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- Title
Nigeria: Forex Developments.
- Abstract
According to a report from The Cable website, Nigeria's anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), has frozen over 300 accounts for alleged illegal forex trading. The EFCC chairperson stated that these accounts were engaging in activities worse than the cryptocurrency exchange Binance, which the agency is prosecuting. Additionally, the Central Bank of Nigeria (CBN) has allowed international oil firms to repatriate 50% of their forex earnings upfront, in an effort to boost investor confidence and entice foreign oil companies to increase exploration and production. Furthermore, Nigeria plans to remove the local naira currency from cryptocurrency platforms to tackle forex manipulation, and embassies and high commissions are now mandated to use the naira instead of foreign currencies for visa services.
- Subjects
NIGERIA; CENTRAL Bank of Nigeria; FOREIGN exchange market; BAIL; FOREIGN exchange; DIPLOMATIC &; consular service; PEER-to-peer lending
- Publication
Africa Research Bulletin: Economic, Financial & Technical Series, 2024, Vol 61, Issue 4, p24711B
- ISSN
2053-227X
- Publication type
Article
- DOI
10.1111/j.1467-6346.2024.11627.x