Speculators and Crypto Traders Blamed for Naira’s Plunge, Kenyan Institutions Told to End Dealings With Nigerian Fintechs, CAR Token Sale off to Slow Start – Africa Bitcoin News

In this week’s Africa news highlights, the Nigerian central bank blames speculators for causing the local currency’s plunge to a new all-time low on the parallel market. Kenya’s central bank ordered financial institutions in Kenya to stop dealing with Nigerian fintechs Flutterwave, and Chipper Cash. The Central African Republic’s token sale is off to a slow start with just under 13 million of the sango coins sold inside the first five days.

Nigerian Currency Plunges to New Low — Speculators and Crypto Trading Blamed

After seeing the local currency plunge to an all-time low of 710 naira for every dollar, the Central Bank of Nigeria (CBN) has accused speculators of causing the currency’s rapid depreciation. However, a leader of an association of foreign exchange dealers has said crypto trading is to blame for the naira’s fall. Meanwhile, a spokesperson of the CBN has implored residents to help the central bank in its efforts to halt the currency’s slide.

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Kenyan financial institutions are told to end dealings with two Nigerian fintechs

Recently, the Central Bank of Kenya (CBK), wrote to financial institution CEOs requesting that they stop dealing with Nigerian fintechs Flutterwave or Chipper Cash. CBK charged Chipper Cash as well as Flutterwave with operating in the country illegally. All financial institutions should confirm that they comply with the directive in seven days, according to the letter.

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Central African Republic’s Token Sale off to Slow Start

The Central African Republic (CAR)’s token sale appeared to have gotten off to a slow start after less than 13 million out of the 210 million sango coins were sold since the commencement of the sale on July 25. However, in a statement, the CAR’s sango coin promotion clarified that the token is fractionally backed by bitcoin. This implies the CAR’s treasury will consist of a bitcoin reserve fund.

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Terence Zimwara

Terence Zimwara was a Zimbabwe author, journalist and author. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.