Foreign Exchange

Nigerian Central Bank Stops Forex Sales to Bureaus de Change — Operators Accused of Feeding Black Market

<div class=”featured_image_container”> </div> <strong>The Central Bank of Nigeria (CBN) recently announced the abrupt end to sales and outsourcing of foreign exchange to Bureau de Change (BDC) operators after accusing them of failing to stick to their core mandate. Instead of providing forex to retail users, BDCs are believed to be supplying the scarce resource to …

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Kenyan Remittances Surged by 20% in H1, North America and Europe-Based Diaspora Contribute Over 80%

<div class=”featured_image_container”> </div> <strong>According to the latest data from the Central Bank of Kenya (CBK), diaspora remittances inflows to the country surged to $1.75 billion in the first six months of 2021. This figure represents a nearly 20% increase from the $1.46 billion recorded in the same period last year. </strong> 2021 Inflows Set to …

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New World Bank Report: Nigeria’s Exchange Rate Policies Fueling Inflation, Affecting Food Prices

<div class=”featured_image_container”> </div> <strong>Nigeria’s use of multiple exchange rates regimes may have contributed to a rise in the country’s inflation rate, the latest World Bank report has said. In addition, the report says ongoing restrictions on the use and movement of foreign exchange are “further pushing up prices of food and agricultural inputs like fertilizer.” …

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After Central Bank Devalues Naira by 5% Finance Minister Attributes Drop to ‘Market Forces’

<div class=”featured_image_container”> </div> <strong>Nigerian Finance Minister Zainab Ahmed has denied widespread reports that the Central Bank of Nigeria (CBN) had sanctioned the devaluation of the local currency sometime in May 2021. Instead, she attributes the naira’s fall to the “volatility in the oil price.” Ahmed’s remarks come just a few weeks after the official naira …

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Nigerians Shun Local Currency— Seek to Protect Wealth From Inflation and Currency Depreciation with Foreign Currency

<div class=”featured_image_container”> </div> <strong>Nigerians are thought to be accumulating foreign currencies which they believe will protect their wealth from the naira’s volatility as well as the surging inflation. Further, as a research paper in a journal published by the Central Bank of Nigeria (CBN) found, Nigerians’ use of dollars exceeds IMF’s 30% threshold. </strong> Exchange …

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IMF Representative of Nigeria Calls for Caution Over the Use of Cryptocurrencies

<div class=”featured_image_container”> </div> <strong>The International Monetary Fund (IMF) resident representative for Nigeria, Ari Aisen recently discussed the Central Bank of Nigeria (CBN) directive that targets crypto entities. In remarks made during a special virtual press briefing, Aisen repeats some of the CBN’s claims that cryptocurrencies were being used “for illegal transactions such as money laundering …

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Central Bank of Nigeria Denies It Has Placed New Restrictions on Cryptocurrencies — Uses Debunked Claims to Justify New Directive

<div class=”featured_image_container”> </div> <strong>Following the outcry over the Central Bank of Nigeria’s latest directive that targets cryptocurrencies, the institution has reaffirmed its stance with another statement. In the latest five-page document, the CBN insists that this directive is intended to protect the country’s financial system from the “risks” that are associated with cryptocurrencies. </strong> Debunked …

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Brazil Revenue Collector’s Data Shows Cryptocurrency Volumes Exceed $6 Billion Between January and September

2020’s Crypto Performances: The Biggest Token Losers and This Year’s Top-Performing Cryptocurrencies Digital currency markets have climbed significantly in value all year long, despite the gloomy global economy and the aftermath of Covid-19 responses. Bitcoin prices have been hovering at values not seen since 2017, and the top crypto asset in terms … read more. …

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Central Bank of Nigeria Governor Decries the Use of Parallel Exchange Rate as Citizens Switch to Crypto

<div class=”featured_image_container”> </div> <strong>The governor of the Central Bank of Nigeria (CBN) Godwin Emefiele says the embrace of the parallel market exchange rate by some professionals in that country is unfair and unfortunate. The CBN governor says the parallel foreign exchange market only accounts for a share of the market that does not exceed 5%. …

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Former Microsoft Engineer Says Nigerian Expatriates Are Using Bitcoin to Circumvent Country’s Overvalued Exchange Rate

<div class=”featured_image_container”> </div> <div class=”td-a-rec td-a-rec-id-content_top “><a data-bid=”1″ href=”https://news.bitcoin.com/linkout/424769″ rel=”nofollow noopener noreferrer” target=”_blank”><img loading=”lazy” src=”http://scoreit.online/wp-content/uploads/2020/11/728-by-90-2x-1-9.png” alt width=”728″ height=”90″></a></div><strong>A former Microsoft software engineer and co-founder of Buycoins Africa Tomiwa Lasebikan says some Nigerians expatriates are now using bitcoin to circumvent the country’s overvalued exchange rate when sending remittances. </strong> According to Lasebikan, the Central Bank of …

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