In this issue: Nigeria Demands $10 Billion from Crypto Exchange Binance; CBN Raises Interest Rates to 22.75% Amid Inflation Concerns; CBN Sets Record 21.5% Yield on 1-Year OMO Bills to Attract Foreign Investment; CBN Takes Action: Revokes Licenses of 4,173 Bureaux De Change Operators; and More...
Finance News
- Nigeria’s government has demanded $10 billion from Binance, the largest cryptocurrency exchange by trading volume. This demand comes after allegations of enabling $26 billion of untraceable funds to leave the country, contributing to its foreign exchange crisis. Binance executives were detained earlier, escalating tensions. Nigerian authorities accuse Binance of causing economic disruption and weakening the Naira. [Read the details].
- The Central Bank of Nigeria (CBN) has revoked operational licenses for 4,173 Bureaux De Change (BDC) operators due to non-compliance with regulatory directives and failure to meet renewal obligations. The move aims to enhance confidence in the foreign exchange market and align operations with anti-money laundering and counter-terrorism financing regulations. [Get the full gist].
- To stimulate foreign portfolio inflows, the Central Bank of Nigeria (CBN) has conducted its largest-ever Open Market Operations (OMO) auction, selling N1.056 trillion in bills. The one-year bill yielded a record 27.3%, reflecting investor interest despite the higher rates. CBN Governor Olayemi Cardoso’s rate increase announcement signals a proactive approach to addressing inflation concerns. [Read the details].
- Nigeria’s Central Bank has taken aggressive measures to curb inflation by raising the benchmark lending rate to 22.75%, a significant increase from 18.75%. Governor Olayemi Cardoso announced this move after the Monetary Policy Committee (MPC) meeting, signaling a proactive stance in addressing economic challenges. The decision reflects concerns about rising inflation levels and aims to reverse the trend. [Find out more].
Events and Opportunities
- Get ready for the West Africa Automotive Show! Connect with over 250 exhibitors and 4500 pros from the automotive industry and experience everything from shows and conferences to tech displays. [Find out more].
- Tech Unite Africa 3.0 is here! Tech Unite Africa (TUA EXPO 2024) is a conference, exhibition, and networking event for the African Tech Industry. It’s where technology service providers and businesses connect to discover the latest tech innovations, solutions, products, and partners for enhanced business performance. [Get your tickets].
- Here’s your chance to advocate for gender equality and empowerment for Women and Youth! Whether you’re a student, activist, or simply passionate about inclusion, don’t miss this opportunity to learn, connect, and make a difference at the Women’s Rights in Human Rights Conference 2024. [Have a look at the event].
- Explore Opportunities at the Lagos International Film and Cinema Convention (LIFACC ) 2024. With Nigeria boasting the continent’s largest film industry and second-largest globally, LIFACC plays a pivotal role in shaping Africa’s cinema landscape. Check out this event for a chance to be part of Africa’s cinematic evolution. [Check out the event].
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