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Zimbabwe Injects $50 Million to Bolster Devalued Currency

[Oct 5 10:30 PM] The Reserve Bank of Zimbabwe (RBZ) has injected an additional $50 million into the market to support the foreign exchange system. However, industry leaders believe the bank is not doing enough to facilitate the smooth operation of the market. They…

Nigeria Acts to Stabilize Currency with Forex Auction

[Aug 4 3:20 PM] The Central Bank of Nigeria (CBN) will reintroduce a foreign exchange auction system as part of efforts to ease pressure on the local currency. The CBN has called on authorized dealer banks to share their respective lists of outstanding forex…

El Paso Man Fined $31M for Forex and Crypto Fraud

[Jul 28 12:06 AM] A federal court has ordered Abner Alejandro Tinoco and his company, Kikit & Mess Investments LLC, to pay over $31 million for forex and cryptocurrency fraud. The order includes $6.2 million in restitution, $6.3 million in disgorgement, and an…

Nigeria Acts to Defend Naira After Currency Hits New Record Low

[Jul 20 8:30 PM] The Central Bank of Nigeria recently sold U.S. dollars to Bureaux de Change (BDC) at a flat rate of NGN1,450 per greenback. The central bank stated that eligible BDCs can sell the dollars to end-users at a margin of no more than 1.5% above the…