crypto currency
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[ICYMI] $5.3m fraud: US hunts scammers, traces funds to Hong Kong, Nigeria, others
The US government has filed a civil forfeiture action to recover $5.3 million linked to a business email compromise (BEC) scheme that defrauded a Massachusetts workers union. In January 2023, a spoofed email led the union to transfer $6.4 million to a fraudulent account. The funds were then routed through…
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Naira expected to decline further despite rising foreign reserves
The Nigerian foreign exchange (FX) market will likely witness further depreciation in the value of the naira despite a rise in the external reserves. Nigeria’s external reserves rose by 0.69 percent to $32.642 billion as of May 16, 2024 from $32.418 billion in May 9, 2024 data from the CBN…
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IMF advises FG to regulate the activities of cryptocurrency trading platforms.
The International Monetary Fund (IMF) has suggested that Nigeria enact regulatory measures requiring global cryptocurrency trading platforms to register or seek licenses to operate within the country. This report stresses the importance of establishing a robust regulatory framework to oversee the burgeoning cryptocurrency market in Nigeria, aiming to ensure financial…