Connect with us

Economy

Bitcoin hits all-time high driven by Trumpmania

Published

on

Bitcoin the world’s largest cryptocurrency hits an all-time high of 109,241 dollars on Jan. 20 as Donald Trump prepares to take over the white house as president of the United States.

Ahead of the crypto-friendly president’s inauguration and the launch of $TRUMP and $MELANIA issued by Trump and his wife, Melania Trump, Bitcoin surged 5.5 per cent to set a new record according to the report from Bloomberg

The surge came after Trump and Melanin introduced meme coins over the weekend with $TRUMP briefly reaching a market capitalization of more than 15 billion dollars before falling sharply.

The meme coin has disrupted the digital asset market reducing influence into bitcoin and smaller tokens and drawing criticism from industry experts.

Advertisement

Bitcoin, Ethereum (the second largest crypt currency), and XRP or surged Monday morning in London as traders counted down the hours before Trump official returned to the white house.

Bloomberg News reported that he was considering an exclusive order that will deem crypto assets in ‘’National priority’’.

Ben El-baz, CEO of Hashkey Global said that the launch of meme coins by Trump and his team has further fuelled Bitcoin’s rally, as retail traders expect the republican president to prioritize and reaffirm his commitments to the crypto industry.

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

CBN lists conditions for sale of FX to BDC operators

Published

on

The Central Bank of Nigeria, CBN, has issued guidelines for the sale of foreign exchange (FX) to Bureaux De Change, BDC, operators.

The modalities are outlined in a statement issued by the Trade and Exchange Department of the CBN on Wednesday.

The Apex Bank stated that this is in response to its earlier authorization granting temporary access to existing BDCs to the Nigerian Foreign Exchange Market (NFEM) for the purchase of FX from authorized dealers.

The CBN noted that authorized dealers are only allowed to sell foreign exchange cash to BDCs, subject to a maximum of USD 25,000.00 per week per BDC.

Advertisement

The Apex Bank warned that any breach of this condition will attract appropriate sanctions.

The CBN emphasized that the selling rate by authorized dealers to BDCs shall be the prevailing day rate at the NFEM window.

According to the statement from the bank, “foreign exchange cash purchased by BDCs from authorized dealer banks shall be sold to foreign exchange end-users at a rate not exceeding a one percent margin above the buying rate.

“While the one percent margin stated above shall be applicable to all funds to be retailed by BDCs, regardless of the source of funds.”

Advertisement
Continue Reading

Economy

Bank of England cuts interest rate to 4.5%

Published

on

The Bank of England, on Thursday, reduced its key interest rate by a quarter point to 4.5 percent to help support weak British growth even if UK inflation stays elevated.

“We’ll be monitoring the UK economy and global developments very closely and taking a gradual and careful approach to reducing rates further,” governor Andrew Bailey said following the expected decision.

“It will be welcome news that we have been able to cut interest rates again today.

“We’ll be monitoring the UK economy and global developments very closely and taking a gradual and careful approach to reducing rates further.”

Advertisement

The details of the rate cut is on the Bank’s website, titled, “Bank Rate reduced to 4.5% – February 2025.”

According to the Bank, “At its meeting ending on 5 February 2025, the Monetary Policy Committee, MPC, voted by a majority of 7–2 to reduce Bank Rate by 0.25 percentage points, to 4.5%.

“Two members preferred to reduce Bank Rate by 0.5 percentage points, to 4.25%.

“There has been substantial progress on disinflation over the past two years, as previous external shocks have receded, and as the restrictive stance of monetary policy has curbed second-round effects and stabilised longer-term inflation expectations.

Advertisement

“That progress has allowed the MPC to withdraw gradually some degree of policy restraint, while maintaining Bank Rate in restrictive territory so as to continue to squeeze out persistent inflationary pressures.

“CPI inflation was 2.5% in 2024 Q4. Domestic inflationary pressures are moderating, but they remain somewhat elevated, and some indicators have eased more slowly than expected.

“Higher global energy costs and regulated price changes are expected to push up headline CPI inflation to 3.7% in 2025 Q3, even as underlying domestic inflationary pressures are expected to wane further.

“While CPI inflation is expected to fall back to around the 2% target thereafter, the Committee will pay close attention to any consequent signs of more lasting inflationary pressures.”

Advertisement
Continue Reading

Economy

SEE Black Market Dollar To Naira Exchange Rate In Lagos, FCT, 6th February 2025

Published

on

Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1685 and sell it for N1700 on Thursday, February 6th, 2024.

Black Market Dollar To Naira Exchange Rate in Lagos and FCT today, 6th February 2025.

The official naira black market exchange rate in Lagos and FCT, Abuja today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

According to Bureau De Change (BDC) sources in the Ogba and Ikeja axis of Lagos state, the exchange rate for a dollar to naira at the Parallel Market (Black Market) is N1700 on Thursday, February 6th, 2024, players bought a dollar for N1685 and sold it for N1700.

Advertisement

Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1685 and sell it for N1700 on Thursday, February 6th, 2024.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Lagos
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1685
Selling Rate N1700
Dollar to Naira Black Market Rate FCT, Abuja
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1685
Selling Rate N1700
Please note that the rates you buy or sell forex may differ from what is captured in this article because prices vary from state to state across Nigeria.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News