The Nigerian Stock Exchange opens the week with a loss of N83 billion hours after the Central Bank of Nigeria unveiled its Digital Wallet for the e-Naira, Speed.
The week resumed with a “negative mood” according to local media reports with a loss of N83bn following sell pressure on bellwether or leading stocks.
Total market capitalization saw a dip from N20.572 trillion to N20.489 trillion, which translates to a loss of N83bn.
This opening loss is coming shortly after the Central Bank of Nigeria in a bid to meet up with its timeline of releasing the e-Naira Digital Currency dubbed Project Giant unveiled the digital wallet for the e-Naira which it called Speed.
CBN’s e-Naira Project with Speed Wallet
The CBN hopes to capture the unbanked using the Speed Wallet as it allows Nigerians without any Bank Account to send and receive money and as well as withdraw cash from agents and banks.
With a daily Send and Receive limits of N50,000, Phone number is linked with the National Identity Number of a user is the minimum requirement needed to use the Speed Wallet.
The Central Bank had in few weeks ago revealed the Digital Currency will go live on the 1st of October – the nation’s Independence Day.
While the Speed Wallet will enable the transacting of value, the CBN pointed out that it doesn’t intend to become a competitor to other financial players rather, the wallet was imperative to enable it meet up with its timeline. The e-Naira will also be considered a National Critical Infrastructure.
Vice President of the European Central Bank Says Cryptocurrencies Should be Regulated Like Other Assets
Loss Causing Stocks
The N83 billion market loss was driven by price decline in large and medium capitalized stocks, local media reports; and these includes Dangote Cement, Eterna, Oando, Ecobank Transnational Incorporated, Champion Breweries and Zenith Bank.
What do you think of this story? Share your comments below.
FTX’s Alameda Bets Big on MonkeyBall with a Partnership
Next-gen esports metaverse Monkeyball has courted the interest of Alameda Research, the R&D firm backing crypto derivatives exchange FTX to...
Ubisoft Launches Carbon-neutral Platform for Collecting Gaming NFTs
Video game publisher, Ubisoft has announced the launch of Ubisoft Quartz to enable its gamers to acquire NFTs. In a...
Derby Stars: Horse Racing NFT Game Stars on Terra Blockchain
The Terra ecosystem is expanding at a fast pace, thanks to innovations like DeFi and non-fungible tokens. Both innovations have...
THETAN ARENA – An Overview of E-sport Play-to-Earn Blockchain Based Game
Playing games has always been a way of having fun and relieving stress and hassles. It is more fun when...
CryptoDiceHero: NFT Gaming Metaverse Invades BSC Ecosystem
The blockchain gaming industry has been showing promising signs in the last few months. While some would attribute such growth...