Nigeria's Interpol enhances cybersecurity through virtual asset training.

In Abuja, Nigeria, the local Interpol, cybersecurity specialists, and intelligence community convened to strategize solutions for the escalating cybercrime incidents in the country. Facilitated by A&D Forensics in collaboration with the Africa Stablecoin Consortium, the session aimed to equip Nigerian Interpol agents with blockchain analysis skills to combat crimes involving virtual assets, notably stablecoins, as cybercriminals increasingly exploit these digital currencies for illicit activities. Recognizing the evolving nature of cybercrime beyond traditional fiat currency, the training sought to enhance Interpol's capacity to handle cybercrime cases involving virtual assets, given Nigeria's growing engagement with cryptocurrency exchanges. Adedeji Owonibi, Senior Partner at A&D Forensics, emphasized the necessity of bridging the gap between evolving cyber threats and law enforcement capabilities, underscoring the significance of supporting agencies in combating cybercrimes effectively. Addressing the recent cybersecurity levy controversy, Owonibi stressed the government's prerogative in safeguarding national security interests through pertinent decisions. Meanwhile, the Central Bank of Nigeria mandated electronic transaction deductions to fund the National Cybersecurity Fund, reflecting heightened regulatory measures in response to cybersecurity challenges. Additionally, the Securities and Exchange Commission's crackdown on cryptocurrency, alongside IMF's recommendation for Nigeria to embrace crypto adoption, signify ongoing shifts in the regulatory landscape impacting the nation's economic policies.

On Monday, the Central Bank of Nigeria (CBN) mandated banks and other payment service providers to begin deducting 0.5% of the total value of electronic transactions and remit to the National Cybersecurity Fund to be managed by the Office of the National Security Adviser (ONSA).

Nigeria’s Securities and Exchange Commission (SEC) is cracking down on cryptocurrency, banning peer-to-peer exchanges that use the naira, signaling a significant regulatory shift.

The International Monetary Fund (IMF) recently recommended that Nigeria embrace crypto adoption through licensing global cryptocurrency exchanges as a part of its economic reformation measures.

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