Report: Nigerian Anti-Graft Body Identifies Individuals Fueling the Naira’s R...
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 report said. According to Abdulrasheed Bawa, the EFCC chairman, his organization is currently going after foreign currency speculators in Kano, Lagos, Port Harcourt, Enugu, and Calabar. EFCC’s Ongoing Offensive Against Forex Speculators According to the chairman of Nigeria’s EFCC, Abdulrasheed Bawa, the anti-graft body has now....
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Nigerian artists are now increasing their net worth by leveraging the art world’s lucrative pivot to non-fungible tokens (NFT). According to reports, this move to NFTs is happening despite the Nigerian central bank’s renewed anti-crypto stance. NFT Bubble Concerns As a recent CNN report explains, growing interest in NFTs from Nigerian artists comes alongside warnings of a potential downturn in sales. For instance, Bitcoin.com News has already reported that NFTs sales plummeted by 90% since the market’s record sales on May 3. The same report also revealed that the number....
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 central bank has told financial institutions to cease having dealings with two Nigerian fintechs, Flutterwave and Chipper Cash. The Central African Republic’s token sale is off to a slow start with just under 13 million of the sango coins sold inside the first five days. Nigerian Currency Plunges to New Low — Speculators and Crypto Trading Blamed After seeing the local currency....
The Central Bank of Nigeria (CBN)’s director of monetary policy, Hassan Mahmud, has suggested that the institution is not worried about the naira’s valuation but is instead interested in “boosting dollar supply on the currency market.”
Naira Depreciation
According to a report, Mahmud’s remarks were made just a day after the local currency touched a new low of 532 naira for one dollar on the parallel market. This new parallel market exchange rate differs significantly from the CBN’s current spot exchange rate of approximately 411 naira....
The Nigerian Central Bank is going to devalue Naira next week, this may drive people towards bitcoin as an alternative investment option. The centralized monetary policies are inherently flawed, proves the ongoing collapse of government-formed finance structure of many countries, including Greece, Venezuela and China. Now, Nigeria is also falling into the same category, thanks to the falling oil exports following international conflicts. In the current economic structure, the majority of international trades are carried out using reserve currencies – the US Dollar. While imports and....
According to an analysis of the $417.5 million that was raised by Nigerian tech startups during the first nine months of 2021, fintech firms accounted for about $379 million or 90.78% of the total. Nigerian Fintechs Dominate the African Continent Nigerian fintechs currently account for more than 90% of the $417.5 million that was raised by tech startups during the first nine months of 2021, a local report has said. While the report, which was compiled by local media outlet Punch, notes that the $417.5 million is already significantly higher than the $300 million that was raised in the....