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Naira Woes Continues. Hits All Time Low

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Naira declined against the U.S. dollar at the official market Friday, reaching its lowest rate in that market, even as foreign exchange supply rose marginally. Data from the FMDQ securities exchange window where forex is officially traded, showed that naira closed at…

Update: CBN Declares Abokifx Founder Wanted.

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Central Bank of Nigeria has declared Oniwinde Adedotun Abokifx founder wanted for breaching National Economic Intelligence Act 2004 and for illegal dealing in forex. Godwin Emefiele, CBN governor, and while speaking today, September 17, at the end of the 280th…

Central Bank Of Nigeria Shutdown Abokifx.com Accounts Over Forex Speculation.

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Central Bank of Nigeria CBN, today closed all operating accounts belonging to online forex rate publishing platform, abokifx.com over what the apex bank termed unauthorised publication of forex rates. In a circular sent to all commercial banks by CBN requesting…

Nigerians in Diaspora Now Remits Fund Through Cryptocurrency As Official Remittance Falls by $6 Billion.

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Are Nigerians and in diaspora using cryptocurrencies to bypass a struggling naira when they send money home to support family or start an investment? Do Nigerian Central Bank seems to think so ? Is that the reason for launching an…

Don’t Sell Forex ! CBN Warns Microfinance Banks.

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The Central Bank of Nigeria (CBN) has cautioned microfinance banks in the country to stop engaging in foreign exchange transactions and other unauthorised dealings, the apex bank made this known over the weekend in a circular titled ‘Cessation of Non-Permissible…

CBN Directs Banks To Create Mobile App For Foreign Exchange Services

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The Central Bank of Nigeria has directed that commercial banks create mobile applications and alert techniques to inform customers of their foreign exchange services. This follows the CBN’s ban on sales of forex to Bureau de Change operators and directive…