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The Nigerian central bank has accused currency speculators of being behind the local currency’s recent plunge to a new all-time low of N710 against the greenback. The leader of a Nigerian association of bureau de change operators insisted crypto trading may be to blame for the naira’s recent plunge in value. Nigerians Converting to USD […]Powered by WPeMatico
Nigerian lawmaker Ibrahim Obanikoro has called on Nigerian authorities to “close all domiciliary accounts for the next 12 months.” Such a move, he argues, will help to ease pressure on the naira, which has depreciated by more than 10% in the past two months. The Naira’s Continuing Depreciation The call by Obanikoro comes nearly two […]Powered by WPeMatico
The Central Bank of Nigeria (CBN) has threatened punitive sanctions against microfinance banks that violate the conditions of their operating license through the performance of foreign currency-related transactions. In its latest circular, the CBN claims that microfinance banks have a very low capitalization hence their handling of such transactions threatens the stability of the financial […]Powered by WPeMatico
The Central Bank of Nigeria (CBN) recently announced the abrupt end to sales and outsourcing of foreign exchange to Bureau de Change (BDC) operators after accusing them of failing to stick to their core mandate. Instead of providing forex to retail users, BDCs are believed to be supplying the scarce resource to so-called “illegal” dealers. […]Powered by WPeMatico
According to the head of the Nigerian group of bureau de change operators, the naira’s continued fall on the parallel market is down to the activities of speculators. However, Aminu Gwadabe, the president of the Association of Bureau de Change Operators of Nigeria (ABCON), suggests that only a “massive funding” of bureau de change (BDC) […]Powered by WPeMatico
Nigeria’s weakening naira currency, as well as the shortage of U.S. dollars, are forcing businesses to switch to bitcoin as the means of settling payments for international transactions. Nigerian businesses need the American currency to buy new supplies, as well as to order essential equipment from abroad. However, formal sources of foreign currency like banks […]
The post Nigeria’s Foreign Currency Crisis Boon for Bitcoin: Country Tops Wallet Downloads Ahead of the US appeared first on Bitcoin News.
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remittancetoken.io – Token-Generating Platform for Money Transfer currently trading on Digifinex has announced it’s sponsoring blockchain Finance Lagos conference event in Africa’s largest market, Nigeria. Offering free flight ticket and accommodation to the qualified speakers.
The post PR: Remco – Powerful Distributed Token Generating Platform appeared first on Bitcoin News.
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