April 19, 2024
Nigeria’s Economic Challenges-SIBAN summit
Latest Cryptocurrency News

Nigeria’s Economic Challenges and Blockchain Solutions Explored at SIBAN Summit

A group of local blockchain experts has pointed out the potential of blockchain technology to address economic challenges in Nigeria and across Africa. They used Nigeria’s shortage of currency flow as an example during discussions at the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN)’s Digital Assets Summit 2023 in Abuja.

The discussions at the summit included the previous government’s decision to print new naira notes (the fiat currency of Nigeria) and the recent efforts to promote the adoption of the central bank digital currency (CBDC), which both contributed to the shortage of naira circulation at that time.

According to Christopher Eniayemo, co-founder of Sahara ICP Hub West Africa, the decision to print new naira notes could have been made within a decentralized finance (DeFi) system, allowing Nigerians to have a say and better prepare for the transition. He stated that introducing blockchain technology to Nigeria and Africa as a whole would promote the advancement of DeFi and grant citizens more control over their finances and the economy.

Blockchain technology offers the technical foundation and principles that enable DeFi to operate in a decentralized, transparent, and secure manner. It provides users with a wide range of financial services without the need for traditional financial intermediaries. However, it’s worth noting that Nigeria’s current President, Bola Tinubu, has proposed a campaign manifesto that, if implemented, would facilitate the use of blockchain technology and cryptocurrencies in the nation’s banking and finance sectors. The manifesto includes revisions to existing regulations from the Nigerian Securities and Exchange Commission to create a more business-friendly framework for digital assets like cryptocurrencies and other tokens in Nigeria.

In 2022, Nigeria implemented cash withdrawal limits for individuals and businesses as part of its efforts to promote a cashless Nigeria policy and encourage the adoption of its CBDC, the eNaira.

Image by freepik

Related posts

Edward Snowden Highlights the Significance of Crypto in Challenging Tyranny

Kevin Wilson

Solana Overtakes Ethereum in Google Searches, Data Reveals

Anna Garcia

Yuga Labs Confirms UV Lights Likely Cause of ApeFest Attendees’ Eye Issues

Bran Lopez

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More