Gadgets Africa
  • News
    Microsoft introduces ads to Bing AI chatbot

    Microsoft introduces ads to Bing AI chatbot

    Executives at Meta Platforms Inc are discussing a company-wide ban on political advertising in Europe.

    Meta considers ban on political ads

    Twitter unveils prices for API access

    Twitter unveils prices for API access

    Microsoft raises Bing AI chat limit to 200 daily

    Microsoft raises Bing AI chat limit to 200 daily

    Instagram introduces bookmarking feature

    Instagram introduces bookmarking feature

    Hackers target UAE users with Spanish spyware - Google

    Hackers target UAE users with Spanish spyware – Google

    EFCC detains tech firm Kloud Commerce's founder Olumide Olusanya

    EFCC detains tech firm Kloud Commerce’s founder Olumide Olusanya

    Google to launch extreme heat alerts feature

    Google to launch extreme heat alerts feature

    Musk, experts call for pause on AI development

    Musk, experts call for pause on AI development

  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders
Gadgets Africa
No Result
View All Result

How FG’s ban on crypto, Twitter crippled Nigeria’s FDI – Report

by Agency Report
May 9, 2022
in Cryptocurrency
Reading Time: 2 mins read
How crypto assets regulation can increase govt revenue
Share on FacebookShare on TwitterShare on Telegram

A new report has stated that restrictions on cryptocurrency transactions and the ban of Twitter in Nigeria crippled foreign direct investment in the fin‑tech industry and adversely impacted millions of young Nigerians earning a living from the sector.

The report was titled ‘Africa’s Urbanisation Dynamics 2022: The Economic Power of Africa’s Cities’. The work was published under the responsibility of the Secretary-General of the Organisation for Economic Co‑operation and Development and the Secretary-General of the United Nations, with support from the African Development Bank.

According to the report, young people engage in jobs in the tech sector to survive but this can be adversely affected by varying government policies.

The report read in part, “Jobs in the tech sector range from creating apps, trading digital currencies, operating in social media marketplaces, to freelancing and gig work. By doing this, many young people are able to plug into the global economy and make enough to get by. However, this involves the expense of data and devices, and can be frustrating when arbitrary government policies are enacted.”

It added, “The restrictions on cryptocurrency transactions and the outright ban of Twitter in Nigeria have crippled foreign direct investment in the fin‑tech industry and negatively impacted millions of young Nigerians who earn a living from the sector. Many have found a way, however, to lawfully bypass these restrictions and continue business, effectively denying Nigeria the taxes and transaction fees that would otherwise come into the system.”

In February of 2021, the Central Bank of Nigeria put a restriction on cryptocurrency transactions in the nation.

It had said, “Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing with cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.”

The central bank ordered banks and other financial institutions to identify persons and entities operating cryptocurrency exchanges and close all such accounts.

In April this year, the apex bank imposed an N800m fine on three Deposit Money Banks in the country for violating regulations barring customers from transacting in cryptocurrencies.

The three banks are Access Bank Plc, Stanbic IBTC, and the United Bank for Africa Plc.

Despite these regulations, Nigeria accounts for the largest volume of cryptocurrency transactions outside the United States., according to Paxful, a Bitcoin marketplace.

Also, the country has the largest proportion of retail users conducting crypto transactions under $10,000, according to Chainalysis.

On June 4, 2021, the Federal Government announced the suspension of Twitter after the social media platform deleted a tweet by the President, Major-General Muhammadu Buhari (retd.). Telecommunication companies had on June 5, 2021, blocked access to Twitter after receiving a directive from the Nigerian Communications Commission to that effect.

The ban was lifted after seven months on January 13, 2022, with Twitter agreeing to conditions set out by the government for its service to be restored in the country.

However, according to the NetBlocks Cost of Shutdown Tool, Nigeria’s economy loses N104.02m ($250,600) every hour to the ban on Twitter. The 222-day ban caused the country an economic loss of about N554.22bn.

The Lagos Chamber of Commerce and Industry, in January, added that the Nigerian economy lost N10.72tn to the suspension of the micro-blogging platform, Twitter.

The PUNCH had reported in March this year that the value of capital importation into Nigeria fell by 30.78 per cent from $9.68bn in 2020 to $6.7bn in 2021, according to data from the National Bureau of Statistics.

Tags: cryptocurrency transactions
ADVERTISEMENT

Related Posts

US judge rules on FTX founder's bail conditions Friday
Cryptocurrency

US judge rules on FTX founder’s bail conditions Friday

by Joy Onuorah
March 10, 2023
Crypto shares slump after Silvergate crash
Cryptocurrency

Crypto shares slump after Silvergate crash

by Joy Onuorah
March 9, 2023
Crypto shares slump after Silvergate crash
Cryptocurrency

Illicit crypto transactions hit $20b in 2022

by Joy Onuorah
January 22, 2023
FTX's Bankman-Fried faces new indictment of bribing Chinese officials
Cryptocurrency

I didn’t steal FTX funds – Bankman-Fried

by Joy Onuorah
January 12, 2023
Next Post
Africa China Ezekwesili

How Africa can surpass China – Ezekwesili

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended.

Active mobile subscribers hit 209m - NCC

FG directs MTN, Mafab to begin 5G rollout August

May 5, 2022
Ex-FTX director Nishad Singh pleads guilty to fraud

Ex-FTX director Nishad Singh pleads guilty to fraud

February 28, 2023

Trending.

Microsoft launches mobile integrated AI-powered Bing

Microsoft launches mobile integrated AI-powered Bing

February 22, 2023
Google launches HD version of maps for vehicles

Google launches HD version of maps for vehicles

January 5, 2023
Uber pays New Jersey $100m over driver status dispute

Uber raises fares in Lagos

October 3, 2022
CBN set to launch N100m digitalisation fund

CBN set to launch N100m digitalisation fund

March 29, 2022
Netflix to drop charges after losing customers

Netflix sacks 150 staff, cuts spending on contractors

May 18, 2022
Gadgets Africa

© 2023 Gadgets Africa.

Navigate Site

  • News
  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders

Share

No Result
View All Result
  • News
  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders

© 2023 Gadgets Africa.

Go to mobile version