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Nigeria’s Rising Inflation and Foreign Exchange Shortages Fueling Devaluation Speculation — IMF Mission

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Nigeria’s Rising Inflation and Foreign Exchange Shortages Fueling Devaluation Speculation — IMF Mission
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Nigeria’s Rising Inflation and Foreign Exchange Shortages Fueling Devaluation Speculation — IMF MissionAccording to the International Monetary Fund (IMF)’s mission concluding statement, Nigeria’s rising inflation rate as well as the continuing shortage of foreign currency are fueling the naira devaluation speculations. To achieve a unified naira exchange rate, the global lender said Nigeria needs to dismantle “the various exchange rate windows at the CBN [Central Bank of […]
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Michael Saylor Presents Framework for Digital Assets to Strengthen U.S. Leadership

Michael Saylor Presents Framework for Digital Assets to Strengthen U.S. Leadership

Report: Bank of America Economist Predicts 20% Devaluation of the Nigerian Currency in 2023

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Report: Bank of America Economist Predicts 20% Devaluation of the Nigerian Currency in 2023
all-time low
Report: Bank of America Economist Predicts 20% Devaluation of the Nigerian Currency in 2023A Bank of America economist, Tatonga Rusike, has said the Nigerian currency is overvalued by as much as 20% and will likely be devalued in 2030. The remarks by the economist came just days after the currency’s exchange rate reportedly touched a new low of just under 750 naira for every U.S. dollar on the […]
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Michael Saylor Presents Framework for Digital Assets to Strengthen U.S. Leadership

Michael Saylor Presents Framework for Digital Assets to Strengthen U.S. Leadership

Nigerian Central Bank Told to Consider Floating the Naira, Recent Interest Rate Hike Slammed

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Nigerian Central Bank Told to Consider Floating the Naira, Recent Interest Rate Hike Slammed
Alhaji Aminu Gwadabe
Nigerian Central Bank Told to Consider Floating the Naira, Recent Interest Rate Hike SlammedThe Central Bank of Nigeria should be discontinuing the fixed exchange rate system and let the naira freely float against the major currencies, Alhaji Aminu Gwadabe, the leader of a Nigerian association of bureau de change operators has said. The leader also slammed the recent adjustment of the central bank’s interest rate to 13%, which […]
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Michael Saylor Presents Framework for Digital Assets to Strengthen U.S. Leadership

Michael Saylor Presents Framework for Digital Assets to Strengthen U.S. Leadership

Report: Nigerian Central Bank Incentive Scheme Failed to Halt Naira Depreciation

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Report: Nigerian Central Bank Incentive Scheme Failed to Halt Naira Depreciation
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Report: Nigerian Central Bank Incentive Scheme Failed to Halt Naira DepreciationThe Central Bank of Nigeria (CBN)’s attempt to incentivize the country’s forex market through the so-called “Naira for Dollar” scheme has failed. This is evidenced by the local currency’s plunge of more than 25% since the launch of the incentive scheme in March 2021. Naira Depreciation The CBN’s scheme that encourages recipients of cross-border remittances […]
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Michael Saylor Presents Framework for Digital Assets to Strengthen U.S. Leadership

Michael Saylor Presents Framework for Digital Assets to Strengthen U.S. Leadership

Nigerian Presidency: Vice President Yemi Osinbajo Against ‘Willy-Nilly Devaluation of the Naira’

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Nigerian Presidency: Vice President Yemi Osinbajo Against ‘Willy-Nilly Devaluation of the Naira’
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Nigerian Presidency: Vice President Yemi Osinbajo Against ‘Willy-Nilly Devaluation of the Naira’The Nigerian presidency has denied reports that the country’s Vice President (VP), Yemi Osinbajo, was calling for the devaluation of the local currency when he recently questioned the naira’s official exchange rate. The Huge Arbitrage In fact, according to a report that quotes Laolu Akande, the VP’s assistant, Osinbajo is against “a willy-nilly devaluation of […]
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Michael Saylor Presents Framework for Digital Assets to Strengthen U.S. Leadership

Michael Saylor Presents Framework for Digital Assets to Strengthen U.S. Leadership

Nigerian Currency Plunges to New Low of 570 — 10% of Value Lost in Under 30 Days

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Nigerian Currency Plunges to New Low of 570 — 10% of Value Lost in Under 30 Days
bitcoin.com
Nigerian Currency Plunges to New Low of 570 — 10% of Value Lost in Under 30 DaysThe Nigerian currency, the naira, plunged to a new all-time low of N570 for every dollar on September 16, 2021. This new exchange rate means since August 17, the naira has now lost about a tenth of its value on the foreign currency black market. Naira Overvalued In spite of this plunge, which has been […]
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Michael Saylor Presents Framework for Digital Assets to Strengthen U.S. Leadership

Michael Saylor Presents Framework for Digital Assets to Strengthen U.S. Leadership

Nigerian Central Bank: We Are Not Worried About the Naira’s Valuation

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Nigerian Central Bank: We Are Not Worried About the Naira’s Valuation
bitcoin.com
Nigerian Central Bank: We Are Not Worried About the Naira’s ValuationThe Central Bank of Nigeria (CBN)’s director of monetary policy, Hassan Mahmud, has suggested that the institution is not worried about the naira’s valuation but is instead interested in “boosting dollar supply on the currency market.” Naira Depreciation According to a report, Mahmud’s remarks were made just a day after the local currency touched a […]
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Michael Saylor Presents Framework for Digital Assets to Strengthen U.S. Leadership

Michael Saylor Presents Framework for Digital Assets to Strengthen U.S. Leadership

Nigerian Currency Overvalued by 10% Says Central Bank Governor

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Nigerian Currency Overvalued by 10% Says Central Bank Governor
bitcoin.com
Nigerian Currency Overvalued by 10% Says Central Bank GovernorThe governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has reportedly told investors that the country’s currency is overvalued by 10%. The governor’s remarks, which have been confirmed by two unnamed sources, suggest that the central bank is planning to devalue the naira again. Another Naira Devaluation Loading As previously reported by Bitcoin.com […]
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Michael Saylor Presents Framework for Digital Assets to Strengthen U.S. Leadership

Michael Saylor Presents Framework for Digital Assets to Strengthen U.S. Leadership

New World Bank Report: Nigeria’s Exchange Rate Policies Fueling Inflation, Affecting Food Prices

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New World Bank Report: Nigeria’s Exchange Rate Policies Fueling Inflation, Affecting Food Prices
bitcoin.com
New World Bank Report: Nigeria’s Exchange Rate Policies Fueling Inflation, Affecting Food PricesNigeria’s use of multiple exchange rates regimes may have contributed to a rise in the country’s inflation rate, the latest World Bank report has said. In addition, the report says ongoing restrictions on the use and movement of foreign exchange are “further pushing up prices of food and agricultural inputs like fertilizer.” Misaligned Exchange Rates […]
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Michael Saylor Presents Framework for Digital Assets to Strengthen U.S. Leadership

Michael Saylor Presents Framework for Digital Assets to Strengthen U.S. Leadership

After Central Bank Devalues Naira by 5% Finance Minister Attributes Drop to ‘Market Forces’

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After Central Bank Devalues Naira by 5% Finance Minister Attributes Drop to ‘Market Forces’
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After Central Bank Devalues Naira by 5% Finance Minister Attributes Drop to ‘Market Forces’Nigerian Finance Minister Zainab Ahmed has denied widespread reports that the Central Bank of Nigeria (CBN) had sanctioned the devaluation of the local currency sometime in May 2021. Instead, she attributes the naira’s fall to the “volatility in the oil price.” Ahmed’s remarks come just a few weeks after the official naira exchange rate dropped […]
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Michael Saylor Presents Framework for Digital Assets to Strengthen U.S. Leadership

Michael Saylor Presents Framework for Digital Assets to Strengthen U.S. Leadership

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