The Securities and Exchange Commission (SEC) of Nigeria has issued a stark warning to investors regarding the burgeoning trend of meme coins, specifically citing the $Davido coin, which has recently gained media attention due to its association with the renowned Nigerian artist David Adeleke, popularly known as Davido. In May, Davido made headlines by entering Read More…
The Naira experienced a slight depreciation on Thursday, trading at N1476.24 to the dollar at the official market, according to data from the FMDQ Exchange. This marks a decrease of N2.58 or 0.17% compared to the previous trading day, where it traded at N1,473.66 to the dollar. Furthermore, the volume of currency traded reduced significantly, Read More…
The Central Bank of Nigeria (CBN) has reversed its earlier decision to ban banks and financial institutions from transacting in cryptocurrencies, acknowledging the global trend towards regulating digital assets. The bank issued a new circular on December 22, outlining the rules and requirements for firms dealing in crypto assets. The CBN imposed a ban on Read More…
Currency traders foresee fluctuations in Nigeria’s naira, Kenya’s shilling, and Zambia’s kwacha in the upcoming week, while Ghana’s cedi and Uganda’s shilling are expected to maintain stability, according to Reuters reports. Kenya’s Shilling The Kenyan shilling is anticipated to continue its gradual decline due to heightened foreign currency demand across sectors leading up to year-end. Read More…
In response to cash scarcity concerns and public anxiety about the legitimacy of old Naira banknotes, the Central Bank of Nigeria (CBN) asserts that every banknote issued by them remains legal tender. The CBN, through Section 20(5) of the CBN Act, 2007, emphasises that all denominations of their banknotes should not be rejected. CBN branches Read More…
The Central Bank of Nigeria (CBN) has categorically denied any intentions to redenominate Nigeria’s currency, the naira. This clarification came from Isa AbdulMumim, CBN’s Director of the Corporate Communications Department, in a statement issued on Tuesday in Abuja. There has been a circulation of social media messages suggesting that the CBN is considering the redenomination Read More…
The U.S. dollar exhibited strength against a basket of currencies on Tuesday, buoyed by a flurry of fresh economic data underscoring the robustness of the U.S. economy compared to the United Kingdom and the European Union. S&P Global reported an uptick in U.S. business output for October, with the manufacturing sector pulling itself out of Read More…
The proceedings for the case of procurement fraud against Nigeria’s suspended and detained central bank governor, Godwin Emefiele, encountered a setback on Wednesday, with no new hearing date being set. Emefiele was scheduled to present his plea on Wednesday, but he did not appear in court, and his case was notably absent from the court’s Read More…
The Registrar of the Chartered Institute of Treasury Management (CITM), Mr. Olumide Adedoyin, has issued a warning to the Federal Government regarding the purported intention to re-denominate the naira, cautioning that it could jeopardise economic stability. Adedoyin conveyed this concern in a statement released in Abuja on Tuesday, addressing the alleged plan for naira re-denomination. Read More…
Nigeria’s central bank is poised to shake up the currency markets with imminent measures, as disclosed by Acting Governor Folashodun Shonubi after his meeting with President Bola Tinubu. Discussions centred on strategies to enhance dollar liquidity within the official market. The backdrop to Shonubi’s meeting is the central bank’s recent announcement of a substantial $19 Read More…
