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The Central Bank of Nigeria (CBN) has revoked the operational licenses of 4,173 Bureau de Change (BDC) operators across the country. The announcement was made in a statement released on Friday by Sidi Ali Hakama, the acting director of corporate communications at CBN. The decision comes as a result of the operators’ failure to comply […]
Nigerian authorities have detained two senior executives of Binance, a prominent cryptocurrency exchange platform. This crackdown comes amidst heightened concerns over the rapid devaluation of the Nigerian currency and its impact on inflation, which recently soared to nearly three-decade highs at 29.9 percent. The detained executives reportedly flew to Nigeria following the country’s recent ban […]
Former Anambra State Governor, Peter Obi, condemns the federal government’s recent crackdown on Bureaux de Change (BDCs) operators, denouncing it as “ill-advised” and “misdirected.” Obi argues that targeting BDCs will exacerbate economic woes rather than alleviate them, stressing that they are not the root cause of Nigeria’s FX troubles. He highlights the need to address […]
