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
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Nigeria Injects $543.5M to Shore up Naira
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
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Nigeria Central Bank Governor Defends Naira Float Decision
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
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Nigeria Introduces System to Boost Forex Market Transparency
The Central Bank of Nigeria (CBN) is launching a new electronic system (EFEMS) to improve transparency in the foreign exchange market. This comes as the
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Nigerian Currency Plunges After Central Bank Rate Hike
The Nigerian Naira weakened significantly against the U.S. dollar following the Central Bank of Nigeria’s (CBN) decision to hike interest rates for the fifth time
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Nigeria Acts to Stabilize Currency with Forex Auction
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
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