Stablecoins gain in Nigeria for cross-border transfers

Nigerians are increasingly turning to U.S. dollar-pegged digital tokens, or stablecoins, to move money ​across borders, as households and small businesses ‌seek cheaper and faster alternatives to traditional channels, the IMF said on Tuesday.

The Fund said what began as a ​niche crypto use has grown into a significant payments ​route, with Nigeria receiving about $59 billion in crypto ⁠inflows between July 2023 and June 2024 ​and accounting for roughly 60% of stablecoin inflows in ​sub-Saharan Africa.

Stablecoins - cryptocurrencies pegged to assets and designed to hold a stable value - have gained global traction, backed in part by support from U.S. President ​Donald Trump.

Their price stability, combined with fast transfers via smartphones ​and digital wallets, has driven rapid adoption in Nigeria, the IMF ‌said.

For users, ⁠they offer near-instant cross-border payments and a way to store value outside a volatile naira currency, effectively bridging crypto markets and traditional finance.

They can also undercut conventional ​remittance channels, where ​sending $200 to ⁠sub-Saharan Africa costs on average about 9% of transaction value, compared with a global average of ​6%, said the IMF, citing World Bank ​data.

However, their rise poses policy ⁠challenges.

Widespread use of dollar-linked tokens could weaken monetary policy by reducing demand for the naira, while shifting ⁠transactions ​to digital wallets complicates oversight ​and raises the risk of illicit flows, the IMF said.

By MacDonald Dzirutwe, Reuters

Nigerian army frees widow of ex-general who died in captivity

 

Nigeria's military says it has rescued the widow of a retired general who himself had died at the weekend while being held by kidnappers.

Maj Gen Rabe Abubakar and his wife Amina were abducted in the north-western state of Katsina at the end of last month.

The military said the kidnappers shot Mrs Abubakar during the rescue operation before fleeing as troops advanced. She is now being treated in a military hospital, a statement added.

One of the couple's daughters, Bilkisu, confirmed the rescue on WhatsApp, posting: "We are deeply grateful to Allah for His mercy and protection. Our mummy has been rescued from the hands of evil by the Nigerian Army.

"We pray that Allah grants her good health, complete recovery, peace of mind, and strength after everything she has been through."

Maj Gen Abubakar's death in custody was thought to have been the result of health complications.

In a statement issued on Monday, the military said the mission to rescue his wife "followed intensified search-and-rescue efforts".

"During sustained offensive operations and pressure mounted on the criminal elements, troops made contact with the bandits... leading to the successful recovery of Mrs Abubakar," said Samaila Uba, the director of defence information.

Uba said the armed forces leadership remained committed to ensuring her full recovery and was providing all necessary support to her family.

He added that troops would continue operations and track down the kidnappers.

No group has said it was behind the abductions. In north-west Nigeria criminal gangs known locally as "bandits" frequently carry out kidnappings for ransom, as well as cattle rustling and attacks on rural communities.

Apart from bandits, militant jihadists have also operated in the region. An alleged militant camp in Sokoto state was the target of a US airstrike on 25 December last year.

On 6 June, a video surfaced online showing the retired general and his wife appealing to the Katsina government to release detained bandits and their livestock in exchange for their freedom.

On Saturday, the state government announced that the Maj Gen Abubakar had died in captivity. Officials said the retired officer's death was linked to diabetes and high blood pressure. His remains were buried later that day.

President Bola Tinubu said he was "shocked" by the general's death and described it as a reminder of the threat posed by armed criminal groups.

By Mansur Abubakar and Makuochi Okafor, BBC

Related story: Kidnapped Nigerian retired general dies in captivity

Video - Nigerian on course to decentralize policing system

The Nigerian parliament has passed a constitutional amendment bill aimed at decentralizing the country’s security architecture through the creation of state-level police forces. The long-debated reform now requires approval from at least two-thirds of the country’s state assemblies before it can be forwarded to President Bola Tinubu for assent. Lawmakers say the proposal marks a significant step toward addressing a worsening insecurity situation across the country.

CGTN Africa

Video - Nigeria intensifies fight against growing security threats

Nigeria continues to grapple with a range of security challenges, including terrorism, kidnapping and banditry, despite ongoing military and intelligence operations. Authorities say security forces are stepping up both operational and intelligence-led responses while expanding cooperation with international partners in an effort to improve security across the country.

CGTN Africa

Thierry Henry apologises to Nigerians after controversial World Cup broadcast comment

 

Thierry Henry has apologised after comments made during Fox’s coverage of the FIFA World Cup opening game between the United States and Paraguay sparked criticism from Nigerian fans.

The Arsenal and France legend, working as a studio analyst alongside Zlatan Ibrahimovic and Alexi Lalas, reacted during a pre-match segment involving streamer IShowSpeed, who wore a US jersey paired with Nigerian national team shorts.

Ibrahimovic joked about the combination, while Henry remarked that mixing kits is often considered bad luck in sport and added, “I love Nigeria, but today is US for you.”

The comments were widely shared on social media and prompted backlash from supporters in Nigeria.

However, Henry later issued an apology, clarifying that no offence was intended and acknowledging the sensitivity of national team symbols and fan pride, while revealing he respects Nigerian football culture deeply and supports its global fanbase always.

"I need to clarify something because I don’t think people understand when you say stuff sometimes or when a joke is a joke,” Henry said.

"So IShowSpeed yesterday had Nigerian shorts and a US top, and I just said to him it is bad luck to break the set.

"It could have been the shorts of France, Italy or Spain - I would have said the same thing.

"I was just joking with him, saying it would be bad luck; not that Nigeria is bad luck, but that breaking the set is bad luck.

"I even said I love Naija, and I do. I have mad respect for Nigeria and the people there.

"There are a lot of Arsenal fans out there. Nigeria is never bad luck. I was just saying breaking the set is bad luck with any other shorts."

Henry enjoyed a trophy-laden career at Arsenal, where he established himself as one of the Premier League’s greatest forwards.

During his time at the club, he also played alongside Nigerian legend Nwankwo Kanu, forming part of a memorable squad that delivered major domestic success under Arsene Wenger.

By Shina Oludare, Tribal Football