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Nigerian Users Criticize Binance for Imposing Exchange Rate Caps on USDT to Naira Transactions
22.2.2024
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 the right to remove “users behaving in a malicious or manipulative...
Nigeria’s Headline Inflation Increases as Central Bank Intensifies Foreign Exchange Controls
17.2.2024
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 points higher than the January 2023 rate. Many commentators identify foreign exchange shortages as...
Nigerian Currency Depreciation: Central Bank Head Reaffirms Commitment to Reviving Confidence in the Economy
8.2.2024
The Nigerian central bank remains committed to building confidence in the economy but that hinges on the implementation of “bold reforms” and residents’ help in easing pressure on the naira. However, critics have faulted the central bank’s policies including the devaluation...
Nigeria Forex Crisis: Central Bank Removes Cap on Exchange Rate for International Money Transfer Operators
4.2.2024
The Central Bank of Nigeria announced on Jan. 31 that it had removed caps on naira payout rates that international money transfer operators are allowed to quote. The central bank said the policy change is an effort aimed at further liberalizing the foreign exchange market. The naira’s Feb.1...
Nigerian Currency Plunges to New Low Versus the USD, Central Bank Governor Says Naira is ‘Undervalued’
28.1.2024
The Nigerian currency reportedly plunged to a new low versus the U.S. dollar on the official market on Jan.25. Central Bank governor Olayemi Cardoso has said the naira is currently “undervalued” and that efforts are underway to rectify this. Official and Parallel Market Exchange Rates...
Report: Turkey Exits From Foreign Exchange Protected Deposit Program
3.1.2024
On Jan. 1 Turkey ended its two-year-old foreign exchange (FX)—protected deposit program in what is seen as another step towards a return to orthodoxy. Treasury and Finance Minister, Mehmet Simsek also signaled the start of what he called a “permanent improvement in the current account.”...
China Tightens Grip on Cryptocurrency Trading, Targets Use of Tether in Foreign Exchange
29.12.2023
Source: AdobeStock / Wit Chinese authorities have issued a stern directive for an enhanced crackdown on the use of cryptocurrencies, emphasizing their role in illegal foreign exchange trading as part of ongoing efforts to mitigate financial risks. In a joint statement released on Wednesday,...
‘OTC King’ Zhao Guilty of Unauthorized Crypto Operations, Says Chinese Legal Authority
28.12.2023
Source: Pexels China’s Supreme Procuratorate has reportedly disclosed the details behind the seven-year prison sentence given to the founder of the over-the-counter (OTC) crypto trading desk RenrenBit, Zhao Dong. In a press release on December 27, the Chinese legal authority revealed that...
$2.2 Billion Illegal Forex Operation Busted by Chinese Authorities Using Crypto Platforms
27.12.2023
Source: Adobe / Alen Chinese authorities have reportedly dismantled an illegal underground banking operation that moved some $2.2 billion between China and other countries using overseas “virtual currency trading platforms.” On December 24, an account on social media app WeChat run...
China’s State Administration of Foreign Exchange Cracks Down on $2.2 Billion Crypto Exchange Ring
26.12.2023
The Chinese State Administration of Foreign Exchange (SAFE) has cracked down on an underground bank that used crypto to offer illegal exchange services. The operation, which had over 1,000 bank accounts and a presence in 17 provinces, moved over 15.8 billion yuan ($2.2 billion) to purchase crypto...
Report: Nigerian Currency Plunges to New Low Versus the US Dollar
22.12.2023
The official exchange rate of the Nigerian currency versus the U.S. dollar recently plunged to a record low of 1,248 naira for every greenback. The governor of the Central Bank of Nigeria has told the country’s legislators that he sees the foreign exchange market stabilizing in 2024. Official...
China shuffles financial leadership, appoints new chief for foreign exchange
5.12.2023
China, a decisive country in today’s international economy, plans to introduce fresh leadership in its financial sector. The top Chinese banker, Zhu Hexin, head of the CITIC group, who has become a household name, has been announced as the New Forex Chief of the country’s currency...
How DeFi Can Bridge the Forex Gap in Africa, According to Banking CEO
30.11.2023
Source: AdobeStock / Confidence Neobank Canza Finance‘s decentralized finance (DeFi) tech provides decentralized foreign exchange (FX) for African currencies, its CEO and co-founder Pascal Ntsama IV said. Canza website stresses that access to financial services and products is “a...
De-Fi could solve Africa’s foreign exchange problems, neo-bank CEO says
30.11.2023
The CEO and co-founder of neo-bank Canza Finance claims that utilizing Baki for FX trades in Africa creates a hub for African businesses to participate in intra-African and FX trades at reduced cost
Brazilians may soon need to stump up taxes on crypto held abroad
30.11.2023
The new rules would make income from crypto held on exchanges outside Brazil taxable at the same rate as local income
Ghana’s Central Bank Names Eight Money Transfer Companies Operating Without Its Approval
23.11.2023
The Bank of Ghana recently pointed the finger at eight money transfer organizations which are allegedly operating in Ghana’s remittances and forex market without its approval. The central bank also warned the public and regulated financial institutions against having dealings with the eight...
Nigerian Central Bank Dismisses Old Naira Banknote and Cash Shortage Rumors
11.11.2023
The Nigerian central bank has dismissed rumors suggesting that the previously demonetized naira banknotes are no longer legal tender. According to the bank, all banknotes it has ever issued remain legal tender and “should not be rejected by anyone.” No Shortage of Naira Banknotes Says...
Ripple Expands Payments Network to 70+ Crypto and Traditional Payout Markets
10.11.2023
Ripple has expanded its payments network to more than 70 crypto and traditional payout markets. “Accumulatively this adds up to 90% of the global foreign exchange market,” the company explained, highlighting that the Ripple network has facilitated over $30 billion in payment volume...
Nigeria Plans to Include Fintechs in Broadened Official Currency Market
26.10.2023
A Nigerian official recently said the foreign exchange-starved country plans to include “legitimate” market participants like bureaux de change and financial technology companies in the official forex currency market. Finance Minister Wale Edun also said the country will receive...
Nigerian Central Bank Lifts Forex Restrictions on 43 Items — Market Forces to Determine Exchange Rate
15.10.2023
The Nigerian central bank said on Oct. 12 that it had lifted foreign exchange restrictions imposed on the importation of 43 items. The central bank said the restrictions initially imposed in 2015 may have contributed to the weakening of the naira on the parallel foreign exchange market. Unifying...