Features News Daily TheBitTimes.com

The Nigerian local currency Naira (NGN) plunged to a new low against the US dollar reaching 893.5 on Tuesday. Naira is experiencing a steady decline against the US dollar since January 2023. The currency was at 460 in January last year but doubled its losses in 2024 hitting 893 this month. The unending woes of NGN are impacting Nigeria’s economy as the currency is devalued in the global forex markets. Also Read: BRICS: UAE Pays China With New Digital Dirham, Ditches US Dollar Source: Investing.com Nigeria ’s Central Bank Governor Olayemi Cardoso said in a statement that the Naira is now an “undervalued” currency against the US dollar. Cardoso stressed that the Central Bank authorities are undertaking efforts to rectify the development and bring the Naira out of the slumber. “We believe that the naira is currently undervalued and, coupled with coordinated measures on the fiscal side. We will expedite genuine price discovery in the near term. This coordinated app...

Nigerian authorities arrested Amb. Wilfred Bonse, a Nigerian politician, for alleged theft and money laundering in connection to a breach suffered by cryptocurrency trading company Patricia Technologies Ltd.  According to ACP Olumuyiwa Adejobi, a public relations officer with the Nigerian Police Force (NPF), the arrest was made following the force’s investigation into Patricia’s hack.  As stated by Adejobi, Bonse allegedly assisted in laundering 50 million naira ($62,368) out of 607 million naira ($757,151) fraudulently diverted from the platform to his account via a crypto wallet.  You might also like: November scores exploiters $290m over 5 major crypto hacks Before his arrest , Bonse contested for a gubernatorial seat in the Southern part of Nigeria. While investigations are still ongoing, other suspects remain at large, with the PRO stating that everyone involved in the criminal conspiracy case will be caught and punished.  Reacting to the arrest , P...