Nigeria Acts to Stabilize Currency with Forex Auction
The Central Bank of Nigeria (CBN) will reintroduce a foreign exchange auction system as part of efforts to ease pressure on the local currency. The CBN has called on authorized…
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Ethiopia’s Birr Falls 30% After Currency Float; Forex Surrender Requirements Scrapped
Ethiopia’s birr plunged 30% against the dollar after the central bank floated the currency as part of reforms aimed at correcting foreign exchange market distortions. The bank also eliminated foreign…
Zambia De-Dollarization: Central Bank Seeks to Enforce Kwacha as Sole Legal Tender for Domestic Transactions
The Bank of Zambia has defended its de-dollarization plans but also seeks input from stakeholders who oppose the proposal. The central bank governor clarified that they are not proposing anything…
Zimbabwe Injects $50M in Forex Market to Stabilize Currency
Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ), has injected over US$50 million into the interbank foreign exchange market to stabilize the economy. This move comes as the parallel…
Analysts Predict US Dollar Trends Amid Biden’s Withdrawal and Trump’s Lead
Analysts have commented on the U.S. dollar trend following President Joe Biden’s decision not to seek re-election, noting a slight decline in the dollar against a basket of currencies. Bank…
IMF Warns Zambia Against Dedollarization, Calls Plan Counterproductive
An International Monetary Fund representative has cautioned that Zambia’s proposed dedollarization initiative may inadvertently undermine efforts to contain inflation. The representative expressed concern that the prevailing economic conditions in Zambia…
Tanzania Seeks to Shore up Local Currency With Directive Mandating Tourists to Use Shillings
Tanzania’s Ministry of Tourism and Natural Resources has mandated that all fees in the tourism sector must be paid in local currency, aligning with a government directive for local transactions…
Iran and Russia Sign Academic Cooperation Agreement to Dedollarize Economies
Iran and Russia have taken a significant step towards economic cooperation by involving their academic institutions in efforts to dedollarize their economies. The presidents of Iran’s Imam Hossein University and…
Jack Dorsey Envisions Bitcoin Replacing US Dollar — Foresees BTC Reaching $1 Million
Billionaire Jack Dorsey foresees a future where bitcoin could supplant the U.S. dollar as the dominant global currency. He envisions a scenario where bitcoin’s value could soar to $1 million…
Economist Jim Rickards Discusses US Dollar Decline and Potential $27,000 Gold
Economist Jim Rickards has shared insights on the U.S. dollar’s decline, driven by sanctions and mounting debt, and the potential rise in gold’s value as nations seek alternatives like the…
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