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Nigerian Currency Plunges After Central Bank Rate Hike

[Sep 25 11:05 PM] The Nigerian Naira weakened significantly against the U.S. dollar following the Central Bank of Nigeria’s (CBN) decision to hike interest rates for the fifth time this year. The naira dropped to NGN1,658 per dollar on the official foreign…

IMF Warns Zambia Against Dedollarization, Calls Plan Counterproductive

[Jul 20 9:30 AM] An International Monetary Fund representative has cautioned that Zambia’s proposed dedollarization initiative may inadvertently undermine efforts to contain inflation. The representative expressed concern that the prevailing economic conditions in…

Ghana’s Cedi Hits Record Low Against US Dollar Amid Cocoa Output Decline

[Jun 12 10:35 AM] The Ghanaian cedi recently plunged to a record low, trading at GHS 14.9335 against the U.S. dollar, which led to its designation as the fourth-worst-performing currency globally. Additionally, a decline in cocoa production has further complicated…

Nigeria’s Anti-Graft Agency Announces Reward for Whistleblowers Exposing Local Currency Abusers

[Jun 5 9:36 PM] The Economic and Financial Crimes Commission (EFCC) in Nigeria has announced a 5% reward for whistleblowers who provide credible information leading to the prosecution of offenders involved in naira abuse. Dele Oyewale, the EFCC spokesman…

Embattled Binance Discontinues Nigerian Naira Services — Users Urged to Convert NGN Balances

[Mar 8 2:30 AM] Binance, one of the leading crypto exchanges, has said it will discontinue all Nigerian naira services on March 8. The crypto exchange’s decision to drop trading pairs that feature the naira follows weeks of attacks and an official crackdown…

Report: Zimbabwean Economist Says Portion of Goverment Employees’ Salaries Must Be Paid in Gold Coins

[Jul 15, 2023 1:30 AM] A Zimbabwean economist has said authorities should consider paying a portion of government employees’ salaries with gold coins. The economist said partially paying government workers with gold coins can “help curtail the black market…

Turks Turn to Tether Amid Record Inflation, Limited Access to Dollar, Report Reveals

[Jun 11, 2023 7:30 PM] People in Turkey have been seeking refuge in stablecoins as their national fiat continues to depreciate against the greenback. The Turkish lira saw a record drop in its exchange rate with the U.S. dollar when the country’s central bank…

XRP Bucks Market Trend as Proponents Remain Optimistic About Lawsuit Outcome

[Jun 5, 2023 12:00 PM] Although the crypto economy has dipped 1.5% in value over the past 24 hours, XRP, the sixth-largest digital asset by market capitalization, has posted gains recently. In the last week alone, XRP has surged over 10%, and year-to-date, this digital…

Report: Zimbabwe’s Central Bank Says Upcoming Gold-Backed Digital Currency to Help Reduce Demand for US Dollar

[Apr 25, 2023 12:30 AM] The governor of the Zimbabwean central bank, John Mangudya, recently revealed that his institution is planning to introduce a gold-backed digital currency. According to the governor, the soon-to-be-introduced gold-backed digital currency is…

Russian Central Bank Attributes Recent Ruble Depreciation to Lower Forex Sales by Exporters

[Apr 12, 2023 11:30 AM] The Russian central bank has attributed the ruble’s latest plunge against the U.S. dollar to the temporary reduction “in sales of foreign currency earnings by exporters.” The central bank also revealed that the Chinese yuan…

Iris Energy Boosts Self-Mining Capacity With 4.4 EH/s of New Bitmain Bitcoin Mining Rigs

[Feb 13, 2023 5:30 PM] Bitcoin miner, Iris Energy, announced plans to increase the company’s self-mining capacity, from 2 exahash per second (EH/s) to approximately 5.5 EH/s, after it receives 4.4 EH/s of new Antminer S19j Pro miners from Bitmain. Iris Energy…

Bankrupt Celsius Aims to Raise $14.4 Million From Bitcoin Mining Rig Credits and Coupons

[Feb 11, 2023 5:30 AM] Defunct cryptocurrency lender Celsius aims to secure more than $14 million from credits and coupons backed by Bitmain, according to an interim CEO Christopher Ferraro in a bankruptcy court filing dated Feb. 9, 2023. Ferraro stated in the filing…

Report: Egyptian Pound Reaches New Low Against US Dollar Despite Flexible Exchange Rate Regime

[Jan 16, 2023 12:30 AM] The exchange rate of the Egyptian pound versus the U.S. dollar fell to a new low on Jan. 11 after it tapped 32.14 per greenback. The currency’s latest significant depreciation came just a few months after it adopted a flexible exchange rate…