Speculators and Crypto Traders Blamed for Naira"s Plunge, Kenyan Institutions Told to End Dealings With Nigerian Fintechs, CAR Token Sale off to Slow Start
In this week’s Africa news highlights, the Nigerian central bank blames speculators for causing the local currency’s plunge to a new all-time low on the parallel market. In Kenya, the central bank has told financial institutions to cease having dealings with two Nigerian fintechs, Flutterwave and Chipper Cash. The Central African Republic’s token sale is off to a slow start with just under 13 million of the sango coins sold inside the first five days. Nigerian Currency Plunges to New Low — Speculators and Crypto Trading Blamed
After seeing the local currency plunge to an all-time low of 710 naira for every dollar, the Central Bank of Nigeria (CBN) has accused speculators of causing the currency’s rapid depreciation. However, a leader of an association of foreign exchange dealers has said crypto trading is to blame for the naira’s fall. Meanwhile, a spokesperson of the CBN has implored residents to help the central bank in its efforts to halt the currency’s slide.
Read More
Kenyan Financial Institutions Told to End Dealings With Two Nigerian Fintechs
The Central Bank Of Kenya (CBK) recently wrote a letter to CEOs of financial institutions which demanded they cease and desist from dealing with two Nigerian fintechs, Flutterwave and Chipper Cash. The CBK accused both Flutterwave and Chipper Cash of operating in the country without a license. According to the letter, all financial institutions are expected to confirm their compliance with the directive within seven days.
Read More Central African Republic’s Token Sale off to Slow Start
The Central African Republic (CAR)’s token sale appeared to have gotten off to a slow start after less than 13 million out of the 210 million sango coins were sold since the commencement of the sale on July 25. However, in a statement, the CAR’s sango coin promotion clarified that the token is fractionally backed by bitcoin. This implies the CAR’s treasury will consist of a bitcoin reserve fund.
Read More
Register your email here to get a weekly update on African news sent to your inbox:
Tags in this story Central Bank Of Kenya (CBK), Central Bank of Nigeria (CBN), Chipper Cash, Flutterwave, naira, naira depreciation, Nigeria fintechs, Sango coins
What are your thoughts on this week’s Africa-focused newsletter? Let us know what you think in the comments section below. Terence Zimwara
Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Central African Republic Token Sale off to Slow Start — $1.26 Million Raised in Under 5 Days AFRICA | 6 days ago Call for Creation of Common African Digital Currency, Kenyan Activists Turn to Crypto Funding, Ghana on the Brink AFRICA | 7 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleDeHub Makes History By Announcing New $1 Million NFT Raffle Next articleBitcoin, Ethereum Technical Analysis: Crypto Markets Down Ahead of Friday’s Nonfarm Payrolls Report Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com 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 in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether