ChainCatcher news, the Nigerian government has collected nearly $100,000 (approximately 160 million Naira) from two cryptocurrency companies accused of unauthorized exchanging of USDT and Naira. The two companies are Paparaxy Global Ventures Limited and Lemskin Technologies Limited, which have been charged with violating the law for not holding valid banking licenses.According to Nairametrics, the two companies reached a plea agreement with the Economic and Financial Crimes Commission (EFCC) of Nigeria, and the case was heard on October 22.Additionally, Nigerian authorities are freezing bank accounts related to unlicensed cryptocurrency traders to strengthen regulatory measures.

ChainCatcher news reports that the Central Bank of Nigeria (CBN) injected $543.5 million into the Nigerian foreign exchange market between September 6 and 30 to address currency fluctuations.The bank attributed the volatility to strong import demand and seasonal factors. Nigeria is facing a foreign exchange shortage, and the government has taken various measures to address it, including restricting foreign currency withdrawals and considering selling oil in local currency.

ChainCatcher news, according to Bitcoin.com, the Economic and Financial Crimes Commission (EFCC) of Nigeria has obtained court approval to freeze over $330,000 (5.486 billion naira) of suspicious funds deposited in cryptocurrency users' bank accounts. The agency believes that these bank accounts have contributed to the ongoing devaluation of its national currency.The affected bank accounts are owned by cryptocurrency users trading on global platforms such as KuCoin. The EFCC suspects that the frozen funds were used for malicious cryptocurrency trading to manipulate prices.

ChainCatcher news, KuCoin announced on May 15 that it has temporarily suspended its peer-to-peer (P2P) services for the Nigerian Naira and the rapid purchase service via Naira cards. The cryptocurrency exchange stated that during this period, it will focus on ensuring compliance and creating a stronger and safer environment for all users. In addition to ensuring the safety of user funds, KuCoin also stated that current orders will be completed as usual, and all other services will remain available. The cryptocurrency exchange did not specify when it plans to resume Naira services.

ChainCatcher news, according to Bloomberg, Nigeria has vowed to ban the use of the naira for person-to-person cryptocurrency transactions, marking the latest move by the West African nation to control an industry accused of undermining its local currency.Emomotimi Agama, chairman of the Securities and Exchange Commission of Nigeria, also stated during a meeting with fintech professionals on Monday that new regulations covering cryptocurrency trading platforms, digital asset custodians, and other areas of the industry will be introduced in the "coming days."In a statement released on Monday evening at the exchange's headquarters in Abuja, Emomotimi Agama said, "Recent concerns regarding cryptocurrency peer-to-peer traders and their impact on the naira exchange rate highlight the need for collective action."

ChainCatcher news, according to the official announcement, Binance has announced the cessation of all Nigerian Naira (NGN) services. Starting from March 8, 2024, 08:00 (UTC), any remaining NGN balance in users' Binance accounts will be automatically converted to USDT at the following exchange rate. Deposits, withdrawals, and conversions:After March 5, 2024, 14:00 (UTC), Binance will no longer support NGN deposits.After March 8, 2024, 06:00 (UTC), NGN withdrawals will no longer be supported.After March 8, 2024, 08:00 (UTC), Binance will convert the remaining NGN balance in users' spot wallets and funding wallets to USDT at a rate of 1 USDT = 1,515.13 NGN on behalf of the users.

ChainCatcher news, according to Cointelegraph, Binance has removed the Naira from its P2P market. Nigerian authorities claim that the Binance platform has contributed to the depreciation of the Naira, with presidential advisor Bayo Onanuga stating that if Binance is not stopped, it will undermine Nigeria's economy as it arbitrarily determines foreign exchange rates.Earlier reports indicated that the Governor of the Central Bank of Nigeria (CBN) stated that $26 billion worth of untraceable funds flowed through Binance Nigeria last year. Nigeria is facing a foreign exchange crisis and is looking for ways to limit capital outflow. In addition to measures such as taxing foreign workers, new calls to restrict cryptocurrency in the country have recently made headlines.

ChainCatcher news, according to Cointelegraph, the Central Bank of Nigeria (CBN) has approved the Africa Stablecoin Consortium (ASC) to conduct a cNGN stablecoin pilot in its regulatory sandbox, with the cNGN stablecoin set to launch on February 27, 2024.

ChainCatcher news, according to Forbes, a consortium consisting of Nigerian banks, fintech companies, and blockchain enterprises is developing a naira stablecoin named cNGN, sources revealed that it is planned to launch in 2024.The newly proposed cNGN will be a regulated, consortium-backed naira stablecoin and will be subject to oversight. cNGN will be pegged to the naira at a 1:1 ratio, but unlike previous naira stablecoin attempts, it will be held by the Central Bank of Nigeria and regarded as legal tender.

ChainCatcher news, the Central Bank of Nigeria stated in a memorandum to Deposit Money Banks (DMB) that it will implement a new currency transaction policy on January 9, 2023, which stipulates that individual cash withdrawals should not exceed 100,000 Naira (approximately 225 USD) per week, and corporate withdrawals should not exceed 500,000 Naira (approximately 1,123 USD). The ATM withdrawal limit is set at 20,000 Naira (approximately 45 USD) per day. Withdrawals exceeding these limits will incur fees of 5% and 10%, respectively. The new policy direction aligns with its cashless policy, encouraging customers to use channels such as eNaira for transactions.It is reported that eNaira is the central bank digital currency launched by Nigeria in October 2021. (source link)