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Nigerian Agency Gets Nod to Freeze $330,000 in Crypto Users’ Bank Accounts

[Sep 11 10:30 PM] A Nigerian anti-corruption agency froze bank accounts (over $330,000) belonging to suspected cryptocurrency users on global platforms like Kucoin and Bybit. The agency believes these users manipulated the Nigerian currency (naira) through their…

Nigerian Firms Forecast Further Naira Depreciation

[Aug 24 12:30 AM] A recent Central Bank of Nigeria survey reveals that Nigerian businesses expect the naira to weaken further before strengthening in late 2024 or early 2025. This pessimism comes despite the CBN injecting millions into the forex market. The…

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…

Nigeria’s Naira Rated Worst-Performing Currency in H1 of 2024; Kenyan Shilling Named Best Performer

[Jun 30 5:10 AM] In the first half of 2024, the Nigerian currency depreciated by nearly 40%, making it the worst-performing currency during that period. Meanwhile, the Kenyan shilling appreciated by 20.7%, ranking it as the best performer. The depreciation of the…

Crypto enthusiasts warn against naira trade ban on exchanges

[Jun 8 3:38 AM] Due to the rapid decline of the naira and the resulting almost three-decade-high inflation rate of 29.9%, the government turned its focus to platforms providing cryptocurrency services.

Nigerian Central Bank Refutes Claims It Plans to Redenominate the Naira in 2024

[Nov 2, 2023 3:00 AM] The Nigerian Central Bank has denied claims in a widely circulating text message that it plans to redenominate the naira starting in January 2024. According to the bank, the authors of the message had seemingly “modified text eked from an old…

Report: Nigerian Central Bank Sued for Dollarizing Economy

[Aug 30, 2023 12:30 AM] In a lawsuit filed by a Nigerian human rights activist, the country’s central bank is accused of failing to stop the dollarization of the economy. According to the activist, the central bank’s unwillingness to stop economic agents from…

Nigerian Currency Plunges to New Low, Central Bank Says the Naira Is Undervalued

[Aug 11, 2023 3:30 PM] The Nigerian currency continued its slide versus the greenback when it fell to a new all-time low of NGN950 per dollar. Folashodun Shonubi, the acting governor of the Central Bank of Nigeria, insists that the naira is currently undervalued. 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 Announces New Cash Withdrawal Restrictions — ATMs Limited to Less Than $44 per Day

[Dec 8, 2022 4:30 AM] In a new directive to financial institutions, the Central Bank of Nigeria (CBN) said individuals can now only withdraw an equivalent of just under $222 per week while corporates can only withdraw cash not exceeding $1,111 during the same period…

Nigerian Currency Gains Versus US Dollar Days After Tapping All-Time Low

[Nov 10, 2022 4:30 AM] Just a few days after plummeting to its worst exchange rate against the U.S. dollar ever, the Nigerian currency was trading at around 820 units for every dollar on Nov. 8, a report has said. An economist has suggested that the Central Bank of…