News

Nine Nigerian Banks Banned from Forex Trading and Their Reactions

Nine Nigerian Banks Banned from Forex Trading and Their Reactions

The news came as a shock when the Central Bank of Nigeria (CBN) banned nine local banks from forex trading. CBN has banned these banks until the time they are going to pay the entire outstanding funds of Nigerian National Petroleum Corporation, NNPC into the Treasury Single Account (TSA). According to the news, these nine […]

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An Insight into the Rising Dollar and Its Expected Effects – Janet Yellen’s Guidelines

An Insight into the Rising Dollar and Its Expected Effects – Janet Yellen’s Guidelines

According to the media, the dollar has risen in thin trading. No doubt, it signifies a rush in the US new home sales. It is known that the policymakers from around the world are soon going to assemble in the U.S. mountain resort of Jackson Hole. The entire investors will meet with an expectation to […]

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Dollar Famine Causes Naira to Weaken

Dollar Famine Causes Naira to Weaken

The Naira will continue its downward trend this week on account of a constriction in supply of dollars thanks to a lack of interest from overseas portfolio investors. Potential investors prefer to adopt a wait and watch policy until the economy recovers because of justifiable worries that they won’t be able to find people willing […]

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Australian Dollar Weakens as Does CFLP PMI

Australian Dollar Weakens as Does CFLP PMI

The Australian Dollar surprised all by weakening slightly, in spite of the AIG manufacturing index recording a rise. The most likely reason for this was a drop in the purchasing managers index (PMI) of the China Federation of Logistics and Purchases (CFLP). After all, the Australian currency is linked very closely to that of China […]

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Senior HSBC Manager Caught in the US Fraud Dragnet

Senior HSBC Manager Caught in the US Fraud Dragnet

A top executive of HSBC has been charged with forex fraud by authorities in the United States. HSBC’s global head of foreign exchange trading, Mark Johnson, was arrested on the basis of charges brought against him by the US Department of Justice (DoJ). Stuart Scott, a former colleague of his, has also been charged with […]

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Turkey Military Coup-Lira Sinks, EUR/USD Down & USD/JPY Up

Turkey Military Coup-Lira Sinks, EUR/USD Down & USD/JPY Up

As the Turkish Prime Minister, Binali Yildrim announced that a group within Turkey’s military has tried to overthrow the government and certain ‘security forces’ have been called to do what is needed, the Turkish Lira fell to a 3-week low against the US Dollar. This happened on late Friday in U.S. trading. The reports of […]

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$2.8m Vanishes in Thai Ponzi Scheme

$2.8m Vanishes in Thai Ponzi Scheme

More than 1000 investors in Thailand-based Forex scheme Wealthy-Plus have seen their savings evaporate because this was nothing, but a well-executed Ponzi Scheme. The victims were attracted to the scheme thanks to its advertisements on LINE and Facebook. Around 30 victims of the scheme complained to the police, saying that many more people had lost […]

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