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Zimbabwe Central Bank Freezes Accounts Over Illegal Foreign Transfers
30 bank accounts has been frozen by the Central Bank Of Zimbabwe for illegally exchanging foreign currency through mobile phones and social networks, according to an official statement on Tuesday. The apex bank said it had identified 30 people “abusing mobile telecommunication services and other social media platforms” for “illegal foreign exchange transactions and money…
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Currency In Circulation Drops To N2.78tn
The currency in circulation in the country dropped to N2.78 trillion in February from N2.83 trillion as of January 2021 – a N50 billion different. The figures obtained from the Central Bank of Nigeria disclosed that the currency in circulation dropped by N70bn in January from N2.9tn as of December 2020. Analysis showed that the…
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The Fall and Fall of the Nigerian Naira
According to the Central Bank of Nigeria (CBN), Nigeria’s currency, the Naira, fell by nearly a fifth of its value on the official exchange rate window, in the five months between March and August of this year from 305 to the U.S. dollar to 379 on August 21, for a roughly 24.3% decline. Nigeria’s currency,…