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3232Nigerian Currency ‘Most Competitive in 20 Years,’ Says World Bank
https://www.digit.info/nigerian-currency-most-competitive-in-20-years-says-world-bank/
Fri, 18 Oct 2024 07:46:17 +0000https://www.digit.info/nigerian-currency-most-competitive-in-20-years-says-world-bank/Read more]]>Nigeria’s currency reforms under Bola Tinubu’s government have made the naira one of the most competitive in 20 years, according to World Bank chief economist Indermit Gill. The decision to float the naira and remove fuel subsidies helped prevent fiscal collapse. While the naira’s devaluation has exacerbated poverty and raised concerns about civil unrest but […]
]]>Venezuelans Crave USDT as Dollar Exchange Rate Explodes
https://www.digit.info/venezuelans-crave-usdt-as-dollar-exchange-rate-explodes/
Thu, 17 Oct 2024 18:20:29 +0000https://www.digit.info/venezuelans-crave-usdt-as-dollar-exchange-rate-explodes/Read more]]>Venezuelans have ramped up the use of Tether’s USDT, as it has become one of the largest sources of dollar liquidity in national markets. While the government has tried to contain the black market exchange rates by injecting dollars into the banking sector, it has enjoyed limited success, with Tether adoption ramping up as an […]
]]>Nigeria Central Bank Governor Defends Naira Float Decision
https://www.digit.info/nigeria-central-bank-governor-defends-naira-float-decision/
Tue, 08 Oct 2024 18:43:55 +0000https://www.digit.info/nigeria-central-bank-governor-defends-naira-float-decision/Read more]]>The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, emphasized the importance of the decision to float the naira, despite public criticism of the move. He stated that the disparity between official and parallel exchange rates encouraged arbitrage and speculation, eroding market trust. He highlighted the positive impact of the decision on reducing […]
]]>Experts Fear Cryptocurrency Outflows May Affect Exchange Rates in Brazil
https://www.digit.info/experts-fear-cryptocurrency-outflows-may-affect-exchange-rates-in-brazil/
Sun, 06 Oct 2024 22:30:31 +0000https://www.digit.info/experts-fear-cryptocurrency-outflows-may-affect-exchange-rates-in-brazil/Read more]]>Analysts believe that, in the future, outflows derived from cryptocurrency purchases could affect the domestic exchange rate in Brazil. The Central Bank of Brazil indicates that crypto assets and recreational services account for $14.7 billion that flowed out of Brazil through August, hinting at the use of virtual assets as payment tools. Cryptocurrency Outflows Dangerous […]
]]>Zimbabwe Injects $50 Million to Bolster Devalued Currency
https://www.digit.info/zimbabwe-injects-50-million-to-bolster-devalued-currency/
Sat, 05 Oct 2024 22:46:17 +0000https://www.digit.info/zimbabwe-injects-50-million-to-bolster-devalued-currency/Read more]]>The Reserve Bank of Zimbabwe (RBZ) has injected an additional $50 million into the market to support the foreign exchange system. However, industry leaders believe the bank is not doing enough to facilitate the smooth operation of the market. They argue that the policy requiring companies to have no existing nostro balances before bidding for […]
]]>Nigeria’s Central Bank Raises Benchmark Rate by 50 Basis Points
https://www.digit.info/nigerias-central-bank-raises-benchmark-rate-by-50-basis-points/
Wed, 25 Sep 2024 07:30:36 +0000https://www.digit.info/nigerias-central-bank-raises-benchmark-rate-by-50-basis-points/Read more]]>The Central Bank of Nigeria (CBN) raised the Monetary Policy Rate (MPR) by 50 basis points to 27.25% and increased the Cash Reserve Ratio (CRR) for banks. These measures aim to combat inflation and stabilize the Nigerian economy. The CBN governor, Olayemi Cardoso, stated that the reforms implemented have restored the bank’s credibility and boosted […]
]]>Zimbabwe’s Central Bank to Shield Gold-Backed Currency From Market Volatility
https://www.digit.info/zimbabwes-central-bank-to-shield-gold-backed-currency-from-market-volatility/
Tue, 24 Sep 2024 17:25:46 +0000https://www.digit.info/zimbabwes-central-bank-to-shield-gold-backed-currency-from-market-volatility/Read more]]>Zimbabwe’s central bank governor, John Mushayavanhu, has stated that the bank might use its foreign currency reserves to protect the Zimbabwe Gold (zig) from severe market disruptions. He also pledged to maintain a tight monetary policy to ensure stable inflation and exchange rates. The zig, a gold-backed currency, has experienced a decline in value against […]
]]>Indonesia and South Korea Sign New Local Currency Agreement to Boost Trade
https://www.digit.info/indonesia-and-south-korea-sign-new-local-currency-agreement-to-boost-trade/
Sun, 01 Sep 2024 01:30:34 +0000https://www.digit.info/indonesia-and-south-korea-sign-new-local-currency-agreement-to-boost-trade/Read more]]>Bank Indonesia, the Bank of Korea, and South Korea’s Ministry of Economy and Finance have introduced a local currency transaction framework to boost bilateral trade using the rupiah and won. This initiative aims to reduce exchange rate risk and improve transaction efficiency by facilitating direct currency transactions between the two nations, bypassing the need for […]
]]>Binance to Convert Delisted Crypto to USDC — Advises Users to Withdraw Affected Tokens Before Deadline
https://www.digit.info/binance-to-convert-delisted-crypto-to-usdc-advises-users-to-withdraw-affected-tokens-before-deadline/
Wed, 14 Aug 2024 03:30:46 +0000https://www.digit.info/binance-to-convert-delisted-crypto-to-usdc-advises-users-to-withdraw-affected-tokens-before-deadline/Read more]]>Crypto exchange Binance has announced the conversion of several delisted tokens into stablecoin USDC. Users are advised to withdraw affected crypto tokens by Sept. 1, as they will no longer be accessible afterward. After this date, withdrawals of the delisted tokens will no longer be supported, and users will not be able to transfer them […]
]]>Nigeria Acts to Defend Naira After Currency Hits New Record Low
https://www.digit.info/nigeria-acts-to-defend-naira-after-currency-hits-new-record-low/
Sun, 21 Jul 2024 02:30:52 +0000https://www.digit.info/nigeria-acts-to-defend-naira-after-currency-hits-new-record-low/Read more]]>The Central Bank of Nigeria recently sold U.S. dollars to Bureaux de Change (BDC) at a flat rate of NGN1,450 per greenback. The central bank stated that eligible BDCs can sell the dollars to end-users at a margin of no more than 1.5% above the purchase exchange rate. The Nigerian apex bank disclosed that it […]
Nigeria’s currency reforms under Bola Tinubu’s government have made the naira one of the most competitive in 20 years, according to World Bank chief economist Indermit Gill. The decision to float the naira and remove fuel subsidies helped prevent fiscal collapse. While the naira’s devaluation has exacerbated poverty and raised concerns about civil unrest but […]
]]>
Venezuelans have ramped up the use of Tether’s USDT, as it has become one of the largest sources of dollar liquidity in national markets. While the government has tried to contain the black market exchange rates by injecting dollars into the banking sector, it has enjoyed limited success, with Tether adoption ramping up as an […]
]]>
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, emphasized the importance of the decision to float the naira, despite public criticism of the move. He stated that the disparity between official and parallel exchange rates encouraged arbitrage and speculation, eroding market trust. He highlighted the positive impact of the decision on reducing […]
]]>
Analysts believe that, in the future, outflows derived from cryptocurrency purchases could affect the domestic exchange rate in Brazil. The Central Bank of Brazil indicates that crypto assets and recreational services account for $14.7 billion that flowed out of Brazil through August, hinting at the use of virtual assets as payment tools. Cryptocurrency Outflows Dangerous […]
]]>
The Reserve Bank of Zimbabwe (RBZ) has injected an additional $50 million into the market to support the foreign exchange system. However, industry leaders believe the bank is not doing enough to facilitate the smooth operation of the market. They argue that the policy requiring companies to have no existing nostro balances before bidding for […]
]]>
The Central Bank of Nigeria (CBN) raised the Monetary Policy Rate (MPR) by 50 basis points to 27.25% and increased the Cash Reserve Ratio (CRR) for banks. These measures aim to combat inflation and stabilize the Nigerian economy. The CBN governor, Olayemi Cardoso, stated that the reforms implemented have restored the bank’s credibility and boosted […]
]]>
Zimbabwe’s central bank governor, John Mushayavanhu, has stated that the bank might use its foreign currency reserves to protect the Zimbabwe Gold (zig) from severe market disruptions. He also pledged to maintain a tight monetary policy to ensure stable inflation and exchange rates. The zig, a gold-backed currency, has experienced a decline in value against […]
]]>
Bank Indonesia, the Bank of Korea, and South Korea’s Ministry of Economy and Finance have introduced a local currency transaction framework to boost bilateral trade using the rupiah and won. This initiative aims to reduce exchange rate risk and improve transaction efficiency by facilitating direct currency transactions between the two nations, bypassing the need for […]
]]>
Crypto exchange Binance has announced the conversion of several delisted tokens into stablecoin USDC. Users are advised to withdraw affected crypto tokens by Sept. 1, as they will no longer be accessible afterward. After this date, withdrawals of the delisted tokens will no longer be supported, and users will not be able to transfer them […]
]]>
The Central Bank of Nigeria recently sold U.S. dollars to Bureaux de Change (BDC) at a flat rate of NGN1,450 per greenback. The central bank stated that eligible BDCs can sell the dollars to end-users at a margin of no more than 1.5% above the purchase exchange rate. The Nigerian apex bank disclosed that it […]
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