Speculators and crypto traders blame Naira’s slump, Kenyan institution told to end deal with Nigerian fintech firm, CAR token sale gets off to a slow start – Bitcoin News Africa

In this week’s Africa News Digest, Nigeria’s central bank blamed speculators for driving the local currency to a record low in a parallel market. In Kenya, the central bank has told financial institutions to stop transacting with two Nigerian fintech firms, Flutterwave and Chipper Cash. Token sales in the Central African Republic got off to a slow start, with less than 13 million sango coins sold in the first five days.

Nigerian currency plummets to new lows – speculators and cryptocurrency trading blamed

The Central Bank of Nigeria (CBN) blamed speculators for the rapid currency devaluation after seeing the local currency fall to a record low of 710 naira against the US dollar. However, a leader of the Forex Traders Association said that cryptocurrency trading was to blame for the Naira’s decline. Meanwhile, a CBN spokesman implored residents to help the central bank stop the currency’s slide.

read more

Kenyan financial institutions told to terminate deals with two Nigerian fintech firms

The Central Bank of Kenya (CBK) recently sent a letter to the chief executives of financial institutions asking them to stop and stop dealing with two Nigerian fintech companies, Flutterwave and Chipper Cash. CBK accused Flutterwave and Chipper Cash of operating in the country without a license. According to the letter, all financial institutions should confirm their compliance with the directive within seven days.

read more

Token Sale in Central African Republic Starts Slowly

Token sales in the Central African Republic (CAR) have been slow to start, with less than 13 million of the 210 million sango tokens sold since the sale began on July 25. In a statement, however, CAR’s sango token promotion clarified that the token is partially backed by bitcoin. This means that CAR’s treasury will consist of the Bitcoin Reserve Fund.

read more

Sign up for your email here to get weekly updates on Africa News delivered to your inbox:

What are your thoughts on this week’s Africa-focused newsletter? Let us know your thoughts in the comments section below.

Terence Chimwala

Terence Zimwara is an award-winning journalist, author and author from Zimbabwe. He has written extensively about the economic woes of some African countries and how digital currencies can provide an escape route for Africans.

Image Source: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for reference only. It is not a direct offer or an invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned herein.

Source link

Leave a Reply

Your email address will not be published.