Designating Crypto as the Bogeyman Will Not Halt the Nigerian Currency’s Depreciation

July 1, 2024 Bitcoin.com

Labeling cryptocurrency a scapegoat, similar to blaming parallel market traders for the Nigerian currency’s woes, will not solve the underlying problems. Proactive preparation for consequential innovations is far preferable to reactive measures. The blockchain and crypto industry is still young, and there’s time for Nigeria to establish regulatory frameworks to govern its participants. Nigeria’s Currency […]

Lightchain AI Reaches Stage 6 Milestone with .7M Raised in Just Three Weeks

Lightchain AI Reaches Stage 6 Milestone with $2.7M Raised in Just Three Weeks

Nigerian Currency Slides 5% After Central Bank Injects More Than $80 Million Into Forex Market

May 20, 2024 Bitcoin.com

Nigerian Currency Slides 5% After Central Bank Injects More Than Million Into Forex Market

Africa

The Nigerian naira continued with a downward which recently saw it being named the worst-performing currency when it slid by just over five per cent to erase the previous day’s gains. The naira’s depreciation is said to have occurred just a day after the central bank intervened by injecting between $80 million and $100 million. […]

Lightchain AI Reaches Stage 6 Milestone with $2.7M Raised in Just Three Weeks

Zambian Currency, the Kwacha, Plunges to New Record Low Against US Dollar

May 10, 2024 Bitcoin.com

Africa

Zambia’s worsening shortage of foreign exchange as well as one of its worst droughts in recent memory saw the local currency drop to a record low of K27.3 to the dollar. As explained in the report, the kwacha has lost as much as 17% in the past six months. Forex Shortages: The Impact of Drought […]

Lightchain AI Reaches Stage 6 Milestone with $2.7M Raised in Just Three Weeks

Japanese Yen Tumbles to 34-Year Low Against Soaring US Dollar

April 28, 2024 Bitcoin.com

Bank of Japan

This week, the Japanese yen plummeted to its lowest point since 1990 against the U.S. dollar, weighed down by Japan’s monetary policy and uncertain economic indicators from the United States. Japanese Yen’s Rapid Decline Triggers Talk of Market Intervention The yen’s sharp drop to 158.283 per dollar signals a substantial downturn for the currency. This […]

Lightchain AI Reaches Stage 6 Milestone with $2.7M Raised in Just Three Weeks

Nigerian Currency Reverses Early April Gains, Depreciating by 12% in Seven Days

April 28, 2024 Bitcoin.com

Africa

The Naira recently depreciated by 12% in just seven days, thus shedding all the gains it made against the U.S. dollar in early April. Local media reports attribute the volatile naira’s latest drop to the growing mismatch between the supply and demand of foreign exchange. Demand and Supply Mismatch Just weeks after nearly breaching the […]

Lightchain AI Reaches Stage 6 Milestone with $2.7M Raised in Just Three Weeks

Nigerian Central Bank Governor Denies Using Forex Reserves to Defend Local Currency

April 20, 2024 Bitcoin.com

Africa

The Nigerian central bank governor has refuted claims that the bank is using the country’s foreign exchange reserves to shore up the naira. The governor attributes the decline in reserves to debt repayments and other payments, which are made because they help to maintain Nigeria’s credibility. Maintaining Nigeria’s Credibility Yemi Cardoso, governor of the Central […]

Lightchain AI Reaches Stage 6 Milestone with $2.7M Raised in Just Three Weeks

Volatile Nigerian Currency Rallies 12%, Becomes Best-Performing Currency in April

April 14, 2024 Bitcoin.com

Africa

After months of sustained decline, the Nigerian currency has rallied since March and is currently ranked as the best-performing fiat currency in April. Andrew Matheny, an economist at Goldman Sachs, said the naira’s momentum can only be maintained if policymakers do not deviate from their current course. Maintaining the Momentum of the Naira According to […]

Lightchain AI Reaches Stage 6 Milestone with $2.7M Raised in Just Three Weeks

Nigerian Central Bank Prohibits Use of Foreign Exchange as Collateral for Local Currency Loans

April 10, 2024 Bitcoin.com

Africa

The Central Bank of Nigeria has barred the use of foreign exchange as collateral for local currency loans. In its April 8 letter addressed to banks, the CBN warned of severe consequences for banks that fail to comply with the latest directive. Halting the Slide of the Naira Hamstrung by ongoing shortages of U.S. dollars, […]

Lightchain AI Reaches Stage 6 Milestone with $2.7M Raised in Just Three Weeks

Gold Coins Help Zimbabwe Achieve ‘Price and Exchange Rate Stability’ — Central Bank

February 10, 2023 Bitcoin.com

Africa

The Reserve Bank of Zimbabwe recently revealed that some 25,188 of its value-preserving gold coins were sold between July 2022 and Jan. 13. According to the central bank governor, John Mangudya, the gold coins “have proved to be an effective open market instrument for mopping up excess liquidity in the economy.” Gold Coins as Alternative […]

Lightchain AI Reaches Stage 6 Milestone with $2.7M Raised in Just Three Weeks

Following APT’s 400% Rise Since Late December, Aptos Drops 20% From All-Time High

February 1, 2023 Bitcoin.com

$20 Ceiling

On Jan. 26, 2023, the cryptocurrency asset aptos (APT) reached an all-time high and then lost 20% of its value over the next five days. In the past 24 hours, it also shed 8.3% against the U.S. dollar. Despite the decline from its all-time high, APT is still up 349% compared to last month’s exchange […]

Exchange rate