E-Financial
FXTM Hints on Emerging Currency Outlook 2016
The year that was 2015 saw emerging currencies challenged by a resurgent USD powering up alongside the US economic recovery, which added to the challenges faced by commodity-linked emerging economies amid a global slowdown in Oil and Gold prices and additional concerns over how a slowing down China economy would impact the general sentiment towards the emerging markets.
The results were a clear downward trend for emerging currencies and we continued to highlight emerging market currency weakness as a global phenomenon throughout 2015.
The emerging market currencies which were the most heavily crushed during the year were those that belonged to economies dependent on commodity exports, therefore the Indonesian Rupiah, Malaysia Ringgit and Nigerian Naira fell victim to this.
The USDIDR plunged from 12428 in January to 14733 at the end of the year, while the Malaysian Ringgit exploded into astonishing weakness and the USDMYR sky-rocketed from 3.4950 to 4.4580 by the end of the year.
The Nigerian Naira appeared vulnerable to extreme losses as 2015 commenced, but a controversial move to ban USD deposits likely prevented further currency weakness and at least improved domestic demand for the Nigerian currency.
Another huge contributor behind the losses in the emerging market currencies globally were the intense concerns surrounding the China economy entering a deep slowdown.
From the second half of 2015 we pointed out that a slowing down China economy was not a problem for China itself, but for all those economies reliant on trade with China and this helped the weakness in the emerging markets accelerate as 2015 drew to a close.
From a domestic standpoint, the China economy is still performing and from recent data we can see that there is no hesitance from consumers to spend in retail, and I still believe that citizens living in China will only become concerned by economic weakness if it begins to hurt employment prospects.
The major bright spot for China in 2015 was the Yuan being added to the prestigious SDR basket from the IMF, which underpins how critical China has become to the global economy regardless of its own reduced GDP growth.
Despite the SDR introduction for the Yuan, the trend for the China currency will remain weak throughout 2016.
The SDR introduction is positive for understanding the longer-term prospects for China within the global economy, but it does not prevent the domestic economy from continuing to experience reduced growth in the short to mid-term.
The People’s Bank of China (PBoC) will continue to take measures to improve economic fortunes for China, which we believe will include a gradual further depreciation of the Chinese currency.
This is a strategic move from the PBoC, with the aim of enhancing export competiveness and encouraging consumers to stop looking for products abroad and to instead consume domestically.
If however consumers still chose to import from overseas they will incur higher import costs which will improve another area of concern for the China economy, slowing inflation.
The only emerging market currencies that did not suffer steep losses in 2015 were those that were pegged to the USD, which became very supportive towards the UAE Dirham (AED).
Local equity markets have suffered due to depressed commodity prices as expected, however the losses were not as intense as they could have been due to the USD peg.
While the local economy will encounter lower growth with dramatically lower commodity prices, investors can use the benefits of the USD peg to consume products from abroad, such as with the Euro and Pound, to boost overseas consumption.
As we look towards 2016, the major turning point for all the emerging currencies will in some ways be in response to higher interest rates from the United States, but in my view it will be how they respond to a new environment of reduced economic growth which will be important.
While it is largely true that the reasons behind the huge falls in the emerging market currencies were due to external factors, 2016 could see these external factors transform into internal and domestic pressures such as reduced spending power and reduced budgets that might lead to jobs being lost.
The continued depression in the commodity markets is also going to limit any potential for a recovery in fortunes.
Slowing growth will continue to occur in China and will likely be a threat to India, although it is very possible that the proactive easing of monetary policy from the Reserve Bank of India might encourage borrowing domestically and help drive growth.
It is worth remembering that the central banks in China and India have been actively intervening to shore up their own economies through monetary easing and there will be some hope that this could help drive industry growth and that as commodity importers, the lower import costs should help create budget for investment elsewhere.
As long as the USD strength and commodity price weakness persists, emerging currencies will continue to experience downward pressures into the first quarter of 2016.
Another factor in play is a further increase in the US interest rates, which would likely lead to even more downward pressures on the Chinese Yuan, Nigerian Naira, Malaysian Ringgit, Indian Rupee and Indonesian Rupiah.
I do believe that as the emerging economies begin to encounter their own reduced domestic growth that this could weigh on outflows and threaten demand for their currencies even further.
Any black swan events in emerging economies or increased geo-political tensions in 2016 will also be more than enough to create uncertainties in the markets and this will impact both the emerging and Asian currencies.
The current threat of a possible black swan event would be removing the peg from the Saudi Arabian Riyal, which would create huge uncertainties throughout the GCC and Middle-East markets.
It would also further weaken the outlook for oil prices because market participants would see the move as the Saudi government choosing to devalue its currency rather than cut oil production.
However, it is important to stress that we do not expect such a move as of yet and this is more of a risk that investors could choose to monitor in case it impacts their investment portfolio.
Jameel Ahmad is the Chief Market Analyst at FXTM
Cybercriminals have developed a new Android malware that can turn victims smartphones into a bridge for stealing bank card information and carrying out contactless payment fraud, cybersecurity researchers have warned.
The malware, identified as WindRelay, operates in conjunction with a known remote-access trojan, SpyNote, to capture live information exchanged between a physical bank card and an Android phone via Near Field Communication (NFC).
NFC is the short-range technology that enables contactless payments when a bank card or smartphone is tapped against a payment terminal.
According to cybersecurity firm Group-IB, WindRelay was detected in the wild in August 2025 and has been used in a social-engineering scheme targeting victims in Czechia, Slovakia and Slovenia.
Meanwhile, the fraud begins with a phone call, text message or other communication in which criminals pretend to be bank officials.
The victim is persuaded to install an application, often personalised with the victim’s name, and once installed, SpyNote gives the criminal remote access to the phone and can silently install WindRelay, with the victim then tricked into placing a physical bank card against the infected smartphone, supposedly for identity verification, PIN change, or account resolution.
WindRelay reads the card’s NFC signals and sends the information in real time to another device controlled by the criminal, with such a device then imitating the victim’s card at a payment terminal or ATM, as the victim’s smartphone becomes a wireless bridge between the victim’s bank card and the criminal’s device.
Group-IB said it identified 23 WindRelay samples uploaded to VirusTotal between November 2025 and July 2026, with the malware samples impersonating financial institutions in Czechia, Slovakia and Slovenia.
Meanwhile, the development adds to existing concerns over the use of mobile devices in cybercrime and financial fraud in Nigeria.
In June, the Nigeria Computer Emergency Response Team (ngCERT) issued an advisory on IPIDEA malware and malicious residential proxy networks, warning that the malware could hijack consumers internet connections and use compromised devices as part of criminal proxy networks.
While the ngCERT advisory concerns a different malware and attack method, both incidents highlight a growing risk: ordinary smartphones and connected devices can be secretly turned into tools for cybercriminals.
This is particularly relevant as Nigerians increasingly rely on smartphones for mobile banking, digital payments and other financial services.
Consequently, cybersecurity experts have advised users not to install applications sent through unsolicited calls, text messages or links, especially when the sender claims to represent a bank, as users should also be suspicious of requests to place payment cards against smartphones for supposed account verification.
The Securities and Exchange Commission (SEC) has cleared additional Virtual Asset Service Providers (VASPs) for admission into its Accelerated Regulatory Incubation Programme (ARIP).
Among the newly cleared is BC Access Nigeria Limited (Blockchain), marking an important step in the company’s long-term commitment to Nigeria and its broader expansion across Africa.
Nigeria is one of Africa’s most important digital asset markets, where crypto increasingly plays a practical role in how people access, hold and move.
Value Admission into ARIP means Blockchain has satisfied the SEC’s initial requirements to participate in the programme and is authorised to operate within its defined sandbox scope, subject to the Commission’s ongoing compliance obligations, testing parameters, and regulatory conditions.
Through ARIP, Blockchain can work directly with the SEC as the Commission evaluates digital asset business models, tests. appropriate safeguards and develops its long-term regulatory framework for the market.
Speaking, General Manager for Africa, Blockchain, Owen Odia, said: “Nigeria is one of Africa’s most important digital asset markets and participating in the SEC’s ARIP is an important step forward in our long-term commitment to the country.
“The programme gives us the opportunity to work directly with the SEC in a controlled environment, bring our global experience to the Nigerian market and help support a framework that protects consumers while enabling responsible innovation. We appreciate the SEC’s proactive approach and look forward to contributing to a safe, transparent and well-regulated digital asset ecosystem.”
Blockchain’s participation in ARIP forms part of a broader global strategy to engage constructively with regulators and build within established regulatory frameworks.
Over the past year, Blockchain has secured several formal licenses and registrations globally, including the UK Financial Conduct Authority (FCA), EU Markets in Crypto-Assets (MiCA), and Cayman Islands Monetary Authority (CIMA) Virtual Asset Service Provider (VASP) License. Participating in Nigeria’s ARIP sandbox builds on that experience, bringing global standards in compliance, security and consumer protection to its local operations.
For Blockchain, ARIP provides a structured environment to test services for the Nigerian market, strengthen consumer protections and work directly with regulators and local stakeholders.
The company sees Nigeria as an important market in its African strategy, with strong existing demand for digital assets and an increasingly clear regulatory pathway for responsible operators. The company’s strategy materials specifically identify Nigeria as an important market for its African expansion.
ARIP was established by Nigeria’s SEC as a controlled regulatory sandbox for VASPs and fintech innovators. The programme allows the SEC to observe live applications of digital asset technologies, study operational risks, and establish tailored investor protection and anti-money laundering (AML) standards before final regulatory rules are codified.
Blockchain is pleased to participate in ARIP as we work alongside regulators to support responsible innovation, consumer protection and market integrity.
Founded in 2011, Blockchain is one of the world’s longest-standing digital asset companies with more than 95 million wallets, more than 44 million confirmed accounts and over $1.2 trillion processed.
Leadway Assurance has unveiled the Leadway Lifetime Plan, a one-of-a-kind whole-of-life insurance solution designed to extend financial protection beyond the immediate household to the wider family circle.
The newly introduced plan unveiled at a press briefing in Lagos reinforces Leadway’s commitment to building lasting financial security, preserving wealth, and delivering meaningful, long-term protection for the people who matter most.
The Leadway Lifetime Plan responds to the increasingly complex financial responsibilities faced by many working adults, particularly members of the Sandwich Generation individuals who simultaneously provide financial support for ageing parents while raising children and planning for their future.
With family responsibilities now extending beyond the traditional nuclear household, the Leadway Lifetime Plan is designed to offer broader, long-term protection that reflects the realities of modern Nigerian families.
Speaking on the new insurance plan, Olufunmilayo Amanwa, executive director, Technical & Operations, Leadway Assurance, said the product reflects the insurer’s recognition that family structures and financial responsibilities are evolving, and that insurance solutions must evolve with them.
“Financial responsibility no longer stops at the nuclear family. Today, one individual may be supporting children, a spouse, ageing parents, and in some cases, parents-in-law or siblings, all at once. That reality demands a different approach to protection.
The Leadway Lifetime Plan was built around this reality. It gives customers a way to extend continuous protection to the extended family, ensuring the people who depend on them are covered, while also delivering meaningful benefits to policyholders within their own lifetime. This is the Leadway way, designing solutions that respond to how people actually live, not recycling old products with new names”
Beyond traditional life protection, the Leadway Lifetime Plan incorporates a range of living benefits designed to provide financial support during critical stages of life.
Following five years of complete premium payment and subject to the policy terms, the policyholder and spouse may access up to 50 per cent of their current sum assured upon diagnosis of a covered critical illness. This benefit can provide valuable financial support at a time when a serious health event may place pressure on income, savings and overall household stability.
The plan also provides greater long-term financial flexibility. Eligible policyholders may access up to 50 per cent of the policy value for significant life goals after the premium payment term plus five years, subject to applicable policy conditions.
While Leadway’s existing Family Benefit Plan provides family-focused whole-life protection, the Lifetime Plan has been developed as a more expansive, multi-generational solution that combines lifelong protection with financial value that can be accessed during the policyholder’s lifetime.
Explaining the thinking behind the product, Rosetta Aryeetey, head, Life Underwriting and Life Business, Leadway Assurance said the solution was developed around the changing needs of customers. “The starting point for the Leadway Lifetime Plan was the customer.
We looked closely at how families are structured Today, how financial responsibilities are shared and the challenges customers face when they are responsible for several generations at the same time. What emerged was a need for a solution that does more than pay a benefit after death. Customers need protection for the people who depend on them, but they also need support when critical life events occur and flexibility as their financial priorities evolve.”
She added that the combination of multi-life protection, living benefits, long-term value and flexibility makes the Lifetime Plan relevant across different stages of a customer’s financial journey.
The plan also offers flexibility to enhance financial protection over time through an Escalation of Sum Assured feature. This allows customers to increase their benefits by a fixed percentage, giving them the flexibility to align their level of protection with their evolving financial needs and circumstances.
With the launch, Leadway Assurance is reinforcing its commitment to developing insurance solutions that respond to real-life needs while helping families build resilience, preserve financial stability and create lasting legacies.
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