Economic and Financial Crimes Commission (EFCC)

Nigerian President Barred From Extending Old Naira Banknote Demonetization Deadline

February 9, 2023 Bitcoin.com

Abdulrasheed Bawa

With just a few days left before the old naira banknotes are demonetized on Feb. 10 as scheduled, a court in Nigeria has blocked the country’s president, Muhammadu Buhari, and the central bank governor, Godwin Emefiele, from further extending the deadline. Opponents of the central bank’s old naira demonetization plan have asked Buhari and Emefiele […]

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Nigeria Extends Deadline for Returning Soon-to-Be Demonetized Naira Banknotes

February 1, 2023 Bitcoin.com

Africa

After initially ignoring pleas to extend the period for returning old naira banknotes, the Nigerian central bank recently said it has shifted the deadline for returning old banknotes to Feb. 10. The bank’s governor, Godwin Emefiele, said some 30,000 so-called super agents have been deployed nationwide to help with the cash-swapping process. CBN Governor Says […]

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New Naira Banknotes to Make Monetary Policy More Effective — Nigerian Central Bank Governor

November 27, 2022 Bitcoin.com

bitcoin.com

The Central Bank of Nigeria governor, Godwin Emefiele, has said the newly designed naira banknotes are set to enhance the effectiveness of the organization’s monetary policy and bolster the financial inclusion cause. Forcing Currency Hoarders to Return to the Banking System According to the Nigerian central bank governor, Godwin Emefiele, the recently launched naira banknotes […]

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Nigerian Currency Gains Versus US Dollar Days After Tapping All-Time Low

November 10, 2022 Bitcoin.com

Africa

Just a few days after plummeting to its worst exchange rate against the U.S. dollar ever, the Nigerian currency was trading at around 820 units for every dollar on Nov. 8, a report has said. An economist has suggested that the Central Bank of Nigeria’s controversial currency plan is unlikely to halt the naira’s depreciation […]

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Nigerian Currency Redesign Controversy: Naira Slips by Almost 20%, Experts See Exchange Rate Reaching 1,000:1 USD Before Year End

November 5, 2022 Bitcoin.com

Andrews Elueni

The Nigerian currency appeared to accelerate its decline versus the U.S. dollar after it slipped to a new low of 900 naira for every dollar. The currency has continued to depreciate even after the Economic and Financial Crimes Commission’s raid on suspected illegal foreign exchange dealers. Continuing U.S. Dollar Shortages Following the Oct. 27 announcement […]

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Nigerian Central Bank Says It Will Release New Banknotes in December — Naira Falls to New Low

October 29, 2022 Bitcoin.com

Abdulrasheed Bawa

Starting December 15, Nigerians will be using newly-designed 100, 200, 500 and 1,000-naira banknotes, the governor of the Central Bank of Nigeria (CBN) has said. The announcement has since resulted in the naira’s parallel market exchange rate versus the U.S. dollar dropping to a new low of N781:$1. Redesigning Currency a Global Best Practice The […]

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Binance CEO’s Warning About Wazirx Wallets, Nigerian EFCC on Naira Depreciation, O’Leary Buys the Dip — Bitcoin.com News Week in Review

August 14, 2022 Bitcoin.com

Binance

Another week has passed and developments in the Binance-Wazirx controversy continue, Nigeria’s Economic and Financial Crimes Commission (EFCC) claims it has identified individuals fueling the naira’s depreciation, Shark Tank star Kevin O’Leary says crypto “desperately needs policy,” and the government of Nepal is preparing to issue its own digital currency. The weekend is here, and […]

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Report: Nigerian Anti-Graft Body Identifies Individuals Fueling the Naira’s Rapid Depreciation

August 9, 2022 Bitcoin.com

Abdulrasheed Bawa

Nigeria’s Economic and Financial Crimes Commission (EFCC) recently claimed it had identified individuals and organizations whose rapid accumulation of U.S. dollars recently accelerated the depreciation of the local currency, a report said. According to Abdulrasheed Bawa, the EFCC chairman, his organization is currently going after foreign currency speculators in Kano, Lagos, Port Harcourt, Enugu, and […]

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Nigerian Court Sentences Crypto Fraudster to One Year in Jail, Accused Given Option to Pay Fine

June 11, 2022 Bitcoin.com

bitcoin.com

A Nigerian court has convicted and sentenced a man to one year in prison who is accused of duping an unsuspecting cryptocurrency investor. On its charge sheet, the prosecution said that the man had contravened Nigeria’s anti-fraud laws and hence should be punished accordingly. Fake Cryptocurrency Investment Scheme A court in Nigeria has convicted a […]

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