1 / 2 Relevant items tagged with #ExchangeRate
Posts: 36
Posts
Venezuelans Crave USDT as Dollar Exchange Rate Explodes
[Oct 17, 2024 6:20 PM] Venezuelans have ramped up the use of Tether’s USDT, as it has become one of the largest sources of dollar liquidity in national markets. While the government has tried to contain the black market exchange rates by injecting dollars into the…
Nigeria Central Bank Governor Defends Naira Float Decision
[Oct 8, 2024 6:43 PM] The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, emphasized the importance of the decision to float the naira, despite public criticism of the move. He stated that the disparity between official and parallel exchange rates…
Experts Fear Cryptocurrency Outflows May Affect Exchange Rates in Brazil
[Oct 6, 2024 10:30 PM] Analysts believe that, in the future, outflows derived from cryptocurrency purchases could affect the domestic exchange rate in Brazil. The Central Bank of Brazil indicates that crypto assets and recreational services account for $14.7 billion that…
Zimbabwe Injects $50 Million to Bolster Devalued Currency
[Oct 5, 2024 10:30 PM] The Reserve Bank of Zimbabwe (RBZ) has injected an additional $50 million into the market to support the foreign exchange system. However, industry leaders believe the bank is not doing enough to facilitate the smooth operation of the market. They…
Nigeria’s Central Bank Raises Benchmark Rate by 50 Basis Points
[Sep 25, 2024 7:30 AM] The Central Bank of Nigeria (CBN) raised the Monetary Policy Rate (MPR) by 50 basis points to 27.25% and increased the Cash Reserve Ratio (CRR) for banks. These measures aim to combat inflation and stabilize the Nigerian economy. The CBN governor…
Zimbabwe’s Central Bank to Shield Gold-Backed Currency From Market Volatility
[Sep 24, 2024 5:25 PM] Zimbabwe’s central bank governor, John Mushayavanhu, has stated that the bank might use its foreign currency reserves to protect the Zimbabwe Gold (zig) from severe market disruptions. He also pledged to maintain a tight monetary policy to…
Indonesia and South Korea Sign New Local Currency Agreement to Boost Trade
[Sep 1, 2024 1:30 AM] Bank Indonesia, the Bank of Korea, and South Korea’s Ministry of Economy and Finance have introduced a local currency transaction framework to boost bilateral trade using the rupiah and won. This initiative aims to reduce exchange rate risk…
Binance to Convert Delisted Crypto to USDC — Advises Users to Withdraw Affected Tokens Before Deadline
[Aug 14, 2024 3:30 AM] Crypto exchange Binance has announced the conversion of several delisted tokens into stablecoin USDC. Users are advised to withdraw affected crypto tokens by Sept. 1, as they will no longer be accessible afterward. After this date, withdrawals of…
Nigeria Acts to Defend Naira After Currency Hits New Record Low
[Jul 20, 2024 8:30 PM] The Central Bank of Nigeria recently sold U.S. dollars to Bureaux de Change (BDC) at a flat rate of NGN1,450 per greenback. The central bank stated that eligible BDCs can sell the dollars to end-users at a margin of no more than 1.5% above the…
Tanzania Seeks to Shore up Local Currency With Directive Mandating Tourists to Use Shillings
[Jul 16, 2024 4:45 PM] Tanzania’s Ministry of Tourism and Natural Resources has mandated that all fees in the tourism sector must be paid in local currency, aligning with a government directive for local transactions to use the country’s shillings. This requirement…
Designating Crypto as the Bogeyman Will Not Halt the Nigerian Currency’s Depreciation
[Jul 1, 2024 2:10 AM] Labeling cryptocurrency a scapegoat, similar to blaming parallel market traders for the Nigerian currency’s woes, will not solve the underlying problems. Proactive preparation for consequential innovations is far preferable to reactive…
Nigerian Currency Slides 5% After Central Bank Injects More Than $80 Million Into Forex Market
Zambian Currency, the Kwacha, Plunges to New Record Low Against US Dollar
[May 10, 2024 8:51 AM] Zambia’s worsening shortage of foreign exchange as well as one of its worst droughts in recent memory saw the local currency drop to a record low of K27.3 to the dollar. As explained in the report, the kwacha has lost as much as 17% in the…
Japanese Yen Tumbles to 34-Year Low Against Soaring US Dollar
Nigerian Currency Reverses Early April Gains, Depreciating by 12% in Seven Days
[Apr 28, 2024 2:39 AM] The Naira recently depreciated by 12% in just seven days, thus shedding all the gains it made against the U.S. dollar in early April. Local media reports attribute the volatile naira’s latest drop to the growing mismatch between the supply and…
Nigerian Central Bank Governor Denies Using Forex Reserves to Defend Local Currency
[Apr 20, 2024 5:21 AM] The Nigerian central bank governor has refuted claims that the bank is using the country’s foreign exchange reserves to shore up the naira. The governor attributes the decline in reserves to debt repayments and other payments, which are made…
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…
Nigerian Central Bank Prohibits Use of Foreign Exchange as Collateral for Local Currency Loans
[Apr 10, 2024 2:34 PM] The Central Bank of Nigeria has barred the use of foreign exchange as collateral for local currency loans. In its April 8 letter addressed to banks, the CBN warned of severe consequences for banks that fail to comply with the latest directive…
Nigerian Currency Depreciation: Central Bank Head Reaffirms Commitment to Reviving Confidence in the Economy
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: Turkey Exits From Foreign Exchange Protected Deposit Program
[Jan 3, 2024 4:30 AM] On Jan. 1 Turkey ended its two-year-old foreign exchange (FX)—protected deposit program in what is seen as another step towards a return to orthodoxy. Treasury and Finance Minister, Mehmet Simsek also signaled the start of what he called a…
India’s De-Dollarization Push Flounders as Oil Suppliers Cite Rupee Repatriation Concerns
[Dec 28, 2023 4:30 AM] The Indian Oil Ministry recently acknowledged that the country’s push to pay for oil with rupees has failed because suppliers are not sure if they will be able to repatriate their funds. The decision is intended to help diminish India’s…
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…
Lesotho’s Entire Payment System Reportedly Goes Offline After Cyberattack
[Dec 16, 2023 7:00 AM] The Central Bank of Lesotho recently confirmed that its payment system was attacked by unknown cybercriminals. The bank also acknowledged that the resulting downtime is making it “impossible for all local banks to honor inter-bank…
Nigerian Central Bank Lifts Forex Restrictions on 43 Items — Market Forces to Determine Exchange Rate
[Oct 15, 2023 1:30 AM] The Nigerian central bank said on Oct. 12 that it had lifted foreign exchange restrictions imposed on the importation of 43 items. The central bank said the restrictions initially imposed in 2015 may have contributed to the weakening of the naira…
Nigerian Currency Plunges to New Low, Central Bank Says the Naira Is Undervalued
[Aug 11, 2023 3:30 PM] The Nigerian currency continued its slide versus the greenback when it fell to a new all-time low of NGN950 per dollar. Folashodun Shonubi, the acting governor of the Central Bank of Nigeria, insists that the naira is currently undervalued. The…
Gold Coins Help Zimbabwe Achieve ‘Price and Exchange Rate Stability’ — Central Bank
[Feb 9, 2023 11:30 PM] The Reserve Bank of Zimbabwe recently revealed that some 25,188 of its value-preserving gold coins were sold between July 2022 and Jan. 13. According to the central bank governor, John Mangudya, the gold coins “have proved to be an effective…
Following APT’s 400% Rise Since Late December, Aptos Drops 20% From All-Time High
[Feb 1, 2023 1:00 PM] On Jan. 26, 2023, the cryptocurrency asset aptos (APT) reached an all-time high and then lost 20% of its value over the next five days. In the past 24 hours, it also shed 8.3% against the U.S. dollar. Despite the decline from its all-time high, APT…
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…