Currencies

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Currencies Foreign General News

FBI Report: Investors lose $5.8bn to cryptocurrency-related cybercrimes

Washington, April 24, 2025 – The Federal Bureau of Investigation (FBI) says about $5.8 billion was lost to cryptocurrency-related cybercrimes in 2024. It said this amount represented over 50% increase over all the reported crypto losses in 2024. FBI said total internet crime losses rose to $16.6 billion in 2024, a 33% increase from its level in 2023. According to a new report from the FBI’s Internet Crime Complaint Centre (IC3), close to 150,000 complaints were linked to fraudulent cryptocurrency activities in 2024. It listed investment scams as the most …

Currencies Money market

Trump to impose sweeping tariffs, escalating global trade tensions

Washington/Dublin, April 2, 2025 – President Donald Trump proclaimed “Liberation Day” in the United States on Wednesday as he prepared to impose sweeping new tariffs that would escalate a trade war with global partners, increase prices and upend a decades-old trade order. Trump has kept the world guessing on the details of the tariff plans, which were still being formulated ahead of a White House Rose Garden announcement ceremony scheduled for 4 p.m. Eastern Time (2000 GMT). U.S. stock indexes opened sharply lower on Wednesday, extending a sell-off that has erased nearly …

Currencies

Naira appreciates to N1,593 to dollar at official market

Lagos, Aug. 30, 2024 -The Nigerian currency, Naira, appreciated against the dollar at the official AFEM segment of the foreign market on Thursday, trading at N1,593.93 to the dollar. This was against the N1,606.56 to the dollar was it traded on Wednesday. The currency, however, depreciated at the black market segment of the market on Thursday to N1,625 to the dollar from N1,620 on Wednesday.  (GBN)

Currencies

Naira depreciates to N1,605 to dollar at official market

Lagos, Aug. 29, 2024 – The Nigerian currency, Naira, on Wednesday depreciated to N1,605.56 to the dollar at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) from N1,602.56 on Tuesday. The exchange, however, remained stable at the parallel market on Wednesday, still trading between the band of N1,620 and N1,621 to the dollar. The naira has been unstable at the NAFEM in the last one month in spite of renewed efforts of the Central Bank of Nigeria (CBN) to stabilise the rate through interventions.  (GBN)

Currencies

Naira appreciates further to N1,570.00 to dollar

Lagos, Aug. 2, 2024 – The naira further appreciated to N1,570.00 against the dollar on Thursday at the official segment of the foreign exchange market. The rate was against the N1,608.73 the currency was traded at the segment on Wednesday. The appreciation of the currency was in spite of the nationwide protests which paralysed economic activities across the country on Thursday.   The currency also appreciated to N1,600 to the dollar at the parallel market on Thursday from N1,610 it was traded on Wednesday. The naira has been appreciating to …

Currencies Money market

Naira appreciates against dollar at forex markets

Lagos, July 19, 2024 -The naira appreciated significantly at the official and unofficial segments of the foreign exchange market on Thursday. At the official Nigerian Autonomous Foreign Exchange Market (NAFEM), the currency appreciated to N1566.92 against the dollar on Thursday from N1581.65 on Wednesday. It also appreciated to N1,565 to the dollar on Thursday evening at the Bureau De Change from N1,615 per dollar on Wednesday.   Operators attributed the development to the renewed efforts of the Central Bank of Nigeria (CBN) to stop naira depreciation and move to a …

Currencies Money market

CBN resumes sale of dollars to BDCs

Abuja, July 18, 2024 -The Central Bank of Nigeria (CBN) on Thursday announced the resumption of sale of dollar to Bureau de Change (BDC) operators. It announced this in a circular issued to all Bureau De Change operators and the general public. The apex bank said the move is aimed at achieving a more stable exchange rate for the Naira. The circular signed by A.A Mahdi on behalf of the Ag. Director Trade and Exchange Department, the bank has “observed the continued distortions in the retail end of the market …

Currencies

Naira depreciates to N1,561.98 against dollar at official market

Lagos, July 11, 2024 – The naira further depreciated to N1,561.98 against the dollar at AFEM, the official segment of the foreign exchange market on Wednesday. It was exchanged at N1,532.58 to the dollar at the segment on Tuesday. The naira has been sliding against the dollar since last week after its relative stability for close to month in June. The steady slide of the naira is in spite of the promise of Oluyemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), that the worse was over for the …

Currencies

South African rand extends losses on concerns over unity government obstacles

Johannesburg, July 2, 2024 – The South African rand extended losses early on Tuesday on concerns over future challenges for the government of national unity (GNU) and after trading turbulently on Monday following the announcement of President Cyril Ramaphosa’s cabinet. At 0641 GMT, the rand traded at 18.44 against the dollar, almost 0.5% weaker than its previous close. The dollar was up around 0.09% against a basket of global currencies. “The rand is trading weaker… this morning on what seems to be a ‘buy the rumour, sell the fact’ move,” …

Currencies General News Money market

Naira Appreciation: Commission to monitor, investigate price hikes

Abuja, April 17, 2024 -The Federal Competition and Consumer Protection Commission (FCCPC) will monitor and investigate unusual hikes in prices of goods and services. Adamu Abdullah, the Acting Executive Vice Chairman/Chief Executive Officer, said this in a statement issued in Abuja on Wednesday. He said it was unacceptable that in spite of the recent appreciation of the naira against the dollar, consumers continued to face escalating costs without a corresponding decrease in prices. The commission said while it could not directly regulate prices, it would use existing legal framework to …