The naira appreciated further to N1,490 per dollar at the parallel section of the foreign exchange (FX) market on Monday, reflecting a 1.34 percent increase from the N1,510/$ rate recorded on May 17. Currency traders in Lagos, known as bureau de change (BDC) operators, quoted the buying rate of the dollar at N1,450 and the … Read more
In response to the Nigerian government’s crackdown on cryptocurrency platforms, KuCoin, a major cryptocurrency exchange, has taken significant action. The platform has deactivated its peer-to-peer (P2P) function for Nigerian users and delisted the Nigerian naira from its services. The P2P function, which enables direct trading between buyers and sellers without third-party intervention, has been temporarily … Read more
Nigeria’s naira has reversed recent gains and is now the world’s worst performing currency in the last month, increasing pressure on the central bank to keep raising interest rates, Bloomberg reported on Friday. The naira has slipped to 1,466.31 to the dollar, its weakest level since March 20, hurt by the local scarcity of the … Read more
The foreign currency (FX) market began on Monday, with the naira exchanging for $1,430 on the parallel market, also known as the black market. This is a 5.49 percent depreciation against the dollar, compared to the black market closing price of N1,350 per dollar on Friday. Traders attributed the naira weakness to increased demand for … Read more
The federal government, FG, has announced that it will remove the naira from all peer-to-peer (P2P) exchanges. The Securities and Exchange Commission’s Director General, Emomotimi Agama, made this announcement during a virtual conference with blockchain stakeholders on Monday. This resolution aims to combat the manipulation of the local currency’s value in the foreign exchange market. … Read more
The Federal Government may consider the suspension of the $56.7bn peer-to-peer cryptocurrency market after a crucial meeting between the Securities and Exchange Commission, and digital asset operators scheduled for Monday. Nigeria’s volume of crypto transactions grew by nine per cent year-over-year to $56.7bn between July 2022 and June 2023, according to the 2023 Geography of … Read more
The Chief Executive Officer of one of the leading cryptocurrency platforms in Nigeria, NoOnes, Ray Youssef, has revealed that peer-to-peer popularly known as P2P is probably like $500bn business in Nigeria alone. Youssef said this in an interview with Techpoint Africa on the heels of an imminent ban on cryptocurrency in the country. Speaking on … Read more
A surge in dollar demand in the parallel market, driven by banks and end-users, combined with slow forex disbursement to BDCs by the Central Bank of Nigeria, CBN, caused the Naira to fall by 23% against the dollar last week, marking the Naira’s worst weekly performance since February. Though the CBN came to the rescue … Read more
The Central Bank of Nigeria, CBN, has ordered Deposit Money Banks to sell their surplus dollar stock by February 1, 2024, as part of new measures to stabilize the country’s fluctuating currency rate. The CBN, which made the announcement in a fresh circular issued on Wednesday, also urged lenders not to hold extra foreign currency … Read more