EFCC Initiates Measures to Combat Currency Mutilation and Dollarization, Protecting Economic Stability. The Economic and Financial Crimes Commission (EFCC) has taken decisive action to clamp down on currency mutilation and the dollarization trend in Nigeria’s economy. Announced via the commission’s official social media channels on February 7, 2024, this move underscores EFCC’s commitment to … Read more
Benin Republic raises $750 million in first-ever dollar bonds as demand hit $5 billion. In a historic move, the Benin Republic has successfully raised $750 million through its inaugural dollar-denominated bond issuance, marking a significant achievement in the country’s financial landscape. Demand soared to an impressive $5 billion, underscoring robust investor confidence in Benin’s … Read more
Nigeria’s Growing Interest in USDT Reflects High Demand for Dollars. Nigeria’s increasing fascination with cryptocurrency assets is strongly linked to its high demand for US dollars, a trend underscored by the surging interest in stablecoins, as indicated by Google search data. According to Google Trends, Nigeria stands out as a hotspot for USDT, the … Read more
Naira’s Struggle Persists Despite Increased Liquidity: Market Insights. The Nigerian naira is grappling with challenges as it hovers near its all-time low, despite a boost in liquidity from a $2.2 billion facility provided by the African Import Export Bank (AFREXIMBANK). The market fundamentals reveal that the naira is under pressure due to heightened demand … 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
Simplifying Online Purchases in Nigeria: Top 10 Virtual Dollar Cards. Making online purchases with Nigerian credit cards that get rejected can be frustrating. But fear not, there’s a solution—virtual dollar cards. Virtual dollar cards allow seamless transactions on overseas websites where your Naira card might not work. These prepaid cards in dollars enable hassle-free … Read more