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Experts Question Ghana VP’s Gold-Backed Currency Pledge

[Aug 21, 2024 10:30 PM] A Ghanaian banking consultant, Richmond Atuahene, has expressed concerns about Vice President Mahamudu Bawumia’s pledge to back the cedi with gold. Atuahene believes Ghana needs a stable economic environment before implementing this policy…

‘Spraying’ Naira Notes Causes Depreciation, Warns Nigerian Anti-Graft Body

[May 28, 2024 1:47 PM] The Economic and Financial Crimes Commission (EFCC) has issued a warning against the practice of spraying naira notes at social events, emphasizing that it diminishes the dignity of the currency. In a recent post on its official X page, the…

Nigerian Currency Slides 5% After Central Bank Injects More Than $80 Million Into Forex Market

[May 20, 2024 1:45 AM] The Nigerian naira continued with a downward which recently saw it being named the worst-performing currency when it slid by just over five per cent to erase the previous day’s gains. The naira’s depreciation is said to have occurred…

Volatile Nigerian Currency Rallies 12%, Becomes Best-Performing Currency in April

[Apr 14, 2024 4:10 PM] After months of sustained decline, the Nigerian currency has rallied since March and is currently ranked as the best-performing fiat currency in April. Andrew Matheny, an economist at Goldman Sachs, said the naira’s momentum can only be…

Economic Intelligence Unit: Nigerian Central Bank Lacks Capacity to Defend Local Currency

[Mar 12, 2024 5:30 AM] The Economic Intelligence Unit has stated that the Central Bank of Nigeria cannot halt the rapid depreciation of the local currency. The continued volatility of the naira is expected to result in erratic regulation, primarily affecting businesses…

Egypt Devalues Currency, Raises Interest Rates to Fulfill Key IMF Aid Requirement

[Mar 8, 2024 2:30 PM] Authorities in Egypt recently allowed the local currency’s exchange rate versus the U.S. dollar to decrease by more than 60%. Additionally, the central bank raised interest rates by 600 basis points. Both steps were key conditions set by the IMF…

Nigeria’s Headline Inflation Increases as Central Bank Intensifies Foreign Exchange Controls

[Feb 17, 2024 2:30 PM] In the first month of 2024, Nigeria’s headline inflation rose from nearly one percent to 29.9%. However, on a year-on-year basis, the January 2024 headline inflation rate was 8.08 percentage points higher than the January 2023 rate. Many…

Nigerian Currency Depreciation: Central Bank Head Reaffirms Commitment to Reviving Confidence in the Economy

[Feb 8, 2024 3:30 AM] The Nigerian central bank remains committed to building confidence in the economy but that hinges on the implementation of “bold reforms” and residents’ help in easing pressure on the naira. However, critics have faulted the…

Nigeria Forex Crisis: Central Bank Removes Cap on Exchange Rate for International Money Transfer Operators

[Feb 4, 2024 3:30 AM] The Central Bank of Nigeria announced on Jan. 31 that it had removed caps on naira payout rates that international money transfer operators are allowed to quote. The central bank said the policy change is an effort aimed at further liberalizing the…

Report: Nigerian Currency Plunges to New Low Versus the US Dollar

[Dec 22, 2023 5:00 AM] The official exchange rate of the Nigerian currency versus the U.S. dollar recently plunged to a record low of 1,248 naira for every greenback. The governor of the Central Bank of Nigeria has told the country’s legislators that he sees the…

Economist Peter Schiff Warns US Dollar Collapse ‘Inevitable’

[Aug 4, 2023 8:00 PM] Economist Peter Schiff has warned of an impending collapse of the U.S. dollar even though he sees Fitch’s downgrade of the U.S. rating this week as “meaningless.” While cautioning about a financial crisis and a crash, Schiff…

Study: Six Countries Account for Over 90% of Africa’s Crypto Interest in H1 2023

[Jul 18, 2023 5:30 AM] Between Jan. 1 and July 4, the Nigerian share of Africa’s overall interest in cryptocurrency stood at 66.8%, a figure nearly eight times that of second-ranked South Africa’s share, according to the latest Coingecko report. South Africa…