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Zimbabwe Plans to ‘Float’ Rapidly Depreciating Gold-Backed Currency

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Zimbabwe Plans to ‘Float’ Rapidly Depreciating Gold-Backed Currency
bitcoin.com
Zimbabwe Plans to ‘Float’ Rapidly Depreciating Gold-Backed CurrencyZimbabwe has said it plans to let its rapidly depreciating gold-backed currency, Zig, float freely on the foreign exchange market. A central bank official said this would help the currency achieve price discovery without administrative interference. However, the official did not give a timeline for when the central bank intends to implement this policy. Since […]
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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Nigeria’s Currency Plunges as Dollar Liquidity Dries Up: Will a Naira-for-Crude Oil Swap Revive It?

Bitcoin.com
Nigeria’s Currency Plunges as Dollar Liquidity Dries Up: Will a Naira-for-Crude Oil Swap Revive It?
Africa
Nigeria’s Currency Plunges as Dollar Liquidity Dries Up: Will a Naira-for-Crude Oil Swap Revive It?The Nigerian naira recently hit a new low against the U.S. dollar, ranking among the three worst-performing currencies globally. Dollar Liquidity Dries up The Nigerian naira, which has already lost over 70% of its value in 2024, recently dropped to a record low of NGN1,670.65 per U.S. dollar on the official foreign exchange market on […]
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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

World Bank: Nigeria Loses $8B on Foreign Exchange Subsidies Over 3 Years

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World Bank: Nigeria Loses B on Foreign Exchange Subsidies Over 3 Years
Africa
World Bank: Nigeria Loses B on Foreign Exchange Subsidies Over 3 YearsThe 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 subsidy, along with the fuel subsidy, deprived the government of revenue. The World Bank acknowledges the suffering caused by the government’s policies but insists they […]
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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Nigeria Receives Nearly $100,000 From Unlicensed Crypto Firms

Bitcoin.com
Nigeria Receives Nearly 0,000 From Unlicensed Crypto Firms
Africa
Nigeria Receives Nearly 0,000 From Unlicensed Crypto FirmsThe Nigerian government received nearly $100,000 from two cryptocurrency firms accused of conducting unlicensed conversions of tether (USDT) to naira and vice versa. The two Nigerian cryptocurrency firms, Paparaxy Global Ventures Limited and Lemskin Technologies Limited were accused of operating without a banking license. Plea Agreement The Nigerian Federal Government recently received nearly $100,000 (NGN160 […]
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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Nigeria Injects $543.5M to Shore up Naira

Bitcoin.com
Nigeria Injects 3.5M to Shore up Naira
Africa
Nigeria Injects 3.5M to Shore up NairaThe 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 high demand for imports and seasonal factors. Nigeria is facing foreign exchange shortages and the government has taken various steps to counter it, including restricting […]
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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Nigeria Introduces System to Boost Forex Market Transparency

Bitcoin.com
Nigeria Introduces System to Boost Forex Market Transparency
Africa
Nigeria Introduces System to Boost Forex Market TransparencyThe 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 must comply with existing regulations and complete necessary preparations before using EFEMS. Enhancing Transparency in the Foreign Exchange Market The Central Bank of Nigeria (CBN) […]
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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Inflation, Dollar Shortage Fuel Stablecoin Use in Sub-Saharan Africa

Bitcoin.com
Inflation, Dollar Shortage Fuel Stablecoin Use in Sub-Saharan Africa
Africa
Inflation, Dollar Shortage Fuel Stablecoin Use in Sub-Saharan AfricaStablecoins 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 access to US dollars. Businesses and individuals view stablecoins as a reliable way to store value and conduct international payments. Stablecoins as a Store of […]
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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Ghana Launches Gold Coin Priced in Local Currency

Bitcoin.com
Ghana Launches Gold Coin Priced in Local Currency
Africa
Ghana Launches Gold Coin Priced in Local CurrencyGhana’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 price. Despite efforts to strengthen the cedi, Ghana’s currency continues to depreciate against the U.S. dollar. Gold Coins Priced in Local Currency Ghana has launched […]
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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Zimbabwe Devalues Gold-Backed Currency by 44%

Bitcoin.com
Zimbabwe Devalues Gold-Backed Currency by 44%
bitcoin.com
Zimbabwe Devalues Gold-Backed Currency by 44%The Reserve Bank of Zimbabwe (RBZ) has devalued the Zimbabwe Gold (Zig) by 44%, causing the currency to plummet from 13.98 to 24.3 against the U.S. dollar. This drastic move addresses rising exchange rate volatility and inflationary pressures that have plagued the economy since August. According to RBZ Governor John Mushayavanhu, the decision was necessary […]
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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Nigerian Currency Plunges After Central Bank Rate Hike

Bitcoin.com
Nigerian Currency Plunges After Central Bank Rate Hike
bitcoin.com
Nigerian Currency Plunges After Central Bank Rate HikeThe 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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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

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