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3232Ruble Surges Against Greenback, Ethiopian Birr Exchange Rate Gap Widens; Kiyosaki: The ‘End Is Here’ for Fake Money — Week in Review
https://www.digit.info/ruble-surges-against-greenback-ethiopian-birr-exchange-rate-gap-widens-kiyosaki-the-end-is-here-for-fake-money-week-in-review/
Sun, 02 Oct 2022 10:30:39 +0000https://www.digit.info/2022/10/02/ruble-surges-against-greenback-ethiopian-birr-exchange-rate-gap-widens-kiyosaki-the-end-is-here-for-fake-money-week-in-review/Read more]]>Rumors of expanding war, massive inflation destroying people’s purchasing power, and widespread volatility in the world of fiat currencies shaped the news this past week, with similarly dynamic developments in the world of cryptocurrency. Rich Dad Poor Dad author Robert Kiyosaki says the “end is here” for fake money. This and more just below in […]
]]>Report: Gap Between Ethiopian Currency’s Official and Parallel Market Exchange Rate Grows to New Record
https://www.digit.info/report-gap-between-ethiopian-currencys-official-and-parallel-market-exchange-rate-grows-to-new-record/
Sun, 25 Sep 2022 09:00:02 +0000https://www.digit.info/2022/09/25/report-gap-between-ethiopian-currencys-official-and-parallel-market-exchange-rate-grows-to-new-record/Read more]]>The Ethiopian birr currency’s parallel exchange rate against the U.S. dollar recently dropped to a low of 92 birrs per dollar, a report has said. The report added that following this latest plunge, the gap between the birr’s official and parallel market exchange rates has widened to a record high. Resumption of Fighting Between Ethiopian […]
]]>Lebanon Inflation Rate Surges to 211%, Economist Steve Hanke Recommends a Currency Board
https://www.digit.info/lebanon-inflation-rate-surges-to-211-economist-steve-hanke-recommends-a-currency-board/
Sun, 26 Jun 2022 07:30:45 +0000https://www.digit.info/2022/06/26/lebanon-inflation-rate-surges-to-211-economist-steve-hanke-recommends-a-currency-board/Read more]]>As political leaders in crisis-hit Lebanon bicker over positions in the yet-to-be-formed government, the country’s runaway inflation rate surged to 211% in May 2022, new data has shown. Economist Steve Hanke insists that a currency board is a solution to Lebanon’s currency woes. Black Market in Fuel Driving Inflation The inflation rate in crisis-torn Lebanon […]
]]>No Plans to Make US Dollar Sole Currency, Zimbabwean Finance Minister Calls Idea ‘Suicidal’
https://www.digit.info/no-plans-to-make-us-dollar-sole-currency-zimbabwean-finance-minister-calls-idea-suicidal/
Fri, 29 Oct 2021 18:30:51 +0000https://www.digit.info/2021/10/29/no-plans-to-make-us-dollar-sole-currency-zimbabwean-finance-minister-calls-idea-suicidal/Read more]]>The Zimbabwean Finance Minister, Mthuli Ncube, recently told business leaders that he is not planning to make the U.S. dollar the country’s sole currency again. Government Focused on Strengthening Local Currency Instead of entertaining those calling for the dollarization of the Zimbabwean economy, Ncube suggested his ministry is in fact focused on defending the value […]
]]>Nigerian Currency Plunges to New Low of 570 — 10% of Value Lost in Under 30 Days
https://www.digit.info/nigerian-currency-plunges-to-new-low-of-570-10-of-value-lost-in-under-30-days/
Fri, 17 Sep 2021 09:30:45 +0000https://www.digit.info/2021/09/17/nigerian-currency-plunges-to-new-low-of-570-10-of-value-lost-in-under-30-days/Read more]]>The 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 […]
]]>Nigerian Central Bank Stops Forex Sales to Bureaus de Change — Operators Accused of Feeding Black Market
https://www.digit.info/nigerian-central-bank-stops-forex-sales-to-bureaus-de-change-operators-accused-of-feeding-black-market/
Wed, 28 Jul 2021 08:30:35 +0000https://www.digit.info/2021/07/28/nigerian-central-bank-stops-forex-sales-to-bureaus-de-change-operators-accused-of-feeding-black-market/Read more]]>The Central Bank of Nigeria (CBN) recently announced the abrupt end to sales and outsourcing of foreign exchange to Bureau de Change (BDC) operators after accusing them of failing to stick to their core mandate. Instead of providing forex to retail users, BDCs are believed to be supplying the scarce resource to so-called “illegal” dealers. […]
]]>Forex Shortages Force Nigerian Corporates to Turn to Parallel Market
https://www.digit.info/forex-shortages-force-nigerian-corporates-to-turn-to-parallel-market/
Tue, 13 Jul 2021 12:30:58 +0000https://www.digit.info/2021/07/13/forex-shortages-force-nigerian-corporates-to-turn-to-parallel-market/Read more]]>Nigeria’s ongoing shortage of foreign exchange is forcing corporates and businesses to source this resource on the parallel market, a former official with the Lagos Chamber of Commerce and Industry (LCCI) has said. According to Muda Yusuf, who is the previous director-general at LCCI, these shortages stem from the foreign exchange market liquidity constraints that […]
]]>New World Bank Report: Nigeria’s Exchange Rate Policies Fueling Inflation, Affecting Food Prices
https://www.digit.info/new-world-bank-report-nigerias-exchange-rate-policies-fueling-inflation-affecting-food-prices/
Mon, 21 Jun 2021 11:30:32 +0000https://www.digit.info/2021/06/21/new-world-bank-report-nigerias-exchange-rate-policies-fueling-inflation-affecting-food-prices/Read more]]>Nigeria’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 […]
]]>Nigeria’s Naira Loses Ground on Forex Black Market Just a Few Days After Devaluation
https://www.digit.info/nigerias-naira-loses-ground-on-forex-black-market-just-a-few-days-after-devaluation/
Fri, 28 May 2021 08:30:54 +0000https://www.digit.info/2021/05/28/nigerias-naira-loses-ground-on-forex-black-market-just-a-few-days-after-devaluation/Read more]]>The Nigerian naira currency lost further ground against major currencies after it depreciated to 493 nairas for one dollar on the black market on May 25, 2021. Before the latest depreciation, the currency had stabilized at around 485 nairas to the dollar. This was shortly after the exchange rate dropped to a three and a […]
]]>IMF Representative of Nigeria Calls for Caution Over the Use of Cryptocurrencies
https://www.digit.info/imf-representative-of-nigeria-calls-for-caution-over-the-use-of-cryptocurrencies/
Sat, 20 Feb 2021 00:00:47 +0000https://www.digit.info/2021/02/20/imf-representative-of-nigeria-calls-for-caution-over-the-use-of-cryptocurrencies/Read more]]>The International Monetary Fund (IMF) resident representative for Nigeria, Ari Aisen recently discussed the Central Bank of Nigeria (CBN) directive that targets crypto entities. In remarks made during a special virtual press briefing, Aisen repeats some of the CBN’s claims that cryptocurrencies were being used “for illegal transactions such as money laundering and drug trafficking.” […]
Rumors of expanding war, massive inflation destroying people’s purchasing power, and widespread volatility in the world of fiat currencies shaped the news this past week, with similarly dynamic developments in the world of cryptocurrency. Rich Dad Poor Dad author Robert Kiyosaki says the “end is here” for fake money. This and more just below in […]
The Ethiopian birr currency’s parallel exchange rate against the U.S. dollar recently dropped to a low of 92 birrs per dollar, a report has said. The report added that following this latest plunge, the gap between the birr’s official and parallel market exchange rates has widened to a record high. Resumption of Fighting Between Ethiopian […]
As political leaders in crisis-hit Lebanon bicker over positions in the yet-to-be-formed government, the country’s runaway inflation rate surged to 211% in May 2022, new data has shown. Economist Steve Hanke insists that a currency board is a solution to Lebanon’s currency woes. Black Market in Fuel Driving Inflation The inflation rate in crisis-torn Lebanon […]
The Zimbabwean Finance Minister, Mthuli Ncube, recently told business leaders that he is not planning to make the U.S. dollar the country’s sole currency again. Government Focused on Strengthening Local Currency Instead of entertaining those calling for the dollarization of the Zimbabwean economy, Ncube suggested his ministry is in fact focused on defending the value […]
The 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 […]
The Central Bank of Nigeria (CBN) recently announced the abrupt end to sales and outsourcing of foreign exchange to Bureau de Change (BDC) operators after accusing them of failing to stick to their core mandate. Instead of providing forex to retail users, BDCs are believed to be supplying the scarce resource to so-called “illegal” dealers. […]
Nigeria’s ongoing shortage of foreign exchange is forcing corporates and businesses to source this resource on the parallel market, a former official with the Lagos Chamber of Commerce and Industry (LCCI) has said. According to Muda Yusuf, who is the previous director-general at LCCI, these shortages stem from the foreign exchange market liquidity constraints that […]
Nigeria’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 […]
The Nigerian naira currency lost further ground against major currencies after it depreciated to 493 nairas for one dollar on the black market on May 25, 2021. Before the latest depreciation, the currency had stabilized at around 485 nairas to the dollar. This was shortly after the exchange rate dropped to a three and a […]
The International Monetary Fund (IMF) resident representative for Nigeria, Ari Aisen recently discussed the Central Bank of Nigeria (CBN) directive that targets crypto entities. In remarks made during a special virtual press briefing, Aisen repeats some of the CBN’s claims that cryptocurrencies were being used “for illegal transactions such as money laundering and drug trafficking.” […]