World Bank: Nigeria Loses $8B on Foreign Exchange Subsidies Over 3 Years
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…
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Nigerian Currency ‘Most Competitive in 20 Years,’ Says World Bank
Nigeria’s currency reforms under Bola Tinubu’s government have made the naira one of the most competitive in 20 years, according to World Bank chief economist Indermit Gill. The decision to…
Nigeria Injects $543.5M to Shore up Naira
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…
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…
Xapo Bank Enters UK Market, Offers Interest-Bearing USD and Bitcoin Account
Xapo Bank has entered the UK market, becoming the only licensed banking group to offer a combined interest-bearing USD and bitcoin account. “We’re proud to announce we have successfully passported…
Bitcoin Peaks at $69,404 as Short Liquidations Surpass $27M
The price of bitcoin (BTC) increased by 1.9% over the past day, peaking at an intraday high of $69,404 around 9 a.m. EDT on Saturday. Over the last week, BTC…
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…
US Dollar Retains Global Dominance Despite BRICS Efforts, Reveals Atlantic Council Report
Despite concerted efforts by the BRICS nations to decrease global dependence on the U.S. dollar, the fiat currency remains the dominant force in the world economy, a new study from…
IMF Data Shows Decline in US Dollar Dominance
Recent data from the International Monetary Fund (IMF) points to an ongoing decline in the U.S. dollar’s share of allocated foreign reserves held by central banks and governments. Economists explained…
Nomura and GMO Collaborate on Japanese Stablecoin Issuance
Nomura Holdings, a leading global financial services group, has partnered with Laser Digital, its subsidiary focused on digital asset solutions, and GMO Internet Group, a prominent Japanese technology company renowned…
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