Global Money By Wyrr

Global Markets

US Dollar Index was last up 0.2% at 104.23, from 104.60 on February 5, its highest level since November 14. This growth is propelled by Friday's blowout jobs report.? Reuter

Sterling was last down less than 0.1% against the dollar at $1.2620, having plumbed to its lowest level since Dec. 13 on February 5 at $1.25175. Reuter

Euro was down 0.1% at $1.0761, holding above its lowest level since Nov. 14 at $1.0722 hit on February 6. Reuter

Nigerian Naira settled at ?1,480/$ at the official market and ?1490/$ at the parallel market, a 5.1% decrease and 1.81% growth from the previous week.

South African rand was traded at 18.9850 against the U.S. dollar ZAR=D3, about 0.3% stronger than its previous close. XM

Compliance and Regulations

Nigeria: The Central Bank of Nigeria (CBN) released several guidelines including:

1. The removal of limit of ±2.5% cap on the previous day’s closing rate has been removed for IMTOs. Authorized Dealers are now expected to transact on a "Willing Buyer, Willing Seller" basis.? CBN
2. The increase in non-refundable application fees for new IMTOs by 1,900% from ?500,000 to ?10,000,000.00. And subsequent annual renewal fee of ?10,000,000.00. CBN
3. The share capital requirement is US$1 million or equivalent by foreign and domestic IMTOs.
4. The directive to banks is to limit their Net Open Positions in FX on- and off-balance sheet to a maximum of 20% short and 0% long of their shareholders' funds. CBN

Payments

Wyrr unveiled a transformative update - Wyrr 2.0. This upgrade includes an intuitive interface, True Exchange Rate?, swift payouts, enhanced security, and numerous features that make global money transfers smoother than ever.? NairaMetrics

PayPal introduced a series of AI-powered features, including personalized cashback offers in the app and smart receipts that offer suggestions of what to buy next from the same brand, for example. TechCrunch

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About Wyrr Inc.

Wyrr Inc. provides global payment solutions for Africans worldwide. Our services include remittances, global payments, and FX Treasury. We are a registered money service business with the Financial Transactions and Report Analysis Centre (FINTRAC) to carry on the business of foreign exchange and money transfer.

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For more information about the Global Money by Wyrr, contact:

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Vanessa Linus

Email: [email protected]

LinkedIn: linkedin.com/company/sendwyrr/

Website: www.wyrr.app