Naija Entertainment

CBN Reportedly Warns Microfinance Banks against Forex Transactions & Wholesale Banking

According to reports, microfinance institutions have been warned by Nigeria’s Central Bank not to engage in certain banned activities, such as wholesale banking and foreign exchange transactions. This was revealed in a circular issued by Ibrahim Tukur on behalf of the CBN’s Financial Policy and Regulation Department, headlined “Cessation of non-permissible operations by microfinance banks.” “The…

ADA Reportedly Flips BNB, Crypto Market Cap Hits $2 Trillion

According to coinmarketcap, the cryptocurrency market capitalization crossed the $2 trillion milestone in the early hours of today, when news of Cardano’s official smart contract launch date flipped Binance’s BNB in market capitalization. In the last month, the crypto  market capitalization has been on a bullish streak. The market cap was $1.3 trillion a month ago, but it has subsequently…

Investors Gain N137 billion as the Nigerian Stock Market Closes the Week in Greens

The Nigerian Exchange Group’s all-share index closed the week on a good note, rising 0.68 percent to close at 38,380.75 on August 6, 2021, up from 38,547.08 points the previous weekend. This is according to the Nigerian Exchange Group’s weekly market report, which was published on their website.   The reports also revealed that during the week, the stocks market capitalization increased by 0.68…

BTC Whales Transfer Nearly US$2 billion in an Hour as Bitcoin Hits its Highest Price Level Since May

As the market turns bullish, Bitcoin, the most dominant crypto, continues to achieve 30-day highs of $43,271. Within an hour, the blockchain surveillance firm Whale Alert noticed four massive bitcoin transactions totaling $1.8 billion, in which these crypto whales transferred 41,671 BTC from one address to another.   From an unknown wallet to an unknown address, a total of 10,400.90 BTC worth…

Express VPN records 200% increase in web traffic as Nigeria bans Twitter

Following the deletion of President Muhammadu Buhari’s Tweet, which broke Twitter’s “abusive behavior” policy, Nigeria’s administration declared that it was suspending Twitter “indefinitely.” Users have been looking for ways to get around the block by using a VPN to access the social networking website. According to the search tracking site Trends Map, the amount of internet searches for the term…

Chinese Government Blocks all Crypto-Related Accounts on Weibo

Over the weekend, cryptocurrency-related accounts on Weibo, China’s Twitter-like social media platform, were blocked as the country tightened its grip on Bitcoin trading and mining. Hundreds of cryptocurrency influencers on Weibo have been unable toB use their accounts, according to local reports. Other users who visited suspended accounts were greeted with a message saying the accounts had…

Nigeria and China Reportedly Working on Internet Firewall to ban VPNs

In a recent report, the Foundation for Investigative Journalism (FIJ) showed that shortly after Twitter was banned in Nigeria, the Federal Government and China’s Cyberspace Administration office discussed plans to establish a Nigerian internet firewall. This was revealed in a FIJ report published on Sunday. Nigerian representatives in the conference included Ibrahim Gambari, the President’s Chief…

Twitter and Square CEO, Jack Dorsey is Considering Hard Cryptic Wallet Production

Twitter Jack Dorsey, the CEO of Square Inc., has revealed that his digital-payments company is considering developing a Bitcoin hardware wallet, which is an offline cryptocurrency wallet that isn’t connected to the internet but holds the digital currency. Hardware wallets are the safest way to store cryptocurrencies and are used by cryptocurrency investors who want an extra layer of security over…

Central Bank Increases Foreign Exchange Allocations to banks for SMEs, tuition fees, travellers

To accommodate consumer demands, the Central Bank of Nigeria (CBN) has announced an increase in the amount of foreign exchange allocated to banks. This comes after demands from travelers seeking foreign cash for travel allowances, tuition and medical expenses, and other Invisibles, as well as a warning from CBN Governor Godwin Emefiele during a meeting with Managing Directors of Deposit Money…

Red Tuesday: Several Crypto investors liquidated, as trader loses $7 million

During the recent dip in Bitcoin, an increasing number of crypto investors have faced significant losses in their trading accounts. According to reports, the key reasons for the dramatic dump at press time included Donald Trump’s anti-Bitcoin stance, as well as growing concerns that hackers are using the digital commodity to launder money. In the Crypto  market, roughly 149,015 crypto traders…

Twitterban: US, Canada, UK, Ireland insist Nigeria’s Decision Violates Human Rights

Following their discussion with Nigerian Foreign Minister Godfrey Onyeama, the envoys of the United States, the United Kingdom, Canada, the Republic of Ireland, and the European Union in Nigeria have reiterated that banning Twitter in Nigeria continues to be a violation of freedom of expression. They said this after meeting with Onyeama in Abuja on Monday. At the closed-door meeting, US…

Bitcoin Mining: Miners’ Earnings drop by 15% to $1.45 billion in May

bittcoThe month of May was a nightmare  for the cryptocurrency market, with a series of events leading to significant sell-offs in Bitcoin and altcoins. The market capitalization plummeted to $1.2 trillion from a high of $2.5 trillion, and Bitcoin miners were not immune as they recorded a 15% loss in earnings. Bitcoin miners made at least $1.45 billion in May, according to reported data. This…

Ripple Reportedly Seeks Documents from International exchanges to aid case against SEC

Yesterday, Ripple’s CEO, Brad Garlinghouse, and co-founder, Chris Larsen, filed a motion with the US Department of Justice, requesting  that the  International crypto exchanges be investigated by the Securities and Exchange Commission (SEC). The Ripple executives’ actions were considered to be a death blow to the SEC’s claims. Consequently, iFinex, Bitforex, Bithumb, Bitlish, BitMart, AscendEX…

Google Reportedly Lifts Ban on Crypto Exchange Ads; See Requirements

Google, the world’s most popular search engine, published a press statement a few hours ago overturning a nearly three-year-old restriction on Crypto exchanges utilizing its ad services. The search engine demigod, on the other hand, stated that crypto exchanges that are allowed to advertise on its platform must be regulated in some way. Advertisers offering Cryptocurrency Exchanges and Wallets…

Gokada launches New Super App, Creates New Job Opportunities Across Nigeria

A last-mile delivery, logistics, and transportation start-up based in Nigeria, Gokada, has launched a ‘Super App’ that allows customers to access food delivery, e-commerce, and ride-hailing services all in one app. The launch of the Super App comes as Gokada surpasses $100 million in annualized transaction value, having completed over 1 million food delivery and e-commerce orders on behalf of…

NECO Registrar Reportedly Dies After Brief Illness

Prof. Godswill Obioma, the Registrar/Chief Executive of the National Examinations Council (NECO), has been reported dead. According to reports, he was said to have died on Monday evening in his home on London Street in the Dutsen Kura neighborhood of Minna, Niger, after a brief illness. The late registrar, who was said to have returned from an official assignment in Abuja around 9 a.m. and…

Pension Funds Reportedly Abandon stocks for Bank Placements & FGN Bonds

Nigeria’s stock market has seen repeating unfavorable trade performance this year, with the All-Share index down 5% year to date due to massive sell-offs from blue-chip equities on the Nigerian bourse. According to reports, “Pension funds are no longer selling and there are no international portfolio investors, therefore the market is virtually dead,” implying that a lack of institutional…