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Olufemi Adewole, Executive Secretary of DAPPMAN, warns that Nigeria’s Naira-for-crude oil transaction framework could destabilize foreign exchange (FX), deter foreign direct investment (FDI), and worsen economic challenges. He highlights the…
Fears of counterfeit $50 and $100 bills have disrupted foreign-exchange trade at Istanbul’s Grand Bazaar, with some bureaus halting the purchase of these bills due to issues with identifying fake…
Zimbabwe has said it plans to let its rapidly depreciating gold-backed currency, Zig, float freely on the foreign exchange market. A central bank official said this would help the currency…
The Nigerian naira recently hit a new low against the U.S. dollar, ranking among the three worst-performing currencies globally. Dollar Liquidity Dries up The Nigerian naira, which has already lost…
The World Bank reports that Nigeria lost over $8 billion due to the Central Bank of Nigeria’s (CBN) refusal to float the naira between 2021 and 2023. This foreign exchange…
The Nigerian government received nearly $100,000 from two cryptocurrency firms accused of conducting unlicensed conversions of tether (USDT) to naira and vice versa. The two Nigerian cryptocurrency firms, Paparaxy Global…
The Central Bank of Nigeria (CBN) injected $543.5 million into the Nigerian foreign exchange market between September 6th and 30th to address currency volatility. The bank attributed the volatility to…
The Central Bank of Nigeria (CBN) is launching a new electronic system (EFEMS) to improve transparency in the foreign exchange market. This comes as the Nigerian currency weakens. Authorized dealers…
Stablecoins are surging in popularity across Sub-Saharan Africa, accounting for 43% of crypto transactions compared to bitcoin’s 18.1%. This trend is driven by the instability of local currencies and limited…
Ghana’s central bank launched a gold coin to boost domestic savings and manage liquidity. The coins are available in October and priced based on the London Bullion Market Association auction…