Cryptonigeria

Nigeria's cryptocurrency market is moving towards stricter oversight as the Securities and Exchange Commission and the Central Bank of Nigeria expand licensing, know-your-customer and anti-money laundering requirements for digital asset platforms.

The International Monetary Fund reported that Nigeria received US$59 billion in crypto-asset inflows between July 2023 and June 2024, highlighting the growing role of stablecoins in cross-border payments and financial activity.

Nigeria's Senate has advanced legislation that would establish a formal regulatory framework for cryptocurrency exchanges and virtual asset service providers operating in one of the world's most active crypto markets.

The European Union's foreign affairs and security policy chief Kaja Kallas signed a new security pact with Ghana, designed to deepen cooperation on counter-terrorism, intelligence-sharing, crisis response and border and maritime security. As part of her trip to West Africa, Kallas also unveiled new deals with Nigeria. Bloomberg's Jennifer Zabasajja reports.

African nations are scrambling to secure fuel from Nigeria's Dangote Refinery as war in the Middle East disrupts supply. The refinery is now seeing a massive surge in demand from countries like South Africa and Kenya to prevent local energy shortages. Bloomberg's Jennifer Zabasajja reports on Horizons Middle East and Africa.

The war in Iran is strangling fuel shipments through the Strait of Hormuz, leaving many African nations with just weeks of oil left. Lacking their own refineries, these countries are now being outbid by wealthier nations, sparking fears of fuel shortages and price hikes across the continent. Bloomberg's Jennifer Zabasajja spoke to Joumanna Bercetche on Horizons Middle East and Africa.

A growing cash crunch is forcing Nigerian power producers out of business. Bloomberg's Chief Africa Correspondent Jennifer Zabasajja joins Horizons Middle East and Africa Anchor Joumanna Bercetche to talk about the impact on Nigerians.