The official Twitter account of the All Progressives Congress (APC) Nigeria, @APCNigeria, is currently being used to trade cryptocurrencies, including bitcoin and ethereum.The account name has been changed to Justin Sun, who claims to be based in San Francisco, United States.The header photo was changed to show a message: "Tron. Decentralize the web", while the profile picture was immediately changed [...]
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The Central Bank of Nigeria (CBN) says people who invest in cryptocurrencies do so at their own risk because they are not protected by the law.The apex bank sounded the warning in a statement released on Wednesday by Isaac Okorafor, acting director in charge of corporate communications.The bank said virtual currencies like Bitcoin, Ripples, Monero, Litecoin, Dogecoin and Onecoin are [...]
Jim Yong Kim, World Bank president, says cryptocurrencies are like Ponzi schemes.Kim joined other experts who have warned against investing in it.In recent times, Bitcoin, a type of cryptocurrency, has become popular across the world."In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically [...]
The naira remained stable on Tuesday despite losses recorded on the Nigerian Stock Exchange and global crude oil market.The naira appreciated against the dollar to exchange at N361/$ against Monday's exchange price of N363 to the dollar.The gain can be attributed to weekly interventions by the Central Bank of Nigeria (CBN) to make forex available to various segments of the [...]
Bala Na'Allah, deputy senate leader, says he prefers to count his money himself than invest in bitcoin.Na'Allah said this on Tuesday while speaking on a motion entitled 'The need to investigate the proliferation of Bitcoin in Nigeria'.It was sponsored by Benjamin Uwajumogu, senator representing Imo north."I don't do internet banking. I like to count my money myself. I'm analogue, I [...]
Investors who were itching for another opportunity to propel Sterling higher were given the green light on Wednesday after UK employment data came in stronger than market expectations. The number of people in work unexpectedly jumped in the three months to November, while wage growth offered a pleasant surprise by rising 2.4% - the highest in almost a year. Although the number of jobless [...]
Bitcoin was the talk across financial markets for all the wrong reasons on Tuesday after prices tumbled sharply to their weakest level since early December at $11,192. Market jitters over South Korea potentially banning cryptocurrency trading has effectively eroded investor appetite for Bitcoin. With reports on a renewed crackdown on the cryptocurrency in China fueling anxiety over future restrictions, further losses could be [...]
Sterling offered a fairly muted response during Thursday’s trading session after Bank of England policy makers unanimously voted to leave interest rates unchanged at 0.5% in December. Although inflation in the United Kingdom has jumped to its highest level in almost six years, it seems that the growing uncertainty over Brexit is likely to encourage the central bank to adopt a wait and [...]
Trading bitcoins entered a new phase today, after Chicago’s CBOE listed the first futures contract on the cryptocurrency. The initial reaction was beyond expectations with the futures contract climbing more than 20 percent and triggering two trading halts. CBOE’s website experienced unprecedented traffic which may well have sent a new benchmark; the frenetic activity led to delays and outages. So far, [...]
Global equity bulls were nowhere to be found during Tuesday’s trading session as market players evaluated the possible impact of proposed US tax cuts. World stocks were mostly lower amid a global technology selloff, with the lack of appetite for riskier assets punishing European shares and Wall Street. Asian markets stumbled lower during early trading on Wednesday, following Wall Street’s overnight decline. With the [...]
Lukman Otunuga, a research analyst at FXTM, says Nigeria has borrowed enough in recent times and could miss the opportunity to bounce back if borrowed funds are not well utilised.The federal government through the Debt Management Office has issued various debt instruments like the Sukuk, Eurobond, savings bond and plans to float a Green bond in December.In an interview with [...]
Despite a record high close on the S&P 500 on Friday, Asian equities edged lower, led by Korean markets.Chinese stocks continued to decline after having the biggest one-day selloff in 17 months on Thursday, as rising government and corporate bond yields signaled tighter liquidity conditions.Whether the selloff is a slight correction after a strong surge in 2017, or steeper [...]
Financial markets appeared relatively quiet on Tuesday, as investors positioned themselves ahead of a multitude of key risk events later in the week.In Asia, stocks concluded mostly higher, while European shares struggled for direction amid the heightened political drama in Spain.With Mario Draghi in the spotlight on Thursday, and a vote in Spain’s national Senate on Catalonia’s takeover this Friday, [...]
The Central Bank of Nigeria (CBN) has warned Nigerians against the use of virtual currencies, including bitcoin, ripples, litecoin.In a statement on Tuesday, CBN said virtual currencies are largely used in terrorism financing and money laundering, considering the anonymity of virtual transactions."The attention of bank and other financial institutions is hereby drawn to the above risks and you are required to [...]
Year 2016 was a very challenging year for most currencies across the world; the British pound fell to a 30-year low, the Nigerian naira sank to a 43-year low, some other currencies withstood the storm, but the bitcoin excelled.In 2016, bitcoin was the world's best performing currency. The currency gained more than 100 percent of its opening value in 2016, [...]
Bitcoin, the increasingly popular cryptocurrency or digital currency, was the best performing currency in 2016.If you were thinking the naira was the worst performing currency of that year, you are wrong on this one.According to Bloomberg analysis, the worst performing currency for 2016 was the pound. Not the British pound, but the Egyptian pound, which depreciated by 58.84 percent.The Nigerian [...]
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