currency depreciation – DIGIT INFO

Experts Question Ghana VP’s Gold-Backed Currency Pledge

DIGIT — Wed, 21 Aug 2024 22:30:17 +0000

A Ghanaian banking consultant, Richmond Atuahene, has expressed concerns about Vice President Mahamudu Bawumia’s pledge to back the cedi with gold. Atuahene believes Ghana needs a stable economic environment before implementing this policy. John Gatsi, a dean at the University of Cape Coast School of Business, warns that backing the cedi with gold alone will […]

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‘Spraying’ Naira Notes Causes Depreciation, Warns Nigerian Anti-Graft Body

DIGIT — Tue, 28 May 2024 20:15:59 +0000

The Economic and Financial Crimes Commission (EFCC) has issued a warning against the practice of spraying naira notes at social events, emphasizing that it diminishes the dignity of the currency. In a recent post on its official X page, the Nigerian anti-graft agency urged residents to respect the naira and avoid ridiculing it. The EFCC […]

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

DIGIT — Mon, 20 May 2024 08:00:57 +0000

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. […]

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

DIGIT — Sun, 14 Apr 2024 22:10:51 +0000

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 […]

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Economic Intelligence Unit: Nigerian Central Bank Lacks Capacity to Defend Local Currency

DIGIT — Tue, 12 Mar 2024 11:45:53 +0000

The Economic Intelligence Unit has stated that the Central Bank of Nigeria cannot halt the rapid depreciation of the local currency. The continued volatility of the naira is expected to result in erratic regulation, primarily affecting businesses that hold foreign exchange. Nigeria Presses Ahead With Reforms The Economic Intelligence Unit (EIU) has stated that the […]

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Egypt Devalues Currency, Raises Interest Rates to Fulfill Key IMF Aid Requirement

DIGIT — Fri, 08 Mar 2024 20:45:36 +0000

Authorities in Egypt recently allowed the local currency’s exchange rate versus the U.S. dollar to decrease by more than 60%. Additionally, the central bank raised interest rates by 600 basis points. Both steps were key conditions set by the IMF which Egypt had to meet before the approval of a new financial aid package. IMF […]

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Nigeria’s Headline Inflation Increases as Central Bank Intensifies Foreign Exchange Controls

DIGIT — Sat, 17 Feb 2024 20:45:32 +0000

In the first month of 2024, Nigeria’s headline inflation rose from nearly one percent to 29.9%. However, on a year-on-year basis, the January 2024 headline inflation rate was 8.08 percentage points higher than the January 2023 rate. Many commentators identify foreign exchange shortages as the root cause of the naira’s poor performance against major currencies. […]

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An African Perspective on Why the World Needs Cryptocurrencies

DIGIT — Wed, 29 Dec 2021 12:00:14 +0000

Rising cryptocurrency use in Africa over the past few years has not only shown that digital currencies are now a vital means of moving funds across borders and between people, but that cryptocurrencies are also an important means of accessing global markets for the financially excluded. Cryptocurrency Now a Necessity Despite ongoing efforts by regulators […]

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Blockchain Entrepreneur to Regulators: ‘Crypto Community a Useful Ally’

DIGIT — Mon, 16 Aug 2021 11:30:38 +0000

To many people, the year 2020 will probably go down in history as one of the most consequential of the century. After all, it was the year when governments, health professionals, and business owners all seemed to have a common goal: stopping the spread of Covid-19 at all costs. Indeed, in a majority of the […]

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Nigerian Lawmakers Slam Naira Devaluation, Warn of Inflation Implications

DIGIT — Thu, 10 Jun 2021 22:00:18 +0000

Nigeria’s House of Representatives has moved a motion calling on the country’s central bank to end the continuing devaluation of the naira. In his unanimously adopted motion, House Representative Bamidele Salam warned the Central Bank of Nigeria (CBN) of the negative “implications of further devaluing the naira.” Lawmakers Slam CBN U-Turn The House’s warning follows […]

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