Nigerian Central Bank Governor Denies Using Forex Reserves to Defend Local Currency
The Nigerian central bank governor has refuted claims that the bank is using the country’s foreign exchange reserves…
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foreign exchange
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Nigerian Central Bank Prohibits Use of Foreign Exchange as Collateral for Local Currency Loans
The Central Bank of Nigeria has barred the use of foreign exchange as collateral for local currency loans.…
Zimbabwe’s Central Bank Launches Gold-and Forex-Backed ‘Structured Currency’
The Reserve Bank of Zimbabwe has introduced a foreign exchange and gold-backed “structured currency” to replace the struggling…
Court Orders Binance to Hand Over ‘Comprehensive’ User Data to Nigerian Authorities
A Nigerian high court has ordered Binance to provide the Economic and Financial Crimes Commission (EFCC) with comprehensive…
Economic Intelligence Unit: Nigerian Central Bank Lacks Capacity to Defend Local Currency
The Economic Intelligence Unit has stated that the Central Bank of Nigeria cannot halt the rapid depreciation of…
Egypt Devalues Currency, Raises Interest Rates to Fulfill Key IMF Aid Requirement
Authorities in Egypt recently allowed the local currency’s exchange rate versus the U.S. dollar to decrease by more…
Nigerian Users Criticize Binance for Imposing Exchange Rate Caps on USDT to Naira Transactions
Some Nigeria-based users of Binance’s peer-to-peer platform have blasted the crypto exchange’s decision to block or remove traders…
Nigeria’s Headline Inflation Increases as Central Bank Intensifies Foreign Exchange Controls
In the first month of 2024, Nigeria’s headline inflation rose from nearly one percent to 29.9%. However, on…
Nigerian Currency Depreciation: Central Bank Head Reaffirms Commitment to Reviving Confidence in the Economy
The Nigerian central bank remains committed to building confidence in the economy but that hinges on the implementation…
Nigeria Forex Crisis: Central Bank Removes Cap on Exchange Rate for International Money Transfer Operators
The Central Bank of Nigeria announced on Jan. 31 that it had removed caps on naira payout rates…