Nigeria introduces an amnesty program to allow people to deposit illegally held U.S. dollars without penalties, aiming to address its forex crisis.
The World Bank revealed Nigeria lost over $8 billion from 2021 to 2023 due to foreign exchange subsidies by the Central Bank of Nigeria. These subsidies, along with fuel subsidies, cost the government significant revenue. The World Bank also noted the hardship caused by these policies.
Nigeria's Central Bank Governor, Olayemi Cardoso, defends the float of the naira, citing reduced arbitrage and speculation as benefits, despite public criticism.
The Central Bank of Nigeria is introducing EFEMS, an electronic system to enhance transparency in the forex market amid currency devaluation. Dealers must comply with regulations before usage.
The Nigerian Naira plunged to NGN1,658 per dollar after the Central Bank of Nigeria hiked interest rates for the fifth time this year.
Nigeria's Central Bank has raised the Monetary Policy Rate by 50 basis points to 27.25%, aiming to tackle inflation and stabilize the economy.
The Central Bank of Nigeria resumes U.S. dollar sales to Bureau de Change operators to counteract the naira's decline amidst increasing retail demand.
The Central Bank of Nigeria has resumed selling US dollars to money changers to combat the declining value of the naira, which dropped to NGN1,639 per dollar due to high demand for dollars in travel and business sectors.
Nigeria's economy is struggling due to the significant depreciation of the naira, with businesses anticipating further weakening. A recent survey by the Central Bank of Nigeria highlights these concerns amidst rising inflation.
Nigerian firms predict further naira depreciation despite Central Bank's interventions. Inflation and protests surge as a result.
Nigeria's SEC will license crypto providers to strengthen the market. The Central Bank lifted the ban on facilitating crypto transactions last December.
Nigeria's SEC will license cryptocurrency providers this month, following the Central Bank's lifting of a crypto transaction ban last December.
The Nigeria SEC is open to Bitcoin regulation, coinciding with a lawsuit challenging crypto restrictions. The SEC aims for investor protection and market integrity, while the lawsuit seeks to overturn existing crypto restrictions and establish clear regulations.
The Central Bank of Nigeria will reintroduce a foreign exchange auction system to stabilize the local currency and mitigate the impact of dollar shortages.
The Central Bank of Nigeria sold U.S. dollars to Bureaux de Change at a flat rate of NGN1,450 per dollar to support the naira. BDCs can sell the dollars with a maximum margin of 1.5% above purchase rate.
La policía de Nigeria arresta al autoproclamado criptomillonario Linus Williams por fraude y financiación del terrorismo.
Binance enfrenta problemas legales en Nigeria por operar sin autorización adecuada. El Banco Central de Nigeria (CBN) acusa a la plataforma de violar múltiples regulaciones financieras.
A Central Bank of Nigeria official criticized Binance for illegal operations in Nigeria amid ongoing legal issues.
Nigeria accuses Binance of operating without a license and money laundering, revealed in a court hearing in Abuja.
La Corte Federal de Lagos ha respaldado una regulación del Banco Central de Nigeria que exige a las instituciones financieras recopilar las cuentas de redes sociales de los clientes para los procedimientos KYC.
Nigeria's Central Bank has hiked the capital requirements for bureau de change operators from about $24,000 to $1.4 million, giving them six months to comply.
The Central Bank of Nigeria (CBN) has increased capital requirements for Bureau de Change operators, impacting the crypto space, including Bitcoin (BTC) and Ethereum (ETH). BDC Operators Union has pushed back, seeking lower thresholds and more time.
The Central Bank of Nigeria (CBN) has imposed stringent measures on foreign exchange, affecting Bureau de Change (BDC) operators, to stabilize the Naira and restrict speculative trading. The capital requirements for BDCs have also been substantially increased.
KuCoin has exited Nigeria's P2P crypto market due to the naira's depreciation and government clampdown on crypto to stabilize the currency. The Central Bank accuses cryptos of market manipulation, leading to riskier trading platforms.
Nigerian stakeholders attribute the rise in peer-to-peer (P2P) crypto trading to the Central Bank's exclusion of crypto entities from the banking system, amid reports of potential P2P trading bans.
Nigerian fintech firms are blocking crypto-related accounts, conflicting with the Central Bank of Nigeria (CBN)'s earlier decision in 2021 to allow crypto account openings.
The Central Bank of Nigeria has instructed four fintech firms to halt creating new accounts due to concerns over cryptocurrency trading and KYC procedure audits.
The Central Bank of Nigeria has denied issuing a circular to freeze the accounts of cryptocurrency operators, contrasting with reports of such a ban and raising questions within the industry.
The Central Bank of Nigeria (CBN) has refuted claims of a letter directing banks to disconnect from cryptocurrency exchanges, affirming the letter's non-authenticity and advising the public to consult the official CBN website for reliable information.
The Central Bank of Nigeria's directive for banks to identify crypto transaction participants has led to a divisive debate on cryptocurrency regulation in Nigeria.
The Central Bank of Nigeria has denied allegations of instructing banks to freeze accounts involved in cryptocurrency transactions, contradicting recent reports and causing confusion about Nigeria's stance on digital assets.
The Central Bank of Nigeria (CBN) has refuted allegations of freezing accounts related to cryptocurrency, reiterating that regulated financial institutions are prohibited from dealing in crypto or facilitating crypto exchange payments.
