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Report: Nigerian Anti-Graft Body Identifies Individuals Fueling the Naira’s Rapid Depreciation

Nigeria’s Economic and Financial Crimes Commission (EFCC) recently claimed it had identified individuals and organizations whose rapid accumulation of U.S. dollars recently accelerated the depreciation of the local currency, a…

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Nigerian Currency Recovers Versus US Dollar — Central Bank Says Importers Must Repatriate Forex Earnings

After touching a new all-time low of N710 per dollar in late July, a new report says the Nigerian currency has rebounded by as much as 10%. After initially blaming…

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Speculators and Crypto Traders Blamed for Naira’s Plunge, Kenyan Institutions Told to End Dealings With Nigerian Fintechs, CAR Token Sale off to Slow Start

In this week’s Africa news highlights, the Nigerian central bank blames speculators for causing the local currency’s plunge to a new all-time low on the parallel market. In Kenya, the…

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Nigerian Currency Plunges to New All Time Low — Central Bank Blames Speculators

The Nigerian central bank has accused currency speculators of being behind the local currency’s recent plunge to a new all-time low of N710 against the greenback. The leader of a…

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Nigeria upgrades CBDC as crypto restrictions cripple fintech industry

Nigeria’s central bank has upgraded its eNaira to steer the country away from crypto even after a UN report stated that restrictions on digital currencies are stifling the nation's fintech…

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Microstrategy CEO Advises Nigeria and Zimbabwe to Adopt Bitcoin Standard, Says BTC Is ‘Kingmaker’

Microstrategy CEO Michael Saylor has suggested Nigeria and Zimbabwe issue currencies that are backed by bitcoin if they want to fix their economies. He surmised that using the bitcoin standard…

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Annual US Dollar Remittances to Nigeria Surge to $34 Billion but Forex Woes Persist

According to a report, the value of annual dollar remittances by Nigerians working abroad has surged to $34 billion, a figure that easily surpasses the previous record-high of $25 billion.…

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