Nigeria closes FX exchanges amid continuing currency problems

The Central Bank of Nigeria

The Central Bank of Nigeria (CBN) has closed several thousand foreign exchange bureaus, while the country’s authorities have arrested senior executives in cryptocurrency exchange Binance. 

On February 23, the central bank closed 4,173 FX businesses, and raised the minimum capital level for exchanges to 2 billion naira ($1.3 million). It was the latest move by the central bank to confront Nigeria’s severe lack of foreign currency. 

The authorities have also escalated their moves move against

Copyright Infopro Digital Limited. All rights reserved.

You may share this content using our article tools. As outlined in our terms and conditions, (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.

If you would like to purchase additional rights please email info@centralbanking.com