Cryptocurrencies Promote Illegal Activities, Raise Risks – CBN         The Central Bank of Nigeria has said cryptocurrencies promote illegal activities and raise risks, among other reasons. It said this on Sunday in a statement regarding various comments and reactions following its recent reminder to Deposit Money Banks...

Naira Struggles For Stability As External Reserves Gain         The naira dipped slightly after it exchanged for N474/$ at the parallel market on Monday. It had earlier exchanged for 473/$ for most of last week. At the Investors & Exporters forex window, it closed at N388/$ after it...

ABCON Tasks CBN On Forex Stability In 2021         The Association of Bureaux De Change Operators of Nigeria (ABCON), on Tuesday, urged the Central Bank of Nigeria (CBN) to continue to stabilise the foreign exchange rates for economic growth. Alhaji Aminu Gwadabe, ABCON President, gave the advice...

ABCON To CBN: Make BDCs Diaspora Remittance Agents         The Association of Bureaux De Change Operators of Nigeria has appealed to the Central Bank of Nigeria to make Bureaux De Change operators payout agents for diaspora remittances. The President, ABCON, Alhaji Aminu Gwadabe, said the apex bank...

Parallel Market Responds To Devaluation, As Dollar Trades At N500       The parallel market has responded to the fresh devaluation of the naira amidst growing foreign exchange illiquidity. The local currency weakened to N500/$ at the black market at the weekend. The Central Bank of Nigeria (CBN)...

ABCON Kicks Against Speculators Depreciating Naira Forcefully         The Association of Bureaux De Change Operators of Nigeria has warned foreign exchange speculators pushing the naira to forceful depreciation through their illegal activities. ABCON gave the warning in a statement titled, ‘ABCON warns speculators will lose money as...