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President Joe Biden Thanks Nigerian Leader for Role in Ex-Federal Agent’s Release

[Oct 30, 2024 7:30 AM] President Joe Biden thanked Nigerian President Bola Tinubu for securing the release of American citizen Tigran Gambaryan, a former U.S. law enforcement official and Binance employee, on humanitarian grounds. Gambaryan spent eight months in Nigerian…

Nigerian Association of Money Changers Calls for Banning of Binance

[Aug 12, 2023 3:30 AM] The leader of Nigeria’s Association of currency exchangers has accused the crypto giant Binance of helping to worsen the local currency’s woes and asked authorities to consider banning the platform. The leader suggested that the…

Nigerian Currency Plunges to All-Time Low Versus Dollar, Central Bank Revokes Licenses of 2,700 Currency Exchanges

[Jul 21, 2023 9:30 PM] The exchange rate of the Nigerian currency versus the greenback recently plunged to an all-time low of NGN860:USD1. The naira’s depreciation has been attributed to shortages of foreign exchange on the official market and the rising demand for…

Nigeria Declares Food Emergency After Sixth Consecutive Increase in Inflation Rate

[Jul 19, 2023 5:30 AM] The Nigerian government declared a food price emergency after the latest data from the National Bureau of Statistics (NBS) showed that the country’s inflation rate had gone up by 0.38% to 22.79%. The NBS said the June inflation figure does…

Nigeria Currency Presently Undervalued Says Bank of America Analysts

[Jul 3, 2023 6:00 PM] According to Bank of America analysts, the Nigerian currency is currently undervalued and will likely end the year trading at around NGN680 per dollar. The analysts assert that higher oil revenues and a liberalized import regime will likely see…

Security Agency Detains Nigeria’s Suspended Anti-Bitcoin Central Bank Governor

[Jun 12, 2023 8:00 AM] The Central Bank of Nigeria governor, Godwin Emefiele, was suspended by Nigerian President Bola Ahmed Tinubu on June 9 and was subsequently arrested by a domestic security agency. Several reports have linked Emefiele’s suspension to the…

Nigerian Central Bank Blasts Naira Devaluation Report — Publication Stands by Its Story

[Jun 2, 2023 11:30 AM] The Central Bank of Nigeria (CBN) said on June 1 that the report claiming it had devalued the local currency to N631 per dollar “is replete with outright falsehoods and destabilising innuendos.” The Nigerian publication Daily Trust has…

New Nigerian President Slates Central Bank’s Interest Rate and Currency Demonetization Policy

[May 31, 2023 2:30 AM] The new Nigerian president Bola Ahmed Tinubu has deplored the Central Bank of Nigeria (CBN)’s aggressive interest policy which he has reportedly labeled “anti-people” and “anti-business.” Tinubu also announced the…