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.
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.
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.
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