2 / 2 Relevant items tagged with #ForeignExchange
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Nigerian Currency Becomes Worst-Performing After Erasing All Early April Gains
[May 12, 2024 2:45 PM] The Nigerian currency, which has been depreciating against the U.S. dollar in the past few weeks, has completely erased its gains from early April, making it the worst-performing currency in the world. The decline of the naira is attributed to…
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…
Nigeria Cryptocurrency Clampdown: Central Bank Directs Fintech Firms to Stop Opening New Accounts
[Apr 30, 2024 11:31 PM] The Central Bank of Nigeria has directed four fintech companies to cease the creation of new accounts, citing their potential use by cryptocurrency traders. An executive from one of the affected fintech companies has associated the Central Bank’s…
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…
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…
Zimbabwe’s Central Bank Launches Gold-and Forex-Backed ‘Structured Currency’
Court Orders Binance to Hand Over ‘Comprehensive’ User Data to Nigerian Authorities
[Mar 19, 2024 11:30 PM] A Nigerian high court has ordered Binance to provide the Economic and Financial Crimes Commission (EFCC) with comprehensive data relating to all Nigerian traders on its platform. The EFCC alleges it has discovered instances of price discovery…
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…
Nigerian Users Criticize Binance for Imposing Exchange Rate Caps on USDT to Naira Transactions
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
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…
Nigerian Currency Plunges to New Low Versus the USD, Central Bank Governor Says Naira is ‘Undervalued’
Ghana’s Central Bank Names Eight Money Transfer Companies Operating Without Its Approval
[Nov 23, 2023 1:00 AM] The Bank of Ghana recently pointed the finger at eight money transfer organizations which are allegedly operating in Ghana’s remittances and forex market without its approval. The central bank also warned the public and regulated financial…
Nigerian Central Bank Dismisses Old Naira Banknote and Cash Shortage Rumors
[Nov 10, 2023 5:30 PM] The Nigerian central bank has dismissed rumors suggesting that the previously demonetized naira banknotes are no longer legal tender. According to the bank, all banknotes it has ever issued remain legal tender and “should not be rejected by…
Nigeria Plans to Include Fintechs in Broadened Official Currency Market
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…
Tanzanian Central Bank Launches Foreign Exchange Reserves Boosting Gold Buying Scheme
[Sep 27, 2023 5:30 AM] The Bank of Tanzania said on Sept. 25 that it has kickstarted an initiative that seeks to boost the country’s foreign exchange reserves by buying gold with local currency. The bank said its objective is to acquire six tonnes of gold from…
US Dollar Shortages: Ethiopia and Nigeria in $100 Million Currency Swap Transaction
[Jul 17, 2023 3:30 AM] According to a report, the central banks of Ethiopia and Nigeria recently consummated a $100 million currency swap transaction. Under the arrangement, an Ethiopian airliner was paid local currency equivalent to $100 million while Dangote Cement is…
Nigerian Currency Falls by More Than 30% After Central Bank Announced New Forex Market Rules
Tanzanian Central Bank Says Forex Restrictions Intended to ‘Safeguard the Stability of the Financial System’
Huobi Korea Plans to Cut Ties With Parent Company, Strengthen Domestic Presence
Ghana Takes Steps to Operationalize Gold-for-Oil Scheme — Move Expected to Help Halt Cedi’s Depreciation
Nigerian Currency Gains Versus US Dollar Days After Tapping All-Time Low
[Nov 10, 2022 4:30 AM] Just a few days after plummeting to its worst exchange rate against the U.S. dollar ever, the Nigerian currency was trading at around 820 units for every dollar on Nov. 8, a report has said. An economist has suggested that the Central Bank of…