After touching a new all-time low of N710 per dollar in late July, a new report says the Nigerian currency has rebounded by as much as 10%. After initially blaming speculators, the Central Bank of Nigeria has said importers who fail to remit forex earnings may be contributing to the Read More
The United States Commodity Futures Trading Commission, or CFTC, has added 34 unregistered foreign entities to its Registration Deficient List, including at least six providing crypto-related services.In a Thursday announcement, the CFTC said it had expanded its list of firms required to be registered with the CFTC for providing services Read More
Cryptocurrencies allow a free movement of money across political boundaries, bypassing the traditional banking channels. Increased outflows through the decentralized crypto setup could put downward pressure on national fiat currency. Further, the system can be used for money laundering and terror funding, as India's Finance Minister Nirmala Sitharaman noted early Read More
Vertex protocol raised $8.5 million to build a decentralized foreign exchange for Terra-based stablecoins. @camlearnscrypto reports
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The Bank of Ghana has warned businesses and the public against the practice of demanding or making payments in foreign currency without its authorization. The central bank’s warning comes just over a month after Ghana’s currency was rated the worst performing among Africa’s top currencies.
Violators Face Possible Prison Time
The Read More
Following the Luna Foundation Guard’s (LFG) purchase of 5,040 bitcoin on Wednesday, the following day the Singapore-based non-profit announced it will be acquiring $100 million avalanche (AVAX) tokens. LFG detailed on Thursday that the purchase is meant to strategically align the Terra network with Avalanche ecosystems.
LFG to Add $100 Million Read More
Wells Fargo and HSBC Bank said on Monday that they will use a blockchain-based product for settling matched foreign exchange transactions.The two banking giants agreed to use a shared settlement ledger to process U.S. dollar, Canadian dollar, pound and euro transactions, with plans to expand the process to other currencies Read More
The uncertainty that prevails in Nigeria’s foreign exchange market is partly to blame for the plunge in cross-border remittances into the country, an official with the International Monetary Fund (IMF) has said.
Covid-19 Another Contributing Factor
According to a report by local news outlet Punch, the official, Abebe Selassie, said this Read More
Cryptocurrencies like Bitcoin (BTC) are getting increasingly popular with Russian investors, apparently displacing traditional investment products, according to a new survey.Russia’s Association of Forex Dealers (AFD), a local self-regulatory organization focused on the foreign exchange market, polled 502 Russian investors to find out the local investor sentiment regarding cryptocurrencies. Released Read More
According to a report, the value of annual dollar remittances by Nigerians working abroad has surged to $34 billion, a figure that easily surpasses the previous record-high of $25 billion. Still, a large portion of the funds doesn’t seem to be entering domestic forex markets.
Target Attained Two Years Ahead of Read More