Global #nigeria

In a significant shift, Nigeria, Africa’s largest oil producer, has decided to sell its crude oil in naira instead of US dollars. This decision, announced by the Federal Executive Council (FEC), marks a departure from decades of reliance on foreign currency for oil transactions, aiming to bolster the nation’s economic stability.

Tigran Gambaryan, the Chief Financial Crime Compliance Officer at Binance, has been detained in Nigeria for over six months amid allegations of money laundering linked to the exchange’s operations.

The Nigerian legal system is poised to take center stage in a high-stakes trial involving Binance, one of the world's largest cryptocurrency exchanges, and two of its executives.

Binance, a leading cryptocurrency exchange, is calling on the U.S. government and international bodies to intervene in the case of Tigran Gambaryan, a top executive who has been detained in Nigeria for the past six months.

Nigeria's Securities and Exchange Commission (SEC) is poised to make significant strides in the world of digital assets. According to a recent Bloomberg report, the SEC is set to introduce licensing requirements for virtual asset providers, including cryptocurrencies, with the first licenses expected to be issued as early as this month.

Nigeria's cryptocurrency market, one of the fastest-growing in recent years, may be on the brink of regulatory transformation.