Zimbabwe Injects $50 Million to Bolster Devalued Currency
The Reserve Bank of Zimbabwe (RBZ) has injected an additional $50 million into the market to support the foreign exchange system. However, industry leaders believe the bank is not doing…
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Nigeria Introduces System to Boost Forex Market Transparency
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…
Inflation, Dollar Shortage Fuel Stablecoin Use in Sub-Saharan Africa
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…
Nigeria Unveils Oil-for-Naira Program to Stabilize Local Currency
Nigeria began selling crude oil to billionaire Aliko Dangote’s new refinery in naira on October 1st. This “oil for naira” scheme aims to ease pressure on the struggling Nigerian currency,…
UBS Warns of Further US Dollar Decline, Advises Investors to Reduce USD holdings
Financial giant UBS expects the U.S. dollar to continue to depreciate, advising investors to reevaluate their portfolios. The bank predicts a medium-term decline due to shrinking interest rate advantages and…
Ghana Launches Gold Coin Priced in Local Currency
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…
BRICS Beats Dollar Dependence: National Currency Settlements Exceed USD Payments
The BRICS bloc might have already overcome its dollar-dependence problem, as the volume of settlements in the national currencies of its member nations has already surpassed the USD-based exchanges. Using…
Nigeria Resumes Dollar Sales to Money Changers Amid Naira’s Decline
The Central Bank of Nigeria resumed selling US dollars to money changers to address the falling value of the naira. This decision came after the naira-to-dollar exchange rate dropped to…
Trump Threatens Countries Leaving the U.S. Dollar With 100% Tariffs
Former President and Republican candidate Donald Trump announced future sanctions for countries supporting de-dollarization. At a rally held in Wisconsin, Trump declared: “You leave the dollar, and you’re not doing…
Nigerian Firms Forecast Further Naira Depreciation
A recent Central Bank of Nigeria survey reveals that Nigerian businesses expect the naira to weaken further before strengthening in late 2024 or early 2025. This pessimism comes despite the…