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Forex Shortages Force Nigerian Corporates to Turn to Parallel Market
13.7.2021
Nigeria’s ongoing shortage of foreign exchange is forcing corporates and businesses to source this resource on the parallel market, a former official with the Lagos Chamber of Commerce and Industry (LCCI) has said. According to Muda Yusuf, who is the previous director-general at LCCI, these...
South Africa Bank Blocks Clients From Buying Crypto on Binance, Exchange Rejects Allegations
23.6.2021
A South African bank, Absa, has reportedly blocked use of its credit cards for users buying cryptocurrencies on international exchanges, according to one media report. The claims come after clients of the financial institution reported receiving a text message informing them of the suspension...
New World Bank Report: Nigeria’s Exchange Rate Policies Fueling Inflation, Affecting Food Prices
21.6.2021
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...
After Central Bank Devalues Naira by 5% Finance Minister Attributes Drop to ‘Market Forces’
14.6.2021
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...
Nigerian Lawmakers Slam Naira Devaluation, Warn of Inflation Implications
11.6.2021
Nigeria’s House of Representatives has moved a motion calling on the country’s central bank to end the continuing devaluation of the naira. In his unanimously adopted motion, House Representative Bamidele Salam warned the Central Bank of Nigeria (CBN) of the negative “implications...
Venture Capitalist Proposes a Single Decentralized Crypto as a Solution to Boost Africa’s Inter-Regional Trade
6.5.2021
South African venture capitalist, Michael Jordaan, recently suggested that a single decentralized cryptocurrency may be the solution that brings great benefits to inter-regional trade and investment in Africa. According to Jordaan, who is also the former CEO of one of South Africa’s leading...
Nigerians Shun Local Currency— Seek to Protect Wealth From Inflation and Currency Depreciation with Foreign Currency
23.4.2021
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...
IMF Representative of Nigeria Calls for Caution Over the Use of Cryptocurrencies
20.2.2021
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...
Bitcoin Starting to Lead FX Markets, Analysis of Tesla Reaction Shows: Report
12.2.2021
EUR/USD, the most liquid currency pair globally, tracked bitcoin higher following the Tesla news
Central Bank of Nigeria Denies It Has Placed New Restrictions on Cryptocurrencies — Uses Debunked Claims to Justify New Directive
10.2.2021
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...
Brazil Revenue Collector’s Data Shows Cryptocurrency Volumes Exceed $6 Billion Between January and September
15.12.2020
Raw data from the Federal Revenue of Brazil (RFB) shows that crypto traded volumes in the country exceeded $6 billion between January and September this year. According to the data, bitcoin dominates as it accounts for over 80% of traded volumes. Still, other cryptos like bitcoin cash, dai,...
Central Bank of Nigeria Governor Decries the Use of Parallel Exchange Rate as Citizens Switch to Crypto
4.12.2020
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...
Former Microsoft Engineer Says Nigerian Expatriates Are Using Bitcoin to Circumvent Country’s Overvalued Exchange Rate
26.11.2020
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. According to Lasebikan, the Central Bank of Nigeria (CBN)’s fixed...
Zimbabwe’s Battle To Control Currency Inadvertently Boosts Bitcoin Profile
12.7.2020
Zimbabwe’s deteriorating economic situation is forcing authorities to sign off on some desperate and controversial decisions. Some of such decisions include the abrupt suspension mobile money as well as the recent designation of Zimswitch as a national payment switch. Reserve Bank of Zimbabwe...
Vanguard’s Blockchain Platform for Foreign Exchange Will Go Live in Q3 2020
26.6.2020
Mutual fund giant Vanguard has completed another blockchain pilot that aims to change the risk profile of foreign exchange (FX) transactions
Forex vs. Cryptocurrency Trading, Explained
17.6.2020
On the surface, Forex and cryptocurrency trading look similar, but the history and functioning of these markets are notably different — we’ll explain how
China Takes Another Step Away From USD Hegemony
1.1.2020
The China Foreign Exchange Trade System (CFETS) announced that effective January 1, 2020, the system “will adjust weights for CFETS RMB Index,” decreasing the weighting of the USD for the second time in the currency basket’s history from 22.40% to 21.59%, and increasing the Euro...
European Union Fines 5 Top Banks 1 Billion Euros for Foreign Exchange Market Rigging
17.5.2019
Over the course of their history, some of the biggest banks in the world have often colluded to rig the different markets in which they operate, and much of that has come out in the open over the past decade or so. The fixing of LIBOR was a case in point, and in a new …
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