Bitcoin raced to an all-time peak above $72,000 Monday as the world’s most popular cryptocurrency won further support on greater trading accessibility and dollar weakness. The virtual unit struck $72,234 as dealers also eyed an upcoming industry event that traditionally boosts Bitcoin’s price. Monday’s spurt extended last week’s record-breaking run when the currency bulldozed […]
Global investment bank, Goldman Sachs has forecasted that the Naira will appreciate to N1200 per US dollar in twelve months. Goldman Sachs analysts, Andrew Matheny and Bojosi Morule disclosed this in their recent analysis of Nigeria’s current economic realities. The US-based financial institution highlighted the recent upward interest rate adjustment by monetary authorities in […]
Bitcoin hit a record high above $69,000 Tuesday, buoyed by the world’s biggest cryptocurrency becoming more accessible for trading amid tightening supplies. Bitcoin reached $69,191.94, beating a record $68,991 struck in November 2021. The volatile asset later retreated to $67,442. Bitcoin has enjoyed an unbridled rise since the approval of a new type of […]
Cryptocurrency exchange, Binance has announced that it will stop providing all services related to the Nigerian naira (NGN). The exchange’s decision comes amid Nigeria’s crackdown on the global crypto exchange. According to the platform’s announcement on Tuesday, March 5, starting at 8:00 UTC on March 8, all remaining NGN balances in Binance users’ accounts […]
The Bank of Ghana says it has suspended the foreign exchange (FX) trading licences of two Nigerian-owned banks over fraudulent documentation during operations. The Ghanaian apex bank, in a statement on Monday, said the suspension which will take effect from March 18, 2024, is for one month. The two financial institutions are Guaranty Trust […]
The International Monetary Fund (IMF) says the decision by the monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) to increase the interest rate will help contain pressure on the naira. According to a statement on Monday, the IMF welcomed the decisions after Axel Schimmelpfennig, its mission chief for Nigeria, led a […]
The National Bureau of Statistics (NBS) has reported that the average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (cooking gas) increased by 3.55 percent on a month-on-month basis to N5,139.25 in January 2024 from N4,962.87 recorded in December 2023. The NBS report said that on a year-on-year basis, the price […]
The Central Bank of Nigeria has said it would sell N1.64trn worth of treasury bills, for the second quarter of 2024. The apex bank made this known in the Treasury Bills Issue programme released on Friday. Treasury bills are short-term (less than one year) debt instruments used by the CBN to borrow money from […]
MTN Nigeria Plc says it lost N740.4 billion in 2023 due to the foreign exchange (FX) market liberalisation in June last year. This is higher than the N81.8 billion loss recorded in 2022 by 804 percent or N658.6 billion. The company disclosed this in its full-year audited financial results for 2023 filed on the […]
The federal government says it is demanding at least $10 billion as retribution from Binance for profiting from “its illegal transactions” in Nigeria. Bayo Onanuga, the special adviser on information and strategy to President Bola Tinubu, disclosed this on Friday in an interview with the BBC. More to follow…
