China and Nigeria have renewed a $ 2 billion currency swap arrangement for another three years. Trump Tariff Threat China and Nigeria have agreed to renew a $ 2 billion currency swap arrangement, initially signed in 2018. The arrangement reportedly aims to strengthen financial cooperation between the two countries and expand the use …
The Nigerian Economic and Financial Crimes Commission (EFCC) recently arrested 792 suspects involved in crypto romance scams. Scams Traced to Foreign Kingpins The Nigerian anti-graft body, the Economic and Financial Crimes Commission (EFCC), recently arrested 792 suspects implicated in crypto romance scams. The arrests followed a raid on a building believed to be a hub […]
The Nigerian government received nearly $ 100,000 from two cryptocurrency firms accused of conducting unlicensed conversions of tether (USDT) to naira and vice versa. The two Nigerian cryptocurrency firms, Paparaxy Global Ventures Limited and Lemskin Technologies Limited were accused of operating without a banking license. Plea Agreement The Nigerian Federal Government recently received nearly …
The Central Bank of Nigeria (CBN) injected $ 543.5 million into the Nigerian foreign exchange market between September 6th and 30th to address currency volatility. The bank attributed the volatility to high demand for imports and seasonal factors. Nigeria is facing foreign exchange shortages and the government has taken various steps to counter it, …
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, emphasized the importance of the decision to float the naira, despite public criticism of the move. He stated that the disparity between official and parallel exchange rates encouraged arbitrage and speculation, eroding market trust. He highlighted the positive impact of the decision on reducing […]