Nigeria Cryptocurrency Clampdown: Central Bank Directs Fintech Firms to Stop Opening New Accounts
The Central Bank of Nigeria has directed 4 fintech firms to stop the creation of latest accounts, citing their potential use by cryptocurrency merchants. An...
Nigerian Currency Reverses Early April Gains, Depreciating by 12% in Seven Days
The Naira not too long ago depreciated by 12% in simply seven days, thus shedding all of the beneficial properties it made in opposition to...
Nigerian Central Bank Governor Denies Using Forex Reserves to Defend Local Currency
The Nigerian central financial institution governor has refuted claims that the financial institution is utilizing the nation’s international change reserves to shore up the naira....
Nigerian Central Bank Prohibits Use of Foreign Exchange as Collateral for Local Currency Loans
The Central Bank of Nigeria has barred using international trade as collateral for native foreign money loans. In its April 8 letter addressed to banks,...
Zimbabwe’s Central Bank Launches Gold-and Forex-Backed ‘Structured Currency’
The Reserve Bank of Zimbabwe has launched a overseas trade and gold-backed “structured currency” to switch the struggling native forex. The structured forex banknotes can...
Court Orders Binance to Hand Over ‘Comprehensive’ User Data to Nigerian Authorities
A Nigerian excessive courtroom has ordered Binance to offer the Economic and Financial Crimes Commission (EFCC) with complete knowledge referring to all Nigerian merchants on...
Economic Intelligence Unit: Nigerian Central Bank Lacks Capacity to Defend Local Currency
The Economic Intelligence Unit has said that the Central Bank of Nigeria can’t halt the fast depreciation of the native foreign money. The continued volatility...
Egypt Devalues Currency, Raises Interest Rates to Fulfill Key IMF Aid Requirement
Authorities in Egypt just lately allowed the native forex’s change price versus the U.S. greenback to lower by greater than 60%. Additionally, the central financial...
Nigerian Users Criticize Binance for Imposing Exchange Rate Caps on USDT to Naira Transactions
Some Nigeria-based customers of Binance’s peer-to-peer platform have blasted the crypto alternate’s determination to dam or take away merchants quoting USDT to naira alternate charges...
Nigeria’s Headline Inflation Increases as Central Bank Intensifies Foreign Exchange Controls
In the primary month of 2024, Nigeria’s headline inflation rose from practically one % to 29.9%. However, on a year-on-year foundation, the January 2024 headline...