The President of Nigeria signs executive order to establish a Virtual Assets Committee and coordinate crypto regulation
This executive order establishes a Virtual Asset Committee composed of the heads of major Nigerian financial regulatory agencies, responsible for guiding relevant policies. The Nigerian tax authority will update its digital asset policies and provide more details on the impact to taxpayers.
Presidential special adviser Bayo Onanuga stated that this executive order does not create new regulatory bodies nor transfer powers among agencies; each agency retains its statutory duties and independence, and registration requirements will be determined by the nature of the activities and assets involved.
The International Monetary Fund (IMF) June report shows that since 2019, Nigeria has accounted for about 60% of stablecoin inflows in Sub-Saharan Africa; from July 2023 to June 2024, the country’s cryptocurrency inflows were approximately $59 billion.
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Saudi Arabia's oil production in October surged by 26%, reaching the highest level since the onset of the conflict, while Brent crude has dropped over 20% this month
OPEC's monthly report shows that Saudi Arabia's average daily crude oil production in October rose to 10.56 million barrels, just several hundred thousand barrels lower than the pre-war level in February and slightly above its quoted limit under the OPEC framework. Iraq's daily output in October also reached approximately 4.9 million barrels, a new high since the outbreak of war. Meanwhile, after the UAE exited OPEC and began competing in the market independently, both the UAE and Saudi Arabia recently slashed their official December cargo prices for Asian buyers, intensifying the competitive landscape.
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