Tag: Forex

Forex Crisis: Nigerian Govt Blocks Binance, Coinbase, Others

Ganiyu Amodu

The Nigerian government has ordered internet service providers to block access to the websites and apps of major cryptocurrency trading platforms including Binance, Coinbase, and Kraken. Authorities said the move aims to crack down on the alleged use of these platforms by currency speculators and money launderers to manipulate the foreign exchange market and facilitate illicit fund flows, further weakening the struggling Nigerian naira. Sources at major telecommunication firms said they received directives from the Nigerian Communications Commission (NCC) on Wednesday evening to implement the blockade of Binance, ForexTime, OctaFX,…

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Dollar Hoarders, Speculators Lose As Naira Rebounds to 720/Dollar

Scott Matthew

How, why Naira rose by over 140/dollar within 48 hours – Experts, Traders   Naira, Nigeria’s unit if exchange, has rebounded by 20.8 per cent to 720/dollar at the parallel market, digging a big hole in the purse of hoarders and speculators. The development came two weeks after the local currency came under severe pressure at the black market, following the announcement by the Federal Government to redesign the naira. READ ALSO: Naira Sinks To N860/Dollar, Alters Petrol Depot Dynamics Atiku: Why Obasanjo’s lmage Ought To Be In Redesigned Naira…

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