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Nigeria’s Oil-for-Naira Program, Blackrock’s New Stablecoin, and More — Week in Review

2024-10-06 by admin Leave a Comment

Read the most important stories of the week, and why they matter, including Nigeria's new oil-for-naira program.

Nigeria introduced an “oil-for-naira” program by selling crude oil to Aliko Dangote’s refinery in a bid to stabilize the weakening local currency. Blackrock announced its support for UStb, a new stablecoin from Ethena Labs. The SEC has formally appealed a court ruling in its case against Ripple Labs, citing significant legal errors. Coinbase is optimistic […]

Nigeria Unveils Oil-for-Naira Program to Stabilize Local Currency

2024-10-02 by admin Leave a Comment

Nigeria began selling crude oil to billionaire Aliko Dangote’s new refinery in naira on October 1st. This “oil for naira” scheme aims to ease pressure on the struggling Nigerian currency, the naira, which has lost significant value this year. However, the success of the scheme is uncertain. While Nigerians hope it will reduce fuel prices, […]