Advertisement Nigeria Imposes $10 Billion Fine on Binance Amid Forex Crisis In a significant move, the Federal Government of Nigeria has levied a hefty $10 billion fine against Binance, a prominent cryptocurrency trading platform, citing its alleged role in exacerbating the country’s ongoing forex crisis. The revelation came to light through an interview with Bayo … Read more
Advertisement In a bid to address the prevailing imbalances in Nigeria’s foreign exchange market, the Central Bank of Nigeria (CBN) has taken proactive measures to narrow the widening gap in exchange rates. In a recent circular issued by Dr. Hassan Mahmud, Director of the Trade & Exchange Department, the CBN has announced its decision … Read more
Advertisement Forex Trading Changes on FMDQ: Implementing Efficiency and Stability. In a bid to enhance efficiency and stability in Nigeria’s forex market, traders on the FMDQ, the official platform for forex trading, have initiated significant changes. These changes aim to address volatility concerns and streamline trading practices, with key adjustments including the introduction of … Read more
The forex turnover witnessed an impressive surge of 148.95%, reaching $242.60 million, fueled by a marginal gain of the Naira against the dollar on January 10, 2024. The official market maintained its position above the N1,000/$ threshold, showcasing a 0.66% appreciation of the domestic currency, closing at N1082.32 to a dollar, according to data from … Read more