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The Nigerian government received nearly $100,000 from two cryptocurrency firms accused of conducting unlicensed conversions of tether (USDT) to naira and vice versa. The two Nigerian cryptocurrency firms, Paparaxy Global…
The Central Bank of Nigeria (CBN) injected $543.5 million into the Nigerian foreign exchange market between September 6th and 30th to address currency volatility. The bank attributed the volatility to…
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, emphasized the importance of the decision to float the naira, despite public criticism of the move. He stated that…
The Central Bank of Nigeria (CBN) is launching a new electronic system (EFEMS) to improve transparency in the foreign exchange market. This comes as the Nigerian currency weakens. Authorized dealers…
The Nigerian Naira weakened significantly against the U.S. dollar following the Central Bank of Nigeria’s (CBN) decision to hike interest rates for the fifth time this year. The naira dropped…
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…
Labeling cryptocurrency a scapegoat, similar to blaming parallel market traders for the Nigerian currency’s woes, will not solve the underlying problems. Proactive preparation for consequential innovations is far preferable to…
Kucoin, a global cryptocurrency exchange platform, announced on May 15 that it has temporarily suspended its peer-to-peer (P2P) services for the Nigerian naira, as well as the Fast Buy service…
The Nigerian currency, which has been depreciating against the U.S. dollar in the past few weeks, has completely erased its gains from early April, making it the worst-performing currency in…
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…