Nigerian Currency Plunges After Central Bank Rate Hike

September 26, 2024 Bitcoin.com

bitcoin.com

The Nigerian Naira weakened significantly against the U.S. dollar following the Central Bank of Nigeria’s (CBN) decision to hike interest rates for the fifth time this year. The naira dropped to NGN1,658 per dollar on the official foreign exchange market after the CBN increased the benchmark lending rate by 50 basis points. On the parallel […]

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IMF Warns Zambia Against Dedollarization, Calls Plan Counterproductive

July 20, 2024 Bitcoin.com

Africa

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 are not conducive for the country to proceed with the de-dollarization proposals. Zambia Not Ideally Placed to Dedollarize The International Monetary Fund (IMF)’s Zambian representative, […]

Planning Ahead: Cosmos Health Looks to Add Bitcoin and Ethereum to Its Treasury

Ghana’s Cedi Hits Record Low Against US Dollar Amid Cocoa Output Decline

June 12, 2024 Bitcoin.com

bitcoin.com

The Ghanaian cedi recently plunged to a record low, trading at GHS 14.9335 against the U.S. dollar, which led to its designation as the fourth-worst-performing currency globally. Additionally, a decline in cocoa production has further complicated matters for the cedi, a currency previously ranked as the world’s worst-performing during the last quarter of 2022. Cedi […]

Planning Ahead: Cosmos Health Looks to Add Bitcoin and Ethereum to Its Treasury

Nigeria’s Anti-Graft Agency Announces Reward for Whistleblowers Exposing Local Currency Abusers

June 6, 2024 Bitcoin.com

bitcoin.com

The Economic and Financial Crimes Commission (EFCC) in Nigeria has announced a 5% reward for whistleblowers who provide credible information leading to the prosecution of offenders involved in naira abuse. Dele Oyewale, the EFCC spokesman, emphasized the importance of enforcing the law and protecting the economy from negative impacts. The commission has already secured nearly […]

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Embattled Binance Discontinues Nigerian Naira Services — Users Urged to Convert NGN Balances

March 8, 2024 Bitcoin.com

Africa

Binance, one of the leading crypto exchanges, has said it will discontinue all Nigerian naira services on March 8. The crypto exchange’s decision to drop trading pairs that feature the naira follows weeks of attacks and an official crackdown on its Nigerian operations. Crypto experts like Oladotun Wilfred Akangbe believe dropping the naira will temporarily […]

Planning Ahead: Cosmos Health Looks to Add Bitcoin and Ethereum to Its Treasury

Report: Zimbabwe’s Central Bank Says Upcoming Gold-Backed Digital Currency to Help Reduce Demand for US Dollar

April 25, 2023 Bitcoin.com

Africa

The governor of the Zimbabwean central bank, John Mangudya, recently revealed that his institution is planning to introduce a gold-backed digital currency. According to the governor, the soon-to-be-introduced gold-backed digital currency is expected to help diminish local residents’ demand for the U.S. dollar. Taming High Demand for the US Dollar The Zimbabwean central bank has […]

Planning Ahead: Cosmos Health Looks to Add Bitcoin and Ethereum to Its Treasury

Russian Central Bank Attributes Recent Ruble Depreciation to Lower Forex Sales by Exporters

April 12, 2023 Bitcoin.com

bitcoin.com

The Russian central bank has attributed the ruble’s latest plunge against the U.S. dollar to the temporary reduction “in sales of foreign currency earnings by exporters.” The central bank also revealed that the Chinese yuan accounted for 39% of the Russian forex market’s overall volumes. Temporary Reduction in Sale of Foreign Exchange The Russian central […]

Planning Ahead: Cosmos Health Looks to Add Bitcoin and Ethereum to Its Treasury

Iris Energy Boosts Self-Mining Capacity With 4.4 EH/s of New Bitmain Bitcoin Mining Rigs

February 13, 2023 Bitcoin.com

2 EH/s

Bitcoin miner, Iris Energy, announced plans to increase the company’s self-mining capacity, from 2 exahash per second (EH/s) to approximately 5.5 EH/s, after it receives 4.4 EH/s of new Antminer S19j Pro miners from Bitmain. Iris Energy Leverages $67 Million in Bitmain Prepayments for Latest Mining Expansion Bitcoin mining company, Iris Energy, announced plans to […]

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Bankrupt Celsius Aims to Raise $14.4 Million From Bitcoin Mining Rig Credits and Coupons

February 11, 2023 Bitcoin.com

Bankrupt Celsius Aims to Raise .4 Million From Bitcoin Mining Rig Credits and Coupons

$14 million

Defunct cryptocurrency lender Celsius aims to secure more than $14 million from credits and coupons backed by Bitmain, according to an interim CEO Christopher Ferraro in a bankruptcy court filing dated Feb. 9, 2023. Ferraro stated in the filing that the “coupons currently provide no utility to the debtors’ mining business.” Celsius Interim CEO Outlines […]

Planning Ahead: Cosmos Health Looks to Add Bitcoin and Ethereum to Its Treasury

Report: Egyptian Pound Reaches New Low Against US Dollar Despite Flexible Exchange Rate Regime

January 16, 2023 Bitcoin.com

Abu Dhabi Commercial Bank

The exchange rate of the Egyptian pound versus the U.S. dollar fell to a new low on Jan. 11 after it tapped 32.14 per greenback. The currency’s latest significant depreciation came just a few months after it adopted a flexible exchange rate regime. According to the International Monetary Fund, the monetary authorities in Egypt have […]

depreciation

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