Pi coins to naira

Our website uses cookies to improve your experience. Learn more. Pi Network launch date in Nigeria and all theories The popular Pi Network that has been buzzing all over social media positively and negatively for a while now has just hit 25 million active users. Many netizens and analysts already see the Pi Network as a way to get involved in a cryptocurrency from the startup and profit massively in the future, just like some early Bitcoin adopters have racked up gains from just mining and holding the coin. However, some people believe that the Pi Network is just one of those multi-level marketing scams that have no value. It's no surprise that investing our money is more appreciable than savings.

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Content:

• Nigeria to launch digital currency, "e-naira", in Oct - central bank
• Coinistnigeria
• Businesses in Nigeria must accept e-Naira – CBN
• Top ways to make money online in Nigeria (2022)
• Pi Network: How Can I Withdraw Pi?
• IOTA to Naira Exchange Rates
• 1 PI to NGN
• Pi Network Launch Date in Nigeria: Get Ready for the Pi Network Wallet Launch

WATCH RELATED VIDEO: Pi Network - How To Withdraw Pi Coin - How To Exchange Pi Coin

Nigeria to launch digital currency, "e-naira", in Oct - central bank

More cryptocurrency trading goes on in Nigeria than almost anywhere else in the world, reflecting a loss of faith in more traditional forms of investment, as Ijeoma Ndukwe reports. Tola Fadugbagbe recalls moving to Lagos from his small south-western town 10 years ago with dreams of brighter prospects. Instead, the year-old ended up in a series of odd jobs earning the minimum wage to survive - a typical story for many young Nigerians who are just trying to get by.

It was not until that online adverts for Bitcoin piqued his interest and he began his cryptocurrency journey. I have a farm - a very big one - courtesy of cryptocurrency," he laughs gleefully, unencumbered by concerns that he could be inflating an investment bubble that will one day burst. It's a big opportunity. Success stories like Mr Fadugbagbe's have attracted millions of Nigerians to digital currencies such as Bitcoin.

Although Nigeria has eased out of its second recession in less than five years, the challenging economic climate remains, making alternative sources of income and alternative currencies attractive. Meanwhile prices continue to rise, with food inflation climbing to its highest point since July When Michael Ugwu, the founder of a media company in Lagos, sold land he owned in , he realised he needed to explore new investment opportunities. Although his naira earnings had gone up, he was worse of in US dollar terms because of the devaluation.

That's when I realised we're hustling backwards. It was then that I started to look into Bitcoin. On Bitcoin it's easily grown 10 times in the last year," he says. The former banker sees cryptocurrency as an evolution of finance, describing it as "finance 2.

Despite the currency's volatility, Mr Ugwu sees it as a valuable tool to "hedge" or reduce the risk of living in what he describes as a high-risk environment. His wife Onyeka started to invest when faced with high commission charges to transfer cash between her Nigerian and British accounts. It was about how [to] have a better banking experience.

Look at it as saving your money in a currency that can keep the value of the money. Despite its appeal, economists around the world warn that Bitcoin, and other cryptocurrencies, are high-risk investments.

There are legitimate concerns that Bitcoin's soaring value is a speculative bet that will one day leave many in ruins. An international banker based in Nigeria, who asked to remain anonymous, says it is a financial product that carries significant potential regulatory risk. He says that "governments and central banks have not decided whether they can, or should, regulate it". I think there are still some technical uncertainties," he adds.

In an effort to regulate the market, Nigeria's central bank banned banks from facilitating cryptocurrency-related transactions in , but the ban remained largely unenforced. However, this year the institution doubled down on its stance. In a statement released on 7 February it cited the need to protect the general public and safeguard the country from potential threats posed by "unknown and unregulated entities" that are "well-suited for conducting many illegal activities".

Since then, many Nigerians have reported that their bank accounts have been frozen due to cryptocurrency-related activity. Mr Fadugbagbe's bank manager called to advise him that his account would be closed, giving him a day to transfer his funds.

One source says his bank account was frozen two weeks ago with tens of thousands of naira in it. The software engineer says the bank would not disclose the reason for its actions. He suspects he was targeted for running a cryptocurrency remittance business. Furthermore, the BBC was shown a customer's bank correspondence, which contains the warning: "We strongly advise that you do not use your account for cryptocurrency-related activities so you don't get into trouble with the law". However many investors with the possibility say they will continue to trade using their overseas bank accounts.

They say they can easily revert to peer-to-peer transactions. This means that rather than transferring funds between a financial institution and a cryptocurrency online trading platform, investors transfer funds directly to each other or through a middle person as they buy and sell. This is the method the cryptocurrency community used before the development of the virtual currency marketplace ecosystem in Nigeria.

Mr Ugwu has also heard many in the business of cryptocurrency talk of relocating to potentially more hospitable environments such as Ghana, Rwanda and Sierra Leone. The concerns of the authorities when it comes to cryptocurrencies being used for illegal purposes are legitimate but some argue that they are being too heavy handed.

A former Deputy Governor of the Central Bank, Kingsley Moghalu, believes that the country should engage and manage the risks "rather than just shutting it off completely - especially to the extent that it provides livelihoods for many people in a depressed economy". There are also fears that cryptocurrency could become a missed opportunity, according to Gbite Oduneye who heads EGM Group, a Lagos-based brokerage firm.

Build an ecosystem round it. Put in rules and regulations. Nigerians also see cryptocurrencies as a way to get around foreign currency restrictions. She saw awareness of their service grow in October during the EndSars protests against police brutality. Attempts to crack down on the organisers by freezing their bank accounts led to the increased use of digital currencies, which saw Bitcoin trend on Twitter. Ms Nwachukwu says this resulted in a wave of new sign ups and an increase in transactions.

At the heart of the rise of Bitcoin is a distrust of centralised financial systems and top-down economic control, investors say. Many express their frustrations with government policy and the decline of the Nigerian economy. None more so than Mr Fadugbagbe, who spent years struggling to scrape by as what he describes as a "minimum-wage slave".

I trust cryptocurrency more. Clarification 1 March This article has been amended to make it clear that the Statista survey of Nigerians was carried out online, and so does not reflect the whole population. How Bitcoin's vast energy use could burst its bubble. Nigerians' double blow: Currency woes and Covid Bitcoin: From buying a Bentley to losing it all. Why I bought Bitcoin. Cryptoasset investors warned they may lose the lot. Image source, Getty Images. It was a decision that transformed his life.

Tola Fadugbagbe. No Nigerian comes to cryptocurrency and wants to look back. Getty Images. Nigeria's cryptocurrency business 1.

Michael Ugwu. I'd made naira but lost US dollars. That's when I realised we're hustling backwards". The move to invest in digital currencies has paid off.

How Bitcoin's vast energy use could burst its bubble How do cryptocurrencies work? A devaluation in the currency, the naira, and a lack of US dollars has led some to look for other ways to hold money. Cryptocurrency ban.

However, not everyone has been so fortunate. This video can not be played To play this video you need to enable JavaScript in your browser. Buhari's Nigeria: 'Lack of jobs is making us going hungry'. Image source, Reuters. Organisers of the EndSars protests had their bank accounts frozen, which encouraged a switch to cryptocurrencies. Published 27 February Published 3 August Published 9 February Published 8 January Published 11 January Related Topics.

Nigeria Bitcoin Business in Africa Cryptocurrency.

Coinistnigeria

Email Address. Abdulkareem Mojeed. More News. Nigeria joins global call for eradication of female genital mutilation February 6, Lai Mohammed slams Nbn suit against online medium February 6, Muslim women hold hijab awareness outreach in Abuja February 6,

Businesses in Nigeria must accept e-Naira – CBN

Nigeria barred its banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies in February. Central Bank Governor Godwin Emefiele said the "e-naira" would operate as a wallet against which customers can hold existing funds in their bank account. Subscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox. More from Reuters. Daily Briefing Subscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox. Sign up.

Top ways to make money online in Nigeria (2022)

Pi coin users were bewildered on December 21 when this virtual currency mining app suddenly disappeared from Google Play. However, it reappeared on the Android download store after only about 24 hours. Though many users were happy, many outsiders are still sceptical about the future of the project. Pi Network, said to be developed by two Standford University PhDs, is a free mobile phone mining project that appeared in mid

Pi Network: How Can I Withdraw Pi?

The exchange of Plian to Nigerian naira at the real exchange rate for today is February 06, Information from the source. We change the exchange rate of Plian to Nigerian naira on this page once a day. The exchange rate shown on this page is the exchange rate established officially for today February 06, according to the results of exchange trading. A daily updated free cryptocurrency exchange rate statement is available on this site.

IOTA to Naira Exchange Rates

According to its white paper, Pi is a long term project, whose success depends on the collective contributions of its members. Pi is dedicated to helping people capture more economic value that goes to the banks, technology giants and other intermediaries. They have clearly stated that Pi is not a get rich quick scheme or free money, but it is a long term project that will give people greater access to cryptocurrency. All you need to do is search for Pi network on your phone playstore and download the app. The app allows you to earn Pi by making simple contributions to the Pi community. Once you download the app, you will have to check in every 24 hours and hit the lightning button to start mining.

1 PI to NGN

Pi Mining. Cryptocurrencies are new form of digital money that are maintained and secured by a community, instead of by governments or banks. While most cryptocurrencies like Bitcoin have been very hard for everyday people to use and access, Pi puts the power of cryptocurrency into the palm of your hand. Pi Mining is legit not a scam.

Pi Network Launch Date in Nigeria: Get Ready for the Pi Network Wallet Launch

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