Binance teamed up with Nigerian authorities to build NEPZA

Nigerian collaborated with leading crypto exchange Binance to make Nigeria a digital economic zone.

Nigeria is a tech-adaptive country. The Central Bank of Nigeria introduced Nigerian Central Bank Digital Currency (CBDC), or say e-Naira in October of last year and more than $9.3 million worth of funds has been facilitated with the help of Nigerian CBDC. Opposite of this, in late 2021, Central Bank imposed a ban on cryptocurrency trading & also ordered banks not to provide banking services to crypto companies but still, crypto trade volume surged by around 1200% between 2021 to 2022. 

On 4 September, Bloomberg reported that Nigerian government agencies have decided to bring innovative development works in Nigeria to create a digital Zone, more likely to Dubai. For the same, the West African region will be a priority to bring digital innovations to the country.

Nigerian authorities teamed up with popular global crypto exchange Binance to build the Export Processing Zone Authority (NEPZA). 

Adesoji Adesugba, managing director at NEPZA, said that the country aimed to achieve the goals to bring better advantages from the virtual money market.

“(Country) goal is to engender a flourishing virtual free zone to take advantage of a near trillion dollar virtual economy in blockchains and digital economy.”

Earlier this, on 26 August, Binance exchange signed a memorandum of understanding (MoU) with the city of Busan to bring digital innovations based technology to the city. 

In June of this year, Binance signed an MoU with The Securities and Exchange Regulator of Cambodia to establish better regulatory policies and maintain the development of the country’s securities sector.

Just recently, Binance established an education hub in Cameroon, to push the adoption of blockchain technology via increasing awareness through crypto & blockchain education among African countries.

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