On the 5th of February 2021, CBN (Central Bank of Nigeria) puts a ban on banks and regulated institutions from dealing with bitcoin and cryptocurrencies in general. With respect to the ban, there was a rise of UpTo 27% in the use of p2p bitcoin and crypto transactions across Nigeria.
Nigerian naira was traded at #380 naira against US dollar, some months later the rate increased to #416 and goes above N560 and year later but as of today I sold 142.8 USD at the rate of 1USD to #707 (Naira) which gave me a total of #101,111 (one houndred & one thousand, houndred & eleven Naira).
Last year, Africa is sited as the largest country in P2P transactions in the world by volume. According to the report of Chainalysis which shows Nigeria is the top 10 countries worldwide in the adoption of bitcoin.
Currently, the Nigeria Export Processing Zones Authority (NEPZA) is in discussions with one of the leading crypto exchange Binance, and some Talent City that specialize in building a special economic zone. the reason is to establish a special economic zone for bitcoin and cryptocurrencies in West Africa. NEPZA whishes to establish a partnership binance and talent cities. This economic zone will reportedly mirror the Dubai Virtual Free Zone.
If Nigeria is seeking to create the first economic free zone for bitcoin and cryptocurrency in West Africa through the Nigeria Export Processing Zones Authority (NEPZA) as the press has release, I thinks this is going to be awesome 😎
As stated by Adesoji Adesugba the NEPZA managing director, which says the goal of NEPZA is to engender a flourishing virtual free zones to take advantage of a near trillion dollar virtual economy in blockchains and digital economy.
Furthermore, NEPZA explained that if a partnership is reached, the final product would mirror that of the Dubai Virtual Free Zone.
On 21/12/2021 Binance Signs Agreement with Dubai World Trade Centre Authority to Establish an Industry Hub for Global Virtual Assets. The signed memorandum of understanding was intend to make Dubai a hub for bitcoin & cryptocurrency related products / services by creating a new international virtual asset ecosystem.
How ever, as Dubai and Nigeria look to establish special economic zones that can benefit bitcoin & other cryptocurrencies, let's take Próspera as example of the existing customizable economic frame work/zone.
Reference:
https://www.google.com/amp/s/bitcoinmagazine.com/.amp/business/nigeria-binance-partner-for-economic-zone-in-west-africahttps://www.google.com/amp/s/www.binance.com/en/amp/support/announcement/46d81eb19a224cba807e078dc95aa886