Exchange rate – Page 2

Designating Crypto as the Bogeyman Will Not Halt the Nigerian Currency’s Depreciation

July 1, 2024

Labeling cryptocurrency a scapegoat, similar to blaming parallel market traders for the Nigerian currency’s woes, will not solve the underlying problems. Proactive preparation for consequential innovations is far preferable to reactive measures. The blockchain and crypto industry is still young, and there’s time for Nigeria to establish regulatory frameworks to govern its participants. Nigeria’s Currency…
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Zambian Currency, the Kwacha, Plunges to New Record Low Against US Dollar

May 10, 2024

Zambia’s worsening shortage of foreign exchange as well as one of its worst droughts in recent memory saw the local currency drop to a record low of K27.3 to the dollar. As explained in the report, the kwacha has lost as much as 17% in the past six months. Forex Shortages: The Impact of Drought…
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Japanese Yen Tumbles to 34-Year Low Against Soaring US Dollar

April 28, 2024

This week, the Japanese yen plummeted to its lowest point since 1990 against the U.S. dollar, weighed down by Japan’s monetary policy and uncertain economic indicators from the United States. Japanese Yen’s Rapid Decline Triggers Talk of Market Intervention The yen’s sharp drop to 158.283 per dollar signals a substantial downturn for the currency. This…
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Nigerian Currency Reverses Early April Gains, Depreciating by 12% in Seven Days

April 28, 2024

The Naira recently depreciated by 12% in just seven days, thus shedding all the gains it made against the U.S. dollar in early April. Local media reports attribute the volatile naira’s latest drop to the growing mismatch between the supply and demand of foreign exchange. Demand and Supply Mismatch Just weeks after nearly breaching the…
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Nigerian Central Bank Governor Denies Using Forex Reserves to Defend Local Currency

April 20, 2024

The Nigerian central bank governor has refuted claims that the bank is using the country’s foreign exchange reserves to shore up the naira. The governor attributes the decline in reserves to debt repayments and other payments, which are made because they help to maintain Nigeria’s credibility. Maintaining Nigeria’s Credibility Yemi Cardoso, governor of the Central…
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Volatile Nigerian Currency Rallies 12%, Becomes Best-Performing Currency in April

April 15, 2024

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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Nigerian Central Bank Prohibits Use of Foreign Exchange as Collateral for Local Currency Loans

April 11, 2024

The Central Bank of Nigeria has barred the use of foreign exchange as collateral for local currency loans. In its April 8 letter addressed to banks, the CBN warned of severe consequences for banks that fail to comply with the latest directive. Halting the Slide of the Naira Hamstrung by ongoing shortages of U.S. dollars,…
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Nigerian Currency Depreciation: Central Bank Head Reaffirms Commitment to Reviving Confidence in the Economy

February 8, 2024

The Nigerian central bank remains committed to building confidence in the economy but that hinges on the implementation of “bold reforms” and residents’ help in easing pressure on the naira. However, critics have faulted the central bank’s policies including the devaluation of the local currency in 2023 for worsening the plight of millions. Ordinary Nigerians…
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Nigeria Forex Crisis: Central Bank Removes Cap on Exchange Rate for International Money Transfer Operators

February 4, 2024

The Central Bank of Nigeria announced on Jan. 31 that it had removed caps on naira payout rates that international money transfer operators are allowed to quote. The central bank said the policy change is an effort aimed at further liberalizing the foreign exchange market. The naira’s Feb.1 gain versus major currencies has been attributed…
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Report: Turkey Exits From Foreign Exchange Protected Deposit Program

January 3, 2024

On Jan. 1 Turkey ended its two-year-old foreign exchange (FX)—protected deposit program in what is seen as another step towards a return to orthodoxy. Treasury and Finance Minister, Mehmet Simsek also signaled the start of what he called a “permanent improvement in the current account.” Turkey’s Policy U-Turn Turkey’s Treasury and Finance Minister, Mehmet Simsek,…
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Tag: Exchange rate