Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit
The supply of US dollars at the foreign exchange market plunged by 42 per cent to 168.98 on Wednesday, days after Binance announced the existence of the Nigerian exchange market. FMDQ data showed that the turnover of USD plunged on Wednesday to $168.98 at the close of work from $291.74 on Tuesday. The figure represents a $122.76 reduction […]
Enugu Government Shuts ShopRite, SPAR, Other Malls Over Failure To Remit Taxes
The Enugu State Government has sealed Enugu ShopRite and SPAR for alleged non-remittances purchase tax in their malls to the government after being served several warning notices. The State Internal Revenue Service (ESiRS), enforcement team carried out the sealing of the malls on Tuesday morning.Other malls and businesses closed include – Roban, Mama Onyinye restaurant among others. […]
CBN Revokes Operational Licenses Of 4,173 BDCs
CBN Revokes Operational Licenses of 4,173 BDCsThe Central Bank of Nigeria (CBN), in exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines), has revoked the licenses of 4,173 Bureaux De Change Operators.The […]
FOREX Crisis: FG Slams $10 Billion Fine On Binance
The Federal Government has slammed a $10 billion fine on crypto trading platform, Binance, over allegations of influencing the country’s forex crisis.The special adviser to President Bola Tinubu on information and strategy, Bayo Onanuga, disclosed this Friday morning in an interview with the BBC.According to Onanuga, Binance profited substantially from its “illegal transactions” in Nigeria […]
Buhari Destroyed Nigeria’s Economy, He’s Responsible For Current Hardship – Shehu Sani
Senator Sani Shehu, a former representative of Kaduna Central in the Senate, asserted that the ex-President Muhammadu Buhari played a role in damaging Nigeria’s economy, attributing the present economic challenges in the country to his actions.Sani stated this in an interview on Channels Television’s Politics Today on Wednesday.He said some of the economic policies that […]
Economic Crisis: I take full responsibility, Nigeria will recover – Tinubu
President Bola Tinubu says his administration is working to ensure that Nigeria is reformed for greater efficiency with a particular emphasis on systematically inculcating fairness and equity in all aspects of the national life. “Nigeria will survive the current economic challenges. There is light at the end of the tunnel. I requested the job, and […]
Nigeria detains Binance executives in cryptocurrency crackdown
Two senior executives at Binance have been detained in Nigeria as the country cracks down on cryptocurrency exchanges.The executives flew to Nigeria following the country’s decision to ban several cryptocurrency trading websites last week but they were detained by the office of the country’s national security adviser and their passports seized, a report on Reuters website stated.The […]
N110m, $8,368, €2,725 recovered as EFCC, JTF arrest 115 suspected currency racketeers in Enugu
Operatives of the Enugu Zonal Command of the Economic and Financial Crimes Commission, in conjunction with a Joint Task Force comprising five teams from the Nigeria Police Force and three teams from the Nigeria Customs Service on Wednesday, arrested 115 suspected currency racketeers in Enugu State. According to a statement by the EFCC’s head of […]