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Nigeria has filed a lawsuit seeking to compel cryptocurrency exchange Binance to pay $79.5 billion for economic losses it says were caused by its operations in the country and $2 billion in back taxes, court documents showed on Wednesday. Authorities blame Binance, the world's largest crypto exchange, for Nigeria's currency woes and detained two of its executives in 2024 after cryptocurrency websites emerged as platforms of choice for trading the local naira currency. Binance, which is not registered in Nigeria, did not immediately respond to a request for comment.

U.S. Federal Reserve officials remain uncertain about the impact tariffs might have on inflation, but have begun outlining more serious risks to supply chains, public expectations and ultimately prices as the scope of the Trump administration's plans for import taxes has become clearer. The trade war touched off during President Donald Trump's first term eventually prompted the Fed to lower interest rates because, rather than feeding inflation, the global and U.S. growth outlook began to dim. But with a high inflation episode still top of mind, consumers still spending, and higher sensitivity at the Fed to how supply disruptions can create persistent inflation, the sweep and extent of Trump's plans are causing concern.

U.S. stocks ended modestly higher on Wednesday and the S&P 500 notched its second straight all-time closing high as investors scrutinized the minutes from the Federal Reserve's January policy meeting and digested U.S. President Donald Trump's tariff plans. All three major U.S. equity indexes made gains on the day. At the Fed's January policy meeting, the U.S. central bank left its key interest rate unchanged.

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Oil prices held near a one-week high on Wednesday on worries about supply disruptions in Russia and the U.S., while the market awaited clarity on sanctions as Washington tries to broker a deal to end the war in Ukraine. Brent futures rose 20 cents, or 0.3%, to settle at $76.04 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 40 cents, or 0.6%, to settle at $72.25. "The market is trying to make up its mind on three bullish drivers: Russia, Iran and OPEC," said BNP Paribas commodities strategist Aldo Spanjer.

New Zealand's central bank cut its benchmark rate by 50 basis points to 3.75% on Wednesday and flagged further reductions in borrowing costs amid moderating inflation as policymakers sought to revive a struggling economy. The Reserve Bank of New Zealand Governor Adrian Orr said the board is forecasting a lower terminal rate than in its November projections, and expects two more 25-basis point rate cuts in April and May subject to economic conditions evolving as expected. The rate track pushed it broadly in line with market pricing and reinforced the RBNZ's dovish stance in contrast with a more cautious approach in Australia and the U.S., denting the New Zealand dollar and sparking a rally in 90-day bank bill futures.

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