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The Nigerian government has announced a nine-month program allowing individuals to deposit U.S. dollars held outside the formal banking system without facing penalties or scrutiny. Finance Minister Wale Edun said…
A new JPMorgan report warns that carry trades are losing effectiveness as global interest rates decline, urging investors to be more selective with currency risks. The Japanese yen has lost…
The Reserve Bank of Zimbabwe (RBZ) has injected an additional $50 million into the market to support the foreign exchange system. However, industry leaders believe the bank is not doing…
The Central Bank of Nigeria (CBN) raised the Monetary Policy Rate (MPR) by 50 basis points to 27.25% and increased the Cash Reserve Ratio (CRR) for banks. These measures aim…
William Koo Ichioka has been ordered to pay over $36 million after admitting to a forex and digital asset fraud scheme. His scam, which started in 2018, involved falsifying financial…
The National Bank of Ethiopia (NBE) said it will conduct a special foreign exchange auction on Aug. 7. The Ethiopian central bank envisions similar auctions in the coming weeks, depending…
The Central Bank of Nigeria (CBN) will reintroduce a foreign exchange auction system as part of efforts to ease pressure on the local currency. The CBN has called on authorized…
A federal court has ordered Abner Alejandro Tinoco and his company, Kikit & Mess Investments LLC, to pay over $31 million for forex and cryptocurrency fraud. The order includes $6.2…
The Central Bank of Nigeria recently sold U.S. dollars to Bureaux de Change (BDC) at a flat rate of NGN1,450 per greenback. The central bank stated that eligible BDCs can…
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…