nigeria

In #Nigeria , fintech thrives in Lagos and Abuja, yet many rural and peri-urban areas remain locked out of digital finance. These underserved zones hold the true heartbeat of our economy: farmers, traders, artisans, and youths battling daily inflation without access to tools that could help them thrive.
📍 Case Study: Northern Nigeria (Kano & Jigawa)
Here, smartphone use is low, mobile banking often fails, and crypto wallets are barely known. People still rely on esusu (informal contribution groups) or borrowing by trust. Barriers like high internet costs, limited literacy, and mistrust in digital systems keep communities excluded.
🔎 Local voices:
“Network dey fail anytime we wan use POS.”
“Crypto? I hear say na only for Lagos boys.”
“We just use the contribution box for our market.”
The message is clear: digital finance hasn’t reached them.
✨ DAO Labs & #SocialMiningV2
@DAO Labs is creating a borderless financial culture where people own their growth. With Social Mining, communities in Kano and Jigawa can contribute skills, share knowledge, or support local initiatives and earn crypto rewards directly. No banks, no gatekeepers.
Imagine:
A farmer posting crop prices in a DAO hub and earning $AITECH.
A youth trained with DAO Labs kits is becoming a local crypto educator.
Communities replacing fragile esusu boxes with secure digital cooperatives.
📊 Why It Matters
Global digital assets over inflation-heavy naira.
Empowered youth through education + earning.
Local economies strengthened by decentralized rails.
💡 Vision
With DAO Labs’ Social Mining, Nigeria’s underserved zones won’t just join the digital economy, they’ll own it.
🌟 Conclusion
Kano’s markets and Jigawa’s farmlands are not just underserved; they’re future hubs of decentralized wealth. DAO Labs can turn today’s financial deserts into tomorrow’s innovation oases.

Lighting up Nigeria with inclusion, opportunity, and community-powered growth.
#AITECH

Nigeria is facing a severe economic crisis, with inflation peaking at 24.48% in January 2025 before easing slightly to 23.18% in February. However, this decrease is mainly due to adjustments in the calculation of the Consumer Price Index (CPI), not reflecting actual improvement. The naira has also depreciated by 230% against the USD in the past year, causing a severe cost of living crisis.
In this context, crypto is becoming an asset protection solution for the people of Nigeria. According to Chainalysis, from July 2023 to June 2024, cryptocurrency transactions in Nigeria reached 59 billion USD.

On February 26, 2024, the Nigerian government kidnapped two Binance executives who arrived in the country for negotiations regarding a claim that Binance initiated the speculations of Nigeria currency operations, which led to the fall of the naira.
The executives were accused of operating a business worth billions without proper registrations and documentation, leading to their kidnapping in Abuja, Nigeria. The government requested transaction data involving the Nigerian Naira and demanded the deletion of certain data from the Binance platform, but the executives insisted on being taken to their respective embassies before complying. The investigation was taken over by the Economic and Financial Crimes Commission (EFCC).
Despite being under a 14-day remand order, one of the executives, Nadeem Anjarwalla, reportedly escaped from custody using a smuggled passport, prompting efforts for his arrest. The Office of the National Security Adviser confirmed the escape and stated that Anjarwalla fled Nigeria, leading to ongoing efforts, including collaboration with Interpol, to apprehend him. A Nigerian citizen living in the U.K, at the time of this write-up called in from London to contribute to a live radio session and said "he was happy that Anjarwalla escaped; it was wrong for two Binance executives to come for official negotiations on solving the matter but unexpectedly get kidnapped."
Many Nigerians believe that the Nigerian government criminally arrested these executives and wanted to get free money by imposing a fine on Binance worth $10 billion, thinking they would get a similar share as Binance recently agreed to pay the US government a fine of $4.3 billion. The corruption of the Nigerian government and the security agencies is believed to have been taken to an international level, thereby causing them a shocking embarrassment, as most Nigerians and knowledgeable users of Binance believed.
What is your take on this season film of the prison break? Do you think money has exchanged hands or the government is trying to play politics/tricks?
Let's meet in the comments section.
#BTC #xrp #Nigeria $BTC $shib

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

Rume Ophi, the Executive Secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), stated that the recent adoption of the nationwide blockchain policy by the federal government will stimulate economic growth.

The blockchain policy was announced on May 3rd, 2023, by Dr. Isa Pantami, the Minister of Communications and Digital, with the aim of integrating blockchain technology into Nigeria's economic and security sectors.

The National Blockchain Policy is the result of extensive consultations with 56 prominent institutions and figures, demonstrating the government's commitment to inclusivity and collaboration, as highlighted by the Minister.

Ophi praised the federal government for its consultative approach, recognizing the importance of involving stakeholders from various sectors to effectively integrate blockchain technology.

Rume Ophi, a renowned crypto analyst and thought leader, described this moment as historic for Nigeria. He believes that the government's decision to embrace blockchain technology creates tremendous opportunities for economic growth, showcasing Nigeria's commitment to innovation and positioning the nation as a leader in the global blockchain revolution.

He emphasized that the approval of the National Blockchain Policy marks a significant turning point for the country, acknowledging the immense potential of blockchain technology in driving economic development and enhancing national security.

Despite previous attempts by the Federal Government to restrict the growth of the blockchain sector, he believes that this policy will enable Nigeria to reclaim its position as a leading hub for blockchain innovation.

Ophi urged the government to use this policy as a catalyst for collaboration, calling on relevant government agencies to actively engage with stakeholders in the blockchain ecosystem, fostering partnerships and collectively advancing Nigeria's blockchain industry.

He stressed the importance of collaboration with all stakeholders, including blockchain enthusiasts, developers, entrepreneurs, and investors, to create an ecosystem that nurtures innovation, generates employment opportunities, and positions Nigeria as a global leader in blockchain technology.

Additionally, he encouraged relevant government agencies, particularly the National Information Technology Development Agency (NITDA), to initiate the registration process for blockchain-based companies. This proactive measure would ensure transparency, accountability, and regulatory compliance within the industry, providing a conducive environment for businesses to thrive.

In conclusion, Ophi highlighted that with the adoption of the National Blockchain Policy, Nigeria has laid a solid foundation for the future of blockchain technology. He urged stakeholders to seize this opportunity and create an environment that fosters innovation, attracts investments, and propels Nigeria to the forefront of the global blockchain revolution.

#Nigeria #adoption #blockchain