forex crisis

In a concerning economic development, the Naira faced a 1.25 percent depreciation against the US Dollar, reaching N1,620/$ at the parallel market on Monday. This marks a N20 decline from its trading rate of N1,600 on March 1, 2024. Bureau de Change (BDC) operators in Lagos quoted buying rates at...

Cryptocurrency giant Binance is ensnared in a mounting crisis in Nigeria as the nation's parliament deliberates issuing an arrest warrant for the company's executives. During a Monday investigative hearing, the House of Representatives Committee on Financial Crimes issued the threat after...

The Federal Government has issued a stern warning to foreign airlines, threatening sanctions if they fail to comply with directives aimed at making air travel more affordable for the Nigerian middle class. Despite a recent meeting between the Nigerian Civil Aviation Authority (NCAA) and key...

The Nigerian government has imposed a colossal $10 billion fine on Binance, a prominent cryptocurrency trading platform, citing its alleged role in exacerbating the country's ongoing foreign exchange crisis. Bayo Onanuga, the Special Adviser on Information and Strategy to President Bola Tinubu...

In a surprising tweet from Voice of Northerners Twitter page, a demand was made for the prolonged detention of the arrested Binance official in Nigeria until the exchange rate drops to 600 Naira per dollar, with a call for President Tinubu to teach a lesson for allegedly sabotaging the economy...

In the wake of the Binance scandal, where serious allegations have been raised against the cryptocurrency platform APC supporter on Twitter, Opeoluwa, shares some critical concerns surrounding the issue. With Speculations on X app by Ope, Who, it must be said, is a government supporter, has...

Amidst a deepening forex crisis pushing the naira to a historic low of N2,000 against the dollar, the Central Bank of Nigeria (CBN) has implemented robust measures against Bureau De Change (BDC) operators. In response to the economic downturn, the National Security Adviser, Mallam Nuhu Ribadu...

Nigerian airline operators have sounded the alarm over a waning passion for business continuity amid the relentless challenges posed by escalating aviation fuel costs and a foreign exchange crisis. The spokesperson for local air carriers, Obiora Okonkwo, issued a compelling statement...

Nigeria is grappling with a deepening economic crisis as the Naira plunged to an alarming exchange rate of 1,025 Naira to the US dollar in the parallel market. This decline, which continues to sow panic and instability, has ignited concerns among small-scale enterprises, manufacturers, and...