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China and Russia Push for Increased Local Currency Use in Trade, Deepen BRICS Cooperation

China and Russia Push for Increased Local Currency Use in Trade, Deepen BRICS CooperationChina and Russia solidified their cooperation in currency, finance, and within the BRICS framework following a meeting between Chinese Premier Li Qiang and Russian Prime Minister Mikhail Mishustin. They committed to local currency use, payment infrastructure, and mutual investments, while also advancing collaboration in artificial intelligence, sustainable development, and global governance. China and Russia Strengthen […]

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Coinbase to Allow Remittance Receivers in Mexico to Cash Out in Local Currency

Coinbase to Allow Remittance Receivers in Mexico to Cash Out in Local CurrencyCoinbase, a leading U.S.-based exchange, has announced it will now allow remittance receivers in Mexico to cash out the funds received through its service in local currency. This marks the first foray of the company into the Mexican remittance business, allowing customers to cash out in more than 37,000 convenience stores and other locations in […]

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Nigerian Central Bank Freezes Bank Accounts of Fintech Firms, Accuses Them of Violating Forex Regulations

Nigerian Central Bank Freezes Bank Accounts of Fintech Firms, Accuses Them of Violating Forex RegulationsThe Central Bank of Nigeria (CBN) reportedly frozen bank accounts belonging to four fintech firms for up to 180 days after a Federal High Court in Abuja acceded to an “ex parte motion.” The ex parte motion, which is a form of temporary suspension, was granted after a Nigerian chief, Micheal Kaase Aondoakaa, filed the […]

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Africa Will ‘One Day Have a Common Currency’ Says Secretary General of African Continental Free Trade Area

Africa Will ‘One Day Have a Common Currency’ Says Secretary General of African Continental Free Trade AreaThe secretary-general of the African Continental Free Trade Area (AFCFTA) secretariat, Wamkele Mene, says Africa will “one day have a common currency” via a proposed “Pan-African Payment and Settlement System (PAPSS).” He adds that such a currency will help “ease constraints of settling intra-African trade in foreign-denominated currency.” Challenges Ahead In comments recently carried by […]

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