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The Central Bank of Nigeria has directed four fintech companies to cease the creation of new accounts, citing their potential use by cryptocurrency traders. An executive from one of the…
The Naira recently depreciated by 12% in just seven days, thus shedding all the gains it made against the U.S. dollar in early April. Local media reports attribute the volatile…
The Nigerian central bank governor has refuted claims that the bank is using the country’s foreign exchange reserves to shore up the naira. The governor attributes the decline in reserves…
The Central Bank of Nigeria has barred the use of foreign exchange as collateral for local currency loans. In its April 8 letter addressed to banks, the CBN warned of…
The Reserve Bank of Zimbabwe has introduced a foreign exchange and gold-backed “structured currency” to replace the struggling local currency. The structured currency banknotes will be “fully convertible into the…
A Nigerian high court has ordered Binance to provide the Economic and Financial Crimes Commission (EFCC) with comprehensive data relating to all Nigerian traders on its platform. The EFCC alleges…
The Economic Intelligence Unit has stated that the Central Bank of Nigeria cannot halt the rapid depreciation of the local currency. The continued volatility of the naira is expected to…
Authorities in Egypt recently allowed the local currency’s exchange rate versus the U.S. dollar to decrease by more than 60%. Additionally, the central bank raised interest rates by 600 basis…
Some Nigeria-based users of Binance’s peer-to-peer platform have blasted the crypto exchange’s decision to block or remove traders quoting USDT to naira exchange rates exceeding NGN1,802. Binance says it has…
In the first month of 2024, Nigeria’s headline inflation rose from nearly one percent to 29.9%. However, on a year-on-year basis, the January 2024 headline inflation rate was 8.08 percentage…