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Report: Syrian Central Bank Devalues Local Currency by Nearly 50%
3.1.2023
The Syrian central bank recently announced the nearly 50% devaluation of the Syrian pound’s exchange rate versus the greenback from 3,015 per dollar to 4,522 per dollar. The central bank also warned currency speculators that it will take steps to end activities that undermine the stability...
Report: Bank of America Economist Predicts 20% Devaluation of the Nigerian Currency in 2023
21.10.2022
A Bank of America economist, Tatonga Rusike, has said the Nigerian currency is overvalued by as much as 20% and will likely be devalued in 2030. The remarks by the economist came just days after the currency’s exchange rate reportedly touched a new low of just under 750 naira for every U.S....
Forex Shortages Blamed After Nigerian Currency Hits New Low Versus the US Dollar
3.10.2022
A surge in the demand for foreign exchange and the general scarcity of the resource may be the reasons why the naira currency recently slumped to a new all-time low of 735 versus the U.S. dollar, a report has said. One Nigerian currency dealer said he expects the naira to further depreciate to...
Chinese Central Bank Says It Will Prioritize Stabilizing Currency After Yuan Plunges to 14-Year Low Versus USD
29.9.2022
Moments after the Chinese yuan’s onshore exchange rate versus the U.S. dollar slumped to 7.2458 per dollar, the Peoples Bank of China responded by stating that it will prioritize stabilizing the currency. Similar to other currencies that have been depreciating against the dollar, the yuan...
Nigerian Inflation Rate Rises to 20.52% in August — Month-on-Month Rate Drops
19.9.2022
While Nigeria’s year-on-year inflation rose for the seventh straight month to 20.52% in August 2022, the latest data from Nigeria’s National Bureau of Statistics shows that the month-on-month rate declined from 1.82% to 1.77% during the same period. The depreciation of the local...
Report: Nigerian Anti-Graft Body Identifies Individuals Fueling the Naira’s Rapid Depreciation
9.8.2022
Nigeria’s Economic and Financial Crimes Commission (EFCC) recently claimed it had identified individuals and organizations whose rapid accumulation of U.S. dollars recently accelerated the depreciation of the local currency, a report said. According to Abdulrasheed Bawa, the EFCC chairman...
Nigerian Currency Plunges to New All Time Low — Central Bank Blames Speculators
30.7.2022
The Nigerian central bank has accused currency speculators of being behind the local currency’s recent plunge to a new all-time low of N710 against the greenback. The leader of a Nigerian association of bureau de change operators insisted crypto trading may be to blame for the naira’s...