In this week’s African news highlights, the Nigerian central bank blames speculators for causing the local currency to fall to a new all-time low in the parallel market. In Kenya, the central bank has asked financial institutions to stop doing business with two Nigerian fintechs, Flutterwave and Chipper Cash. The Central African Republic token sale is off to a slow start with just under 13 million pieces of Sango sold in the first five days.
Nigerian Currency Plunges to New Low – Speculators and Crypto Trading Blamed
After seeing the local currency plunge to a historic low of 710 naira for every dollar, the Central Bank of Nigeria (CBN) blamed speculators for causing the currency to depreciate rapidly. However, a leader of a forex traders association said crypto trading was to blame for the naira’s fall. Meanwhile, a CBN spokesperson implored residents to help the central bank in its efforts to halt the currency’s slide.
Kenyan financial institutions must end relations with two Nigerian fintechs
The Central Bank of Kenya (CBK) recently wrote a letter to CEOs of financial institutions asking them to cease and desist dealing with two Nigerian fintechs, Flutterwave and Chipper Cash. The CBK accused both Flutterwave and Chipper Cash of operating in the country without a license. According to the letter, all financial institutions must confirm their compliance with the directive within seven days.
Central African Republic Token Sale Starts Slow
The Central African Republic (CAR) token sale appears to have gotten off to a slow start after less than 13 million of the 210 million Sango coins have been sold since the sale began on July 25. However, in a statement, the CAR Sango Coins promotion clarified that the token is partially backed by bitcoin. This implies that the treasury of the CAR will consist of a bitcoin reserve fund.
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