The central bank launched the incentive scheme more than a month after it directed financial institutions to block crypto entities from the banking ecosystem. forex cbn crypto
The Central Bank of Nigeria ’s attempt to incentivize the country’s forex market through the so-called “Naira for Dollar” scheme has failed. This is evidenced by the local currency’s plunge of more than 25% since the launch of the incentive scheme in March 2021.
At the time, the CBN’s goal was to lure Nigerians in the diaspora who were reportedly sending remittances via alternative channels, which use the black market exchange rate. By directing cross-border remittances to official channels, the CBN would be able to increase the amount of foreign currency that flows into its coffers. Large foreign currency reserves in turn would be used to support the naira.
“However, we feel that the CBN’s Naira for Dollar Scheme appears to be another form of Naira depreciation which may have sent the wrong signal to the forex market,” the asset management firm said.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Crypto tax deters 83% Indian investors from crypto trading: WazirX reportIf you’re anti-cryptocurrency, India’s crypto tax is working. A survey of around 9,500 active traders in the region reveals that 83% of traders were forced to reduce their trading frequency owing to the TDS deductions. (Reporting via Arijit_4)
Les mer »
Meta Affirms Digital Collectibles Plan Despite Crypto Crash: Report.Facebook parent Meta is to proceed with its plans to bring digital collectibles to its users, undeterred by the recent sharp downturn in the cryptocurrency market. By JamieCrawleyCD
Les mer »
Nets Sign T.J. Warren to One-Year Deal, per ReportFree agent T.J. Warren agreed to a one-year deal with the Nets on Tuesday
Les mer »
ADP revamping national employment reportADP will pause its summer jobs reports as the human resources management software and services provider retools the report's methodology.
Les mer »
Nexo Signs Term Sheet With Vauld for Potential Acquisition: ReportNexo said it has a 60-day exclusive due diligence period in which to decide if it will acquire up to 100% of Singapore-based Vauld.
Les mer »
Georgia Grand Jury Investigating Trump Election Interference Subpoenas Sen. Graham, Giuliani, Report SaysThe grand jury also subpoenaed other members of the legal team of then-President Donald Trump, who sought to reverse the 2020 election results in Georgia.
Les mer »