Nigerian Presidential Candidate Says Fixed Exchange Rate Regime ‘Has to End’ ...
A Nigerian presidential election candidate, Peter Obi, has said the local currency’s exchange rate against the dollar must not be fixed but must be determined “by the forces of demand and supply.” Pointing to the success of the Nigerian fintech Flutterwave, the candidate said if elected, his government will create an enabling environment for other startups to similarly thrive and succeed. Two-Tier Exchange Rate Regime Attacked A candidate in Nigeria’s upcoming presidential elections, Peter Obi, has said the local currency’s official exchange....
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Digital currencies have found a major backer in a Nigerian presidential candidate, who expresses confidence in their potential and rejects the concept that they might destabilize an economy. Bukola Saraki, one of the Peoples Democratic Party’s 15 presidential candidates in Nigeria’s approaching election, agreed that digital currencies can truly benefit the nation’s youth. Bukola Saraki, one […]
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 exchange rate of $1:380 is robbing recipients 20-30% of their remittance value each time they retrieve funds. At the time of writing, the parallel exchange rate of one dollar to the Naira is 1:480, according to Abokifx. Similarly, importers that are hamstrung by the country’s rigid foreign....
The Central Bank of Nigeria should be discontinuing the fixed exchange rate system and let the naira freely float against the major currencies, Alhaji Aminu Gwadabe, the leader of a Nigerian association of bureau de change operators has said. The leader also slammed the recent adjustment of the central bank’s interest rate to 13%, which he said could have a negative impact on Nigeria’s underperforming economy. Central Bank Told to Intervene to Save the Naira The leader of a Nigerian association of bureau de change operators, Alhaji Aminu Gwadabe, has urged the....
Starting on 1 January 2016, credit and debit cards denominated in the Nigerian naira will no longer be enabled for international use. The decision by the Central Bank of Nigeria to ban credit and debit card purchases abroad comes amid declining foreign exchange liquidity and aims to slow the flow of foreign exchange out of the country. News of the ban broke via BBC. So far one Nigerian bank, Standard Charter, has informed customers of the impending change. The Nigerian economy, the twentieth largest in the world, has been hard hit by falling oil prices, and the unofficial value of the....
The US presidential candidate Rick Perry seems to have won the votes of Bitcoin community by declaring his softer stance towards Bitcoin. In an interview with The New York Observer, he declared that he is in favor of relaxing regulations on bitcoin to an extent that it doesn't hamper innovation and allows smooth operation of legitimate digital currency based businesses. READ MORE: US Presidential Candidate Rick Perry Shows Support for Bitcoin. Rand Paul, the Kentucky senator and one of the contender for presidential elections in the United States first made waves in Bitcoin community after....