security Adviser (NSA) classified crypto trading as a national security issue. That designation means a new crypto regulation that will ban peer-to-peer trading of cryptocurrencies is in the works, said Tosin Eniolorunda, the CEO of Moniepoint. Another person with knowledge of the conversations told TechCabal that a regulation to ban p2p trading will soon be made public. If the ban happens, it will represent a major regulatory shift after the Bola Tinubu administration initially softened its stance on crypto. In December 2023, the Central Bank lifted a two-year ban on cryptocurrency transactions, and at least three crypto exchanges were in talks with the Securities and Exchange Commission (SEC) over a crypto license. Yet, the early successes have been reversed and in the past two months, authorities have blamed a volatile FX regime on crypto speculators. The rationale for a ban on p2p trading is linked to the Central Bank’s belief that crypto traders use peer-to-peer trading to manipulate the naira via a pump-and-dump strategy. In February 2024, the Central Bank Governor, Olayemi Cardoso, claimed $26 billion in untraceable transactions were processed by Binance. It led to a crackdown on the global exchange Binance and the freezing of over 1,000 bank accounts involved in peer-to-peer transactions. Yet authorities have gone even further.
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#$ #written2earn NIGERIA NEWSOPay Sends Message To Customers Concerning Funds In Their Account Following CBN’s Directive reports are that the microfinance banks include Moniepoint, PalmPay, Opay, PiggyVest, and Kuda, among others. However, Opay has reassured its customers that their funds are safe.
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$# #writetoprofit #written2earn #write2earnonbinancesquare CBN bans Moniepoint, Opay, Kuda, others from taking new customers over cryptocurrency involvement “Hello! We’ve temporarily paused new sign-ups on our platform,” Moniepoint wrote in a message on its platform for intending customers on Friday. The Central Bank of Nigeria has barred some microfinance banks, including Moniepoint, Opay and Kuda, from opening new accounts and accepting new customers over allegations that they were being used to funnel cryptocurrency and manipulate the naira’s value, sources familiar told Peoples Gazette on Monday.
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