In an attempt to combat growing inflation, the Central Bank of Nigeria increased the monetary policy rate, often known as the interest rate, by 200 basis points, to 24.75 percent from 22.75 percent. This was revealed by CBN Governor Olayemi Cardoso on Tuesday at the press briefing for the 294th Meeting of the Monetary Policy…
Due to suspected tax evasion, the Federal Government has filed criminal charges against well-known cryptocurrency exchange site Binance. The Federal Inland Revenue Service, or FIRS, revealed the accusations on Monday. They were filed before the Federal High Court in Abuja. The case, which has the case number FHC/ABJ/CR/115/2024, accuses Binance of four counts of tax…
Who are the people living in a dream world if they want the Naira to be worth N400 to the dollar? Former deputy governor of the Central Bank of Nigeria, Kingsley Moghalu, claims that people who desire for the Naira to be valued at N400 against the dollar are living in a fantasy land. Moghalu…
Kingsley Nwokeoma, the president of the Association of Foreign Airlines and Representatives in Nigeria, or AFARN, has requested documentation from the federal government proving that the Central Bank of Nigeria (CBN) has paid off all legitimate foreign exchange debts that the federal government owes to international airlines. Although international airlines have been instructed to obtain…
The presidency has warned forex speculators that the naira would shortly appreciate. Bayo Onanuga, President Bola Tinubu’s Special Adviser on Information and Strategy, advised speculators to unload their dollars as soon as possible to prevent “tears”. Onanuga was reacting to the Central Bank of Nigeria’s (CBN) announcement that it has cleared the $7 billion foreign…
According to information released by Binance, 281 Nigerian accounts were blocked in 2022 because of worries about money laundering. The cryptocurrency exchange platform Binance said in a statement posted on its website that during the fourth quarter, a team from the company traveled to Nigeria twice to provide the Economic and Financial Crimes Commission personnel…
With an eye toward international investors, the Central Bank of Nigeria has auctioned a record N1.3 trillion in Treasury Bills. The goal of this is to boost the amount of foreign exchange (forex) coming into Nigeria and improve the value of the Naira. Attractive interest rates are available on current Treasury Bills, providing investors with…
Allegations that Binance, a cryptocurrency trading platform, influenced the nation’s FX crisis have resulted in a $10 billion fine from the Federal government. This Friday morning, March 1, President Bola Tinubu’s special information and strategy adviser, Bayo Onanuga, said in a BBC interview. In Nigeria, Onanuga claims, Binance made significant profits from its “illegal transactions,”…
Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), has stated that he is not accountable for the nation’s economic problems. Cardoso made this statement on Tuesday, February 27, during the first Monetary Policy Committee (MPC) meeting run by him. Additionally, he stated that the CBN is acting to restore the nation’s financial…
The Nigerian government has blocked Binance and other crypto businesses’ internet platforms in order to prevent what it views to be ongoing forex market manipulation and illicit financial movement. Aside from Binance, other services, including Forextime, OctaFX, Crypto, FXTM, Coinbase, and Kraken, were also restricted. According to presidential and regulatory officials, the government decided to…