The Central Bank of Nigeria (CBN) will reintroduce a foreign exchange auction system as part of efforts to ease pressure on the local currency. The CBN has called on authorized dealer banks to share their respective lists of outstanding forex demand by end users. Auction System Aims to Mitigate Impact of Dollar Shortage on Exchange […]
Nigeria Acts to Stabilize Currency with Forex Auction Read More »
A federal court has ordered Abner Alejandro Tinoco and his company, Kikit & Mess Investments LLC, to pay over $31 million for forex and cryptocurrency fraud. The order includes $6.2 million in restitution, $6.3 million in disgorgement, and an $18.8 million civil penalty. Tinoco and his firm defrauded 199 victims by misusing over $7.2 million
El Paso Man Fined $31M for Forex and Crypto Fraud Read More »
The Central Bank of Nigeria recently sold U.S. dollars to Bureaux de Change (BDC) at a flat rate of NGN1,450 per greenback. The central bank stated that eligible BDCs can sell the dollars to end-users at a margin of no more than 1.5% above the purchase exchange rate. The Nigerian apex bank disclosed that it
Nigeria Acts to Defend Naira After Currency Hits New Record Low Read More »
