Nigeria Injects $543.5M to Shore up Naira

The Central Bank of Nigeria (CBN) injected $543.5 million into the Nigerian foreign exchange market between September 6th and 30th to address currency volatility. The bank attributed the volatility to high demand for imports and seasonal factors. Nigeria is facing foreign exchange shortages and the government has taken various steps to counter it, including restricting … Read more

Nigeria Resumes Dollar Sales to Money Changers Amid Naira’s Decline

The Central Bank of Nigeria resumed selling US dollars to money changers to address the falling value of the naira. This decision came after the naira-to-dollar exchange rate dropped to a low of NGN1,639 per dollar, likely due to increased demand for US dollars for travel and business. The central bank has outlined rules for … Read more

Xapo Bank Enters UK Market, Offers Interest-Bearing USD and Bitcoin Account

Xapo Bank has entered the UK market, becoming the only licensed banking group to offer a combined interest-bearing USD and bitcoin account. “We’re proud to announce we have successfully passported our banking license into the UK. This means we are allowed to offer our banking services directly to the UK market,” said the CEO of … Read more

Bitcoin Peaks at $69,404 as Short Liquidations Surpass $27M

The price of bitcoin (BTC) increased by 1.9% over the past day, peaking at an intraday high of $69,404 around 9 a.m. EDT on Saturday. Over the last week, BTC has climbed by 3.1% and has risen 16.8% over the past two weeks. Bitcoin’s Upward Momentum: Key Stats and Market Impact Bitcoin is gaining momentum … Read more

Analysts Predict US Dollar Trends Amid Biden’s Withdrawal and Trump’s Lead

Analysts have commented on the U.S. dollar trend following President Joe Biden’s decision not to seek re-election, noting a slight decline in the dollar against a basket of currencies. Bank of America’s head of global foreign exchange research mentioned: “There is a growing consensus that the dollar will be stronger if Trump wins due to … Read more