adplus-dvertising
Connect with us

Business News

Exchange rate gains at official market as foreign reserve continuous with uptrend

Published

on

dollar naira II

Tuesday, 12th April 2022: The exchange rate between the naira and the US dollar closed at N416.62/$1 at the official Investors and Exporters (I&E) window.

Naira appreciated by 0.09% to close at N416.62/$1 on Tuesday, 12th April 2022 compared to N417/$1 recorded on Monday. Forex turnover also increased by 13.51% to $144.29 million on Tuesday, representing the highest daily supply in the past four trading sessions.

On the other hand, the exchange rate at the peer-to-peer market appreciated massively to N580/$1, representing a 1.19% appreciation compared to N587/$1 recorded in the previous trading session.

The exchange rate at the parallel market closed flat at N587/$1, the same as recorded in the previous trading session. This is according to information obtained from BDCs operating in Nigeria.

Meanwhile, Nigeria’s foreign reserve improved by 0.11% to stand at $39.7 billion compared to $39.66 billion recorded as of the previous day. Meanwhile, the Central Bank has continued to intervene in the official forex market from the external reserve in order to maintain the stability of the local currency.

Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window closed at N416.62/$1 on Tuesday, 12th April 2022, representing a 0.09% appreciation compared to N417/$1 recorded in the previous trading session.

  • The opening indicative rate closed at N416.17/$1 on Tuesday, 12th April 2022, depreciating marginally by 0.02 kobo compared to N416.15 recorded on Monday.
  • An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416.62/$1, while it sold for as low as N410/$1 during intra-day trading.
  • A total of $144.29 million was traded in FX at the official Investors and Exporters window on Tuesday.
  • According to the data from the FMDQ, forex turnover increased by 13.51% from $127.12 million recorded on Monday to $144.29 million on Tuesday, 12th April 2022.

Crypto market update

  • The crypto market traded bullish on Tuesday, with the market capitalization gaining 1.54% to close at $1.826 trillion, following a 1.01% rally in the price of bitcoin, which closed at $39,923.06.
  • In the same vein, the second most capitalized crypto asset, Ethereum also gained 1.32% to close at $3,018.92.
  • Solana gained 2.67% on Tuesday to close at $102.325, Terra gained 2.04% to close at $84.1812018, while Uniswap recorded a 3.23% gain to close at $9.27.
  • Meanwhile, a recent report on cryptocurrency and blockchain adoption in Nigeria by Kucoin, a global cryptocurrency exchange shows that Nigerians are embracing cryptocurrencies by virtue of having limited access to affordable financial services. Cryptocurrencies are thus becoming an alternative solution for the storage and transfer of assets.
  • The report also shows that 33.4 million Nigerians, which accounts for 35% of the population aged 18 to 60, currently own cryptocurrencies or have traded cryptocurrencies over the past 6 months.

... Exchange rate gains at official market as foreign reserve continuous with uptrend Read More on ... Naijaonpoint.

WATCH NOW

DOWNLOAD NOW

Business News

Do Kwon Dissolved Terraform Labs Korea Days Before Collapse of Terra LUNA, UST

Published

on

ust

Official records show Do Kwon dissolved Terraform Labs Korea, closing down its headquarters and sole branch just days before the collapse of terra crypto (LUNA) and stablecoin terrausd (UST).

Terraform Labs founder Do Kwon reportedly closed down his company in Korea days before the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST).

According to South Korea’s supreme court registry office, Terraform Labs Korea decided to dissolve its Busan headquarters and Seoul branch at the general shareholders meeting on April 30, Digital Today reported. The company named CEO Kwon Do-hyeong, the full name of Do Kwon, as the liquidator.

The publication detailed:

On May 9, UST lost its peg to the U.S. dollar and its price kept falling. At the time of writing, it is trading at about $0.08. LUNA also sharply fell from above $80 on April 30 to $0.00013351 at the time of writing.

While Terraform Labs is a Singapore-incorporated company, it was registered to conduct business in South Korea as Terraform Labs Korea, with headquarters in Busan and a branch in Seongdong District in eastern Seoul.

Kwon founded Terraform Labs Korea on June 21, 2019. On Sept. 26, 2019, Ticket Monster (Tmon) founder Shin Hyun-sung joined the company as the second co-founder. However, he resigned on March 2, 2020, leaving Kwon to serve as the CEO of Terraform Labs.

An on-chain analysis by blockchain data analytics firm Elliptic found that amid the UST and LUNA fallout, the Luna Foundation Guard (LFG) sent its bitcoin reserves to cryptocurrency exchanges Gemini and Binance.

What do you think about Kwon shutting down his company in South Korea a week before the collapse of UST and LUNA? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

WATCH NOW

DOWNLOAD NOW

Continue Reading

Business News

Freedom Protocol Has Become the Project With the Largest Amount of IDO in the Ecology of Binance Smart Chain

Published

on

smartselect 20220519 111959 word

PRESS RELEASE. Binance is a curious company. the world’s largest cryptocurrency exchange, it also has no official headquarters and operates outside regulatory control. But that may not stop its step. Binance.US raised funding at a $4.5bn valuation this month, providing a new case for Binance enthusiasts. Today, they can share the exciting news that Freedom Protocol has set a new record on IDO volume.

Freedom Protocol is a new financial protocol that makes pledging easier and more efficient. It makes the largest amount of IDO with over $4M, and it is another big DeFi project issued on the Binance Smart Chain.

Freedom Protocol is wise to raise funds while it can. Revenue depends on trading volumes in its crypto, which are notoriously volatile. It is sensible to put aside capital when it can while building relations with external investors. It is worth mentioning that Freedom Protocol raises $4 from normal users instead of professional agencies.

Freedom Protocol fans like to claim their purpose is always challenging the traditional financial world. No matter how difficult his actions appear, they believe the Freedom Protocol boss has secret plans. Parsing its $4M IDO size to take DeFi platform come true requires a similar level of faith.

Freedom Protocol announced that they aim to make simplicity and directness of financial investment for all crypto enthusiasts. They were warmly welcomed on Binance Smart Chain(BSC) which is the public chain launched by Binance, it helps them achieve a record on IDO volume within a few days.

The first to welcome them are the opinion leaders. A few KOLs on Twitter post passionate tweets for this project, followed by publishing outdoor advertising in Australia and starting a lot of campaigns of various types.

Freedom Protocol is a typical case who is concentrating on private investment, stakes in private companies and individuals, all areas where institutional clients have been increasing allocations in recent years. Now Freedom Protocol launches its business around the world, including the ads for airport taxis in Germany, which indicate the determination of Freedom Protocol to intend to help more customers in other countries.

With nothing to prove, Freedom Protoco is also confident enough to voice the view that a model dominated by traditional finance is due an overhaul. And this time it is companies and management that need to adapt to DeFi’s needs, rather than vice versa.

Binance chief executive Changpeng Zhao described DeFi as infrastructure for the new digital world, and encourage many investors and entrepreneurs to get involved in DeFi story.

But mainstream acceptance will be slow as they know. Regulators continue to worry that crypto is being used for money laundering and other crimes. US SEC chair Gary Gensler has called crypto markets a “Wild West”. The noise is off-putting for both prospective investors and employees. So Freedom Protocol this week tweeted that they were trying to apply for cryptoasset licenses from both Dubai and Japan, it moves away from portraying itself as a decentralized organization with no fixed headquarters.

The Dubai permissions will allow it to extend limited services to pre-qualified investors and professional financial service providers. “The firm will also locate a “blockchain technology hub” in the Dubai World Trade Centre.” Oscar, Founder of Freedom Protocol said.

The success of Freedom Protocol is a tiny reflection of a startling larger truth: the huge audience crypto has so far left on the financial system and innovation of the internet. And as the size of financial work directly affects the daily life of every employed human on the planet, that matters.

The global crypto market is estimated to have a market worth more than $2tn. Binance’s own digital token is up more than 1,000 percent since the start of 2021. Freedom Protocol becomes a unique perspective on why Binance is so successful in recent years.

Perhaps Freedom Protocol has a plan to transform the financial model entirely. Maybe it will one day be a crypto payments company. Or an NFT trading platform. Or perhaps all the platform’s users just want to own it.

Website: www.freedomprot.com

Contact: Oscar

Email: [email protected]

 

WATCH NOW

DOWNLOAD NOW

Continue Reading