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Economy

CBN Moves to Formally Legalise Crypto Currency in Nigeria

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Cryptocurrency

By Modupe Gbadeyanka

Deputy Director/Head, Payments System Policy and Oversight at the Central Bank of Nigeria (CBN), Mr Musa Jimoh, has disclosed that the apex bank has commenced arrangement to introduce a digital currency in the country a move to key into the global adoption of Crypto currency initiative.

According to Guardian, the apex bank executive made this disclosure at the Crypto currency conference held recently in Lagos.

Mr Jimoh was quoted to have said at the event that, CBN cannot stop the tide of waves generated by the blockchain technology and its derivatives.

“Currently, we have taken measures to create four departments in the institution that are looking forward to harmonise the white paper on Crypto currency.”

Crypto currency is a digital currency in which encryption techniques are used to regulate the generation of units of currency, and verify the transfer of funds, operating independently of a central bank.

Before now, the CBN had been wary to adopting digital currency until it had concluded assessment on its transaction methodology, especially as it has been said that “decentralised crypto currencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation.”

Speaking on the development, President of Information Security Society of Nigeria (ISSAN), Dr David Isiawe, said: “The reality that is before us today, particularly in Nigeria, is that the Distributed Ledger Technology (DLT), blockchain and Crypto currency are facts that we must face, whether we like it or not. We cannot wish this reality away.

“It is made worse when we realise that we are still grappling with current challenges of e-commerce and other electronic payment systems but technology development and advancements are not waiting.

“The impact of the emergence of blockchain and Crypto currency will be felt in the nation just as in the global community.

“Nigerian must be proactive rather than reactive by considering how these technologies would affect and influence our lifestyles and business operations and channel, and thus fashion our rules of engagement for their adoption.”

Mr Isiawe also admonished prospective investors to be careful investing in Crypto currencies, as every investment has its share of risks.

The conference tagged: “Learning to Glow with the Flow,” also served as the debut of a new coin, Corion.

Highlighting the coin, the President, Corion Platform, Ida Frauda, said: “Crypto currency is a currency that allows parties to exchange value. Unlike gold, paper money and other means of payments, Crypto currency is digital and decentralised granting transactions to be made without intermediaries and giving the transactors control over their money.

“With the Corion, users have daily payments and value storage with a staple price, fair distribution of benefits, keys to the challenges to engage the majority in using Crypto currency on a daily basis, an ecosystem to get the financial benefits from merely being a user. They make transaction in multiple currencies, peer-to-peer exchange in a limitless market in the global market; make money from the daily coin release from the increasing number of users instead of speculation.”

For the conference organiser, Chimezie Chuta, Nigeria should create learning institutions to educate and engage the youths and make them relevant in this space.

He urged the youths to equip themselves with learning blockchain, as it is the technology of the future. “Any sector can be on it like the Internet, which will lead to a skill shortage. People should read online, and research as many firms are going to be requiring blockchain experts in their sphere.

“The blockchain technology can be used across boards like smart contract, e-voting, identity management, healthcare. We should not be sole users rather; we should harness our numerical strength in his space,” said.

The Chief Technical Officer (CTO), Digital Encode, Oluseyi Akindeinde, said crypto currency is the currency of the future. “This currency cannot be monopolized by any government or company. It allows transparency; the velocity of transactions can be monitored with the blockchain, as it cuts across borders of accounts with the use of Applications.”

Highlighting the use of blockchain for transactions, Akindeinde said: “The technology is not only used for Crypto currency, although, the naira can be on the blockchain just like some other countries, so instead of spending bitcoin, everyone can spend the naira and transfer from peer to peer without going to financial institutions. Nonetheless, it can be used for land registration, stock exchange. Everything that has value can be used on the blockchain.”

Speaking on the security of the blockchain, he said: “If the CBN places the naira on it, then they are securing it with the hashing power of the blockchain. Presently based on the design which has been in existence since 2009, the blockchain is hack-proof due to the encryption and cryptography technology.

“The reasons banks are prone to hack is because they are centralised. Blockchain is decentralised. It is located everywhere there is Internet, so except someone hacks the entire Internet, then they can hack the blockchain system.”

Source: Guardian

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Economy

A $108 Welcome Bonus Is Helping More Users Explore Cloud-Based Crypto Access in 2026 as Major Digital Assets Remain in Focus

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$108 welcome bonus

As the digital asset market continues to expand, more users are paying attention not only to which cryptocurrencies are trending, but also to how they can take part in the market with less complexity. For many people, traditional mining has started to feel too expensive, too technical, and too demanding to manage. That is why cloud-based participation is becoming more visible as a practical alternative.

In this environment, BM Blockchain is attracting attention as a platform designed to simplify crypto participation. By offering new users a $108 welcome bonus, the platform is creating a more appealing first step for people who want to explore digital asset opportunities without dealing with hardware ownership, complicated setup, or long-term maintenance.

Why More Users Want a Simpler Path Into Crypto

Interest in digital assets remains strong, but many users no longer want to enter the market through methods that require specialized machines and technical expertise. Traditional mining often involves high upfront equipment costs, electricity use, cooling demands, and continuous system management. These challenges can make direct participation difficult for people who are curious about crypto but do not want the operational burden.

Cloud-based models help change that experience. By allowing users to access participation through an online structure instead of running hardware themselves, they make the process feel more manageable and less intimidating. For many users, that shift is becoming one of the most important reasons to consider cloud-based crypto access in 2026.

This approach can be especially attractive because it offers:

  • a more accessible starting point
  • less technical responsibility
  • no need to purchase and manage hardware
  • easier access to crypto-related participation
  • more flexibility when following different digital asset stories

Why Bitcoin, XRP, Ethereum, and Dogecoin Still Matter

Even as participation models evolve, user attention continues to center on a few major digital asset names.

Bitcoin remains the most recognized mining-related asset in the market and continues to shape how many people think about crypto participation. Its long-standing market position makes it the reference point for many users exploring digital assets.

XRP remains highly visible because of its familiarity and strong public recognition. For many users, it feels easier to follow than more technical blockchain narratives, which helps it maintain broad appeal.

Ethereum continues to matter because of its importance to blockchain utility, smart contracts, and the wider crypto ecosystem. It remains one of the strongest technology-linked narratives in the market.

Dogecoin continues to attract attention because of its approachable image, broad retail popularity, and strong public visibility. It remains one of the most familiar crypto stories for everyday users.

Together, these digital assets show why the market continues to attract a wide range of participants. Some users are drawn by mining history, some by utility, some by familiarity, and others by community-driven popularity. What many now share, however, is a growing interest in simpler participation methods.

Why Cloud-Based Participation Feels More Relevant in 2026

One of the biggest changes in the market is that users are paying more attention to convenience. Instead of focusing only on price movements or older mining models, they are also comparing how easy a platform feels to use. This is where cloud-based participation has gained an advantage.

Rather than requiring users to become equipment operators, cloud-based platforms give them a route into the market through a simpler and more service-led format. That makes the experience feel closer to a digital platform model than a technical infrastructure project. In 2026, this difference is becoming more important as new users look for ways to participate without facing unnecessary complexity.

How BM Blockchain Positions Itself

BM Blockchain is aligning itself with this trend by emphasizing easier onboarding and a more accessible participation model. Instead of asking users to take on the full burden of traditional mining, the platform presents a cloud-based structure designed to lower barriers from the beginning.

This may be especially appealing to users who want exposure to major digital asset themes such as Bitcoin, XRP, Ethereum, and Dogecoin while avoiding the technical demands of direct mining. By reducing friction and simplifying entry, BM Blockchain presents itself as a more approachable option for people exploring digital assets for the first time.

The $108 Bonus Adds More Value at the Start

For many first-time users, a welcome incentive can make the difference between passive interest and actual registration. BM Blockchain’s $108 welcome bonus gives new users a clear reason to explore how the platform works and what cloud-based participation can offer.

BM Blockchain’s $108 welcome bonus

In a competitive market, this kind of onboarding benefit can help reduce hesitation, create a stronger first impression, and make the platform feel more worthwhile from the beginning. It also reinforces the broader message that entering crypto does not always need to start with complexity.

Conclusion

The digital asset market is becoming more accessible as user expectations continue to change. More people are now looking for flexible and convenient ways to explore crypto opportunities without the operational burden of traditional mining.

As Bitcoin, XRP, Ethereum, and Dogecoin continue to hold user attention in 2026, cloud-based participation models are becoming increasingly relevant for those who want a simpler route into the market. With its cloud-based structure and $108 welcome bonus for new users, BM Blockchain is positioning itself as a practical choice for people who want to explore digital asset opportunities through a more manageable path.

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Economy

NASD Index Starts Week Strong with 0.52% Growth

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NASD Unlisted Securities Index

By Adedapo Adesanya

It was green for the NASD Over-the-Counter (OTC) Securities Exchange on Monday, April 20, as it recorded a 0.52 per cent appreciation.

During the session, the NASD Unlisted Security Index (NSI) added 20.31 points to close at 3,913.46 points compared with last Friday’s 3,893.15 points, and the market capitalisation went up by N12.15 billion to close at N2.341 trillion versus the previous N2.329 trillion.

Yesterday, there were five price gainers led by MRS Oil Plc, which added N19.75 to sell at N217.50 per share compared with the previous price of N197.75 per share. Central Securities Clearing System (CSCS) Plc appreciated by N1.02 to trade at N59.02 per unit versus N58.00 per unit, IPWA Plc grew by 66 Kobo to N7.27 per share from N6.61 per share, Lighthouse Financial Services Plc increased by 7 Kobo to 79 Kobo per unit from 72 Kobo per unit, and Industrial and General Insurance (IGI) Plc chalked up 3 Kobo to sell at 66 Kobo per share versus 63 Kobo per share.

Data from Monday’s trading session showed that the volume of securities traded rose by 86.4 per cent to 245,830 units from 131,870 units, but the value of securities slowed by 37.2 per cent to N11.1 million from N17.8 million, while the number of deals remained unchanged at 24 deals.

The most traded stock by value on a year-to-date basis was Great Nigeria Insurance (GNI) Plc with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 58.8 million units sold for N4.0 billion, and Okitipupa Plc with 27.8 million units transacted for N1.9 billion.

Similarly, the traded stock by volume on a year-to-date basis was GNI Plc with 3.4 billion units traded for N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units exchanged for N1.2 billion.

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Economy

Naira Loses N6 to Trade at N1,349 Per Dollar at Official FX Market

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weakening Naira

By Adedapo Adesanya

The Naira depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, April 20, by N6.03 or 0.45 per cent to close at N1,349.67/$1, in contrast to the previous session’s N1,343.64/$1.

In the same vein, the local currency also fell against the Pound Sterling in the trading first session of the week by N2.39 in the official FX market to trade at N1,826.78/£1 compared with the N1,824.39/£1 it was exchanged for last Friday, but appreciated against the Euro by N1.76 to finish at N1,589.38/€1 versus N1,591.14/€1.

A look at the black market window showed that the Nigerian Naira traded flat against the US Dollar yesterday at N1,375/$1, but appreciated by N1 at the GTBank forex counter to sell at N1,354/$1 compared with the preceding session’s N1,355/$1.

The Naira is under pressure from surging international payments at the start of the week, which is expected to put further pressure on the country’s foreign reserve. The reserve is expected to decline further amid fluctuations in crude oil prices in the global commodity market.

The US Dollar is showing slight strength globally due to rising tensions between the US and Iran. Investors are moving towards safer assets like the Dollar because of uncertainty in the Middle East. The situation is tense as Iran has pulled out of talks with the US, and concerns remain about the Strait of Hormuz, an important route for global oil supply.

As for the cryptocurrency market, digital assets were largely up as markets bet on progress in cease-fire talks between Iran and the US, even as the current two-week truce nears its Wednesday deadline.

US President Donald Trump said on Monday that he is not likely to extend it, and market analysts noted that that’s the deadline markets are now trading on.

Solana (SOL) gained 2.0 per cent to sell at $85.64, Bitcoin (BTC) jumped by 1.9 per cent to $75,791.24, Ripple (XRP) increased by 1.9 per cent to $1.43, and Binance Coin (BNB) rose by 1.8 per cent to $630.76.

Further, Ethereum (ETH) improved by 1.7 per cent to $2,311.60, Cardano (ADA) soared by 1.6 per cent to $0.2490, and Dogecoin (DOGE) expanded by 1.3 per cent to $0.0954, while TRON (TRX) depreciated by 0.9 per cent to $0.3286, with the US Dollar Tether (USDT) and the US Dollar Coin (USDC) unchanged at $1.00 apiece.

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