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CBN sets new guidelines for Interbank FX trading via EFEMS
The Central Bank of Nigeria (CBN) has introduced new guidelines for foreign exchange trading through its Electronic Foreign Exchange Matching System (EFEMS), effective November 25, 2024. Dr. Omolara Duke, Director of the Financial Markets Department, signed the directive to improve transparency, efficiency, and compliance in Nigeria’s foreign exchange market. Key highlights of the new guidelines include: Trading Requirements: The CBN now requires a minimum trade value of $100,000 for interbank foreign exchange transactions, with incremental trades of at least $50,000. This approach aims to standardize trade sizes and reduce financial risks. Platform and Timing: Bloomberg’s BMatch will serve as the...
Analyzing PEPE’s Alarming Transaction Plunge of 27.93%
You are here: Home / News / Analyzing PEPE’s Alarming Transaction Plunge of 27.93% PEPE investors take note: The United States has approved Spot Ethereum ETFs, marking a significant milestone that could reshape institutional interest in Ethereum, the world’s largest altcoin. This approval is expected to impact the market values of meme coins like PEPE as well. Bitcoin’s example is noteworthy. When the Spot Bitcoin ETF was approved, Bitcoin reached a new all-time high (ATH) within weeks. This surge positively influenced other cryptocurrencies, including altcoins and meme coins. In just 30 days, Spot Bitcoin ETFs saw daily net inflows of...
MicroStrategy’s Bold Bitcoin Bet Divides Market: Confidence Soars While MSTR Drops
MicroStrategy acquired 55,500 BTC for US$5.4B, raising total holdings to 386,700 BTC valued at US$38B, funded through convertible bonds and stock issuance. However, the firm’s stock, MSTR, dropped over 18% despite 500% year-to-date growth, with concerns over valuation and major trading firms shorting it. Bitcoin neared US$100K before retreating to US$94K, driven by optimism over crypto-friendly political developments. MicroStrategy, known as the largest corporate holder of Bitcoin (BTC), recently announced a significant addition to its cryptocurrency portfolio. Despite initial enthusiasm in pre-market trading, the company’s stock (MSTR) experienced a decline during regular trading hours, reflecting a mix of market reactions...
