As Nigeria continues to implement foreign exchange (forex) market reforms, Bureau de Change (BDC) operators are expressing optimism about the Naira’s prospects in 2025. Many believe these reforms could lead to a stronger and more stable currency, boost investor confidence, and enhance the overall efficiency of forex trading. However, alongside this optimism, concerns are growing…
The Central Bank of Nigeria has issued directives preventing several microfinance institutions, including Moniepoint, Opay, and Kuda, from initiating the process of opening new accounts and welcoming fresh clientele. This decision stems from allegations suggesting that these institutions have been implicated in activities involving the channeling of cryptocurrency transactions and exerting undue influence on the…
The Economic and Financial Crimes Commission (EFCC) contemplates prosecution of 300 Forex Racketeers engaged in Peer-to-Peer Trading beyond Regulatory Bounds. In a recent interactive session with editors and bureau chiefs in Abuja, EFCC Chairman Ola Olukoyede hinted at potential prosecution proceedings against approximately 300 individuals involved in forex racketeering via a peer-to-peer platform, circumventing financial…
