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Nigerian Currency Slides 5% After Central Bank Injects More Than $80 Million Into Forex Market
20.5.2024
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 just a day after the central bank intervened...
Zambian Currency, the Kwacha, Plunges to New Record Low Against US Dollar
10.5.2024
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 past six months. Forex Shortages: The Impact...
Japanese Yen Tumbles to 34-Year Low Against Soaring US Dollar
28.4.2024
This week, the Japanese yen plummeted to its lowest point since 1990 against the U.S. dollar, weighed down by Japan’s monetary policy and uncertain economic indicators from the United States. Japanese Yen’s Rapid Decline Triggers Talk of Market Intervention The yen’s sharp drop...
Nigerian Currency Reverses Early April Gains, Depreciating by 12% in Seven Days
28.4.2024
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 demand of foreign exchange. Demand and Supply Mismatch...
Nigerian Central Bank Governor Denies Using Forex Reserves to Defend Local Currency
20.4.2024
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 because they help to maintain Nigeria’s...
Volatile Nigerian Currency Rallies 12%, Becomes Best-Performing Currency in April
15.4.2024
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 maintained if policymakers do not deviate from their...
Nigerian Central Bank Prohibits Use of Foreign Exchange as Collateral for Local Currency Loans
10.4.2024
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. Halting the Slide of the Naira Hamstrung by ongoing...
Nigeria Detains Two Binance Executives, Crypto Platform Accused of Exchange Rate Manipulation
28.2.2024
Nigerian authorities have reportedly detained two senior executives from Binance who had recently arrived in the country. The Central Bank of Nigeria’s governor stated that in 2023 alone, $26 billion flowed through the cryptocurrency exchange from sources and users that the bank could...
Nigerian Users Criticize Binance for Imposing Exchange Rate Caps on USDT to Naira Transactions
22.2.2024
Some Nigeria-based users of Binance’s peer-to-peer platform have blasted the crypto exchange’s decision to block or remove traders quoting USDT to naira exchange rates exceeding NGN1,802. Binance says it has the right to remove “users behaving in a malicious or manipulative...
Nigerian Currency Depreciation: Central Bank Head Reaffirms Commitment to Reviving Confidence in the Economy
8.2.2024
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 central bank’s policies including the devaluation...
Nigeria Forex Crisis: Central Bank Removes Cap on Exchange Rate for International Money Transfer Operators
4.2.2024
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 foreign exchange market. The naira’s Feb.1...
Report: Turkey Exits From Foreign Exchange Protected Deposit Program
3.1.2024
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 “permanent improvement in the current account.”...
India’s De-Dollarization Push Flounders as Oil Suppliers Cite Rupee Repatriation Concerns
28.12.2023
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 reliance on the U.S. dollar when settling...
Report: Nigerian Currency Plunges to New Low Versus the US Dollar
22.12.2023
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 foreign exchange market stabilizing in 2024. Official...
Lesotho’s Entire Payment System Reportedly Goes Offline After Cyberattack
16.12.2023
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 transactions in the country.” No Financial Loss Suffered...
Nigeria Plans to Include Fintechs in Broadened Official Currency Market
26.10.2023
A Nigerian official recently said the foreign exchange-starved country plans to include “legitimate” market participants like bureaux de change and financial technology companies in the official forex currency market. Finance Minister Wale Edun also said the country will receive...
Nigerian Central Bank Lifts Forex Restrictions on 43 Items — Market Forces to Determine Exchange Rate
15.10.2023
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 on the parallel foreign exchange market. Unifying...
Argentine Peso Reaches Record Lows After National Digital Currency Push
5.10.2023
The Argentine peso reached record lows Wednesday after the economy minister and presidential candidate Sergio Massa proposed issuing a national digital currency. The informal blue exchange rate rose to 850 pesos per dollar, later retracing to 843 pesos per greenback. Massa stated he would send...
Russian Ruble Plunges to 16-Month Low vs the US Dollar — Experts Cite Oil Price Cap
15.8.2023
The Russian currency’s exchange rate versus the U.S. dollar recently dropped below RUB100 per greenback — its lowest in 16 months. Economists attribute the ruble’s latest plunge to the effectiveness of a price cap imposed on Russian oil by Western countries. Russ Mould said...
Nigerian Currency Plunges to New Low, Central Bank Says the Naira Is Undervalued
11.8.2023
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 International Monetary Fund (IMF) has said...