E-Financial
Luno Launches Cardano, Solana on its Platform

Luno, the global cryptocurrency investment app that aims to put the power of crypto in everyone’s hands, has announced it is adding two more cryptocurrencies to its app: Cardano (ADA) and Solana from early October (SOL).
From yesterday, users can buy, sell, and store ADA on the Luno app and website, alongside its existing cryptocurrency offering. Luno will also be adding SOL to its investment portfolio early next month.
Cardano is often described as a ‘next gen evolution’ of Ethereum. It aims to be the most scalable and sustainable platform for running decentralised applications (dApps) by taking a methodical, research-driven approach to its development. Solana is the fastest blockchain in the world and the fastest growing ecosystem in crypto, with thousands of projects spanning DeFi, NFTs, Web3 and more.
With continuing interest in the wider applications of Bitcoin, ADA and SOL are the latest cryptocurrencies that Luno is adding to its portfolio, following the addition of Chainlink (LINK) and Uniswap (UNI) earlier this year. Luno wants to ensure its ten million+ customers have access to these wider investment opportunities.
“As big advocates of building for the long term, we believe it’s important to give customers access to newer crypto applications that have a promising future. Now, not only do customers have access to ADA and SOL, they also have the peace of mind that comes with the rigorous security that customers rely on from Luno”, comments Marius Reitz, General Manager for Africa at Luno.
“In a world that can look complex, we want to break down the complications around cryptocurrencies to make it easy for people to buy, send, store, and learn about. Customers don’t need to make one large investment to get started but can build and grow their investment overtime through smaller amounts – similar to how they make contributions to their pension for example,” comments Reitz.
While ADA and SOL meet Luno standards for safety, being listed on Luno is not an endorsement of its future potential as an investment. Luno assesses prospective assets based on factors like security, compliance, and utility, but will always suggest anyone looking to invest in crypto should do their own research and exercise good judgement before investing.
“Luno only offers the most compelling investment options, viewed through a long-term lens,” concludes Reitz. “That’s why over the coming months, customers will be able to explore and invest in more opportunities to tap into a new global financial system and participate equally.”
E-Financial
Naira Gains Strength, Hits N1,600/$ in Parallel Market

The naira appreciated to N1,600 per dollar in the parallel market at the close of trading hours on Monday, strengthening from N1,610 per dollar recorded over the weekend.
Similarly, the naira saw a slight gain in the Nigerian Foreign Exchange Market (NFEM), trading at N1,605 per dollar compared to N1,606 last Friday, according to data from the Central Bank of Nigeria (CBN). This represents a marginal N1 appreciation.
As a result, the gap between the parallel market and official exchange rate widened slightly to N5 per dollar, up from N4 over the weekend.
E-Financial
CBN Spending on Naira Printing, Distribution up by 306 Percent

Central Bank of Nigeria (CBN) spent N315.18bn on currency issue expenses in 2024, marking a sharp increase of 306 per cent compared to N77.67bn recorded in 2023, the apex bank’s audited financial statement for the year has shown.
Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.
The latest figures reveal that the CBN’s cost of managing physical cash spiralled dramatically during the year under review, as Nigeria grappled with lingering cash shortages and disruptions in the money supply chain.
The surge in expenditure came as the country continued to deal with the effects of the naira redesign policy introduced in late 2022.
Despite efforts to stabilise cash circulation throughout 2023, Nigerians still faced queues at ATMs and difficulties in accessing cash in early and late 2024.
Faced with mounting public outcry, the CBN deployed several emergency measures to address the crisis.
Deposit Money Banks were directed to ensure consistent ATM loading and rural cash distribution, while the Bank also launched public hotlines for citizens to report cash scarcity incidents.
Also, the CBN ramped up enforcement efforts, including deploying monitoring teams, issuing sanctions against non-compliant banks, and mandating improved cash distribution.
E-Financial
PalmPay Reaffirms Commitment to Advancing Contactless Payments

PalmPay, a full-service digital bank, has reaffirmed its dedication to advancing the future of payments in Nigeria by promoting the widespread adoption of contactless-enabled payment terminals.
This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.” In his welcome address, BusinessDay Publisher, Frank Aigbogun, emphasized that the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.
Talking about PalmPay’s impact in the panel session titled “The Next Wave of Digital Payments: Trends and Innovation,” Ifeanyi Uzoka, Senior Business Development Manager at PalmPay, discussed the evolving landscape of digital payments in Nigeria.
He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remains a key barrier to widespread adoption.
“At PalmPay, financial inclusion is central to everything we do,” Uzoka stated. “To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security.”
PalmPay continues to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions. The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.
This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.
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