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Latest Ghana Benchmark Rate Hike the Largest on Record — President Promises Action Against ‘Unacceptable Depreciation of the Cedi’
23.8.2022
After seeing Ghana’s inflation rate surge to 31.7% in July, the Bank of Ghana responded by hiking the benchmark interest rate by 300 basis points. In addition to the rate hike, the central bank said it will gradually raise banks’ primary reserve requirements. One expert has said...
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...
Czech Central Bank Plans Tenfold Increase in Gold Holdings, New Governor Says Precious Metal ‘Good for Diversification’
4.6.2022
The incoming governor of the Czech National Bank (CNB), Aleš Michl, has said he plans to increase the institution’s gold holdings almost tenfold from the current 11 tonnes to 100 tonnes. Michl also said he will ask the bank’s foreign exchange reserves management team to invest...
Ghana Central Bank Reiterates Warning Against Practice of Pricing Goods in Forex
12.4.2022
The Bank of Ghana has warned businesses and the public against the practice of demanding or making payments in foreign currency without its authorization. The central bank’s warning comes just over a month after Ghana’s currency was rated the worst performing among Africa’s...
Goldman Sachs Predicts Bitcoin Could Reach $100K as BTC Continues to Take Gold’s Market Share as Store of Value
7.1.2022
Goldman Sachs has predicted that the price of bitcoin could reach $100,000. The global investment bank believes that bitcoin will continue to take market share away from gold as cryptocurrency adoption grows. Goldman Sachs’ Bitcoin vs Gold Prediction Goldman Sachs analyst Zach Pandl, co-head...
Legal Experts Say It’s Too Late to Ban Crypto, India Needs Comprehensive Regulation
29.12.2021
Indian legal experts reportedly say that it is too late to ban cryptocurrency despite calls for a complete crypto ban by the central bank, the Reserve Bank of India (RBI). The Swadeshi Jagran Manch (SJM), an affiliate of the nationalist Rashtriya Swayamsevak Sangh, also passed a resolution calling...
IMF Partly Blames Uncertainty in Nigeria’s Forex Market for Drop in Remittances
26.10.2021
The uncertainty that prevails in Nigeria’s foreign exchange market is partly to blame for the plunge in cross-border remittances into the country, an official with the International Monetary Fund (IMF) has said. Covid-19 Another Contributing Factor According to a report by local news outlet...
Zimbabwean Dollar Could Collapse, Business Lobby Warns
14.10.2021
A Zimbabwean business lobby group, the Confederation of Zimbabwe Industries (CZI), has warned that the country’s currency could collapse if authorities fail to “implement policy measures that are needed to support it.” Central Bank Approach Unsettling the Market In a letter...
Nigerian Vice President Says Current Naira Exchange Rate ‘Artificially Low’
12.10.2021
Nigerian Vice President Yemi Osinbajo recently warned that the country’s official naira exchange rate of N411 for every dollar is artificially low. This exchange rate, according to Osinbajo, discourages foreign exchange entrance into the country. Naira Exchange Rate Must Reflect Realities...
Cryptocurrencies Have ‘No Intrinsic Value’ Says South African Hedge Fund Guru
4.10.2021
Jean-Pierre Verster, the founder of a South African hedge fund Protea Capital Management, has said he does not believe there is “intrinsic value” in cryptocurrencies. He insists that cryptocurrencies have “elements of a Ponzi scheme” and for that reason, he has...
Remittances to Africa Set to Drop by 5.4 % to $41 Billion — Covid-19 Pandemic and High Sending Costs Blamed
21.9.2021
According to findings from the Continental Migration Report 2021, remittances to African countries are projected to decrease from the $44 billion recorded in 2020 to $41 billion. The Covid Effect As expected, the Covid-19 pandemic is identified as one of the main causes of the decline. However...
Nigerian Currency Plunges to New Low of 570 — 10% of Value Lost in Under 30 Days
17.9.2021
The Nigerian currency, the naira, plunged to a new all-time low of N570 for every dollar on September 16, 2021. This new exchange rate means since August 17, the naira has now lost about a tenth of its value on the foreign currency black market. Naira Overvalued In spite of this plunge, which...
African Economist Says Regulated Cryptocurrencies Are Reasonable Alternative to Single Trade Currency
6.9.2021
A Nigeria-based research and development economist, Gospel Obele, has called “for a unified regulatory mechanism for cryptocurrency trading.” He adds that such regulation of cryptocurrencies can potentially “complement an African digital currency,” hence this needs to...
Annual US Dollar Remittances to Nigeria Surge to $34 Billion but Forex Woes Persist
31.8.2021
According to a report, the value of annual dollar remittances by Nigerians working abroad has surged to $34 billion, a figure that easily surpasses the previous record-high of $25 billion. Still, a large portion of the funds doesn’t seem to be entering domestic forex markets. Target Attained...
Nigerian Central Bank Freezes Bank Accounts of Fintech Firms, Accuses Them of Violating Forex Regulations
19.8.2021
The Central Bank of Nigeria (CBN) reportedly frozen bank accounts belonging to four fintech firms for up to 180 days after a Federal High Court in Abuja acceded to an “ex parte motion.” The ex parte motion, which is a form of temporary suspension, was granted after a Nigerian chief...
People’s Bank of China Targets Crypto Companies in Shenzhen Crackdown
18.8.2021
The Shenzhen office of the People’s Bank of China (PBOC) has reportedly set out to correct the business activities of about a dozen companies allegedly engaged in cryptocurrency transactions. According to Chinese media, the entities have been targeted in a crackdown on crypto trading in...
Nigerian Central Bank Stops Forex Sales to Bureaus de Change — Operators Accused of Feeding Black Market
28.7.2021
The Central Bank of Nigeria (CBN) recently announced the abrupt end to sales and outsourcing of foreign exchange to Bureau de Change (BDC) operators after accusing them of failing to stick to their core mandate. Instead of providing forex to retail users, BDCs are believed to be supplying...
Kenyan Remittances Surged by 20% in H1, North America and Europe-Based Diaspora Contribute Over 80%
22.7.2021
According to the latest data from the Central Bank of Kenya (CBK), diaspora remittances inflows to the country surged to $1.75 billion in the first six months of 2021. This figure represents a nearly 20% increase from the $1.46 billion recorded in the same period last year. 2021 Inflows Set...
Smuggler Arrested With CPUs Strapped To His Body
14.7.2021
Last week customs officials working at the Hong Kong–Zhuhai–Macau Bridge stopped a truck driver who they thought was looking “nervous”. With good reason; after searching him they found the dude was literally strapped with concealed...CPUs.Read more
Forex Shortages Force Nigerian Corporates to Turn to Parallel Market
13.7.2021
Nigeria’s ongoing shortage of foreign exchange is forcing corporates and businesses to source this resource on the parallel market, a former official with the Lagos Chamber of Commerce and Industry (LCCI) has said. According to Muda Yusuf, who is the previous director-general at LCCI, these...