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Is DogWifHat at Risk? WIF Tumbles 31% as Capital Moves to New Solana Meme Coin
18.4.2024
Popular Solana meme coin DogWifHat (WIF) posted seven-day depreciation of as much as 50% in 24 hours by the morning of Thursday, April 18, according to data by CoinGecko, although its intraweek losses have since slowed to about 31% as of this writing. Among meme coins, WIF took some of the heaviest...
Pepe Holders Shift to Exciting New Solana ICO, Targeting 100x Gains
17.4.2024
Holders of Pepe (PEPE) felt their bags get 24% lighter in the last seven days as meme coins took some of the hardest hits amidst a market-wide downturn. PEPE trades at $0.0553 as of the morning (UTC) of April 17, 2024. Other leading meme coins posted similar 7-day depreciation, including Dogecoin...
Volatile Nigerian Currency Rallies 12%, Becomes Best-Performing Currency in April
15.4.2024
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...
Economic Intelligence Unit: Nigerian Central Bank Lacks Capacity to Defend Local Currency
12.3.2024
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...
Egypt Devalues Currency, Raises Interest Rates to Fulfill Key IMF Aid Requirement
8.3.2024
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...
Embattled Binance Discontinues Nigerian Naira Services — Users Urged to Convert NGN Balances
8.3.2024
Binance, one of the leading crypto exchanges, has said it will discontinue all Nigerian naira services on March 8. The crypto exchange’s decision to drop trading pairs that feature the naira follows weeks of attacks and an official crackdown on its Nigerian operations. Crypto experts like...
Cardano Price Prediction as ADA Takes a Tumble – Where is the Next ADA Support?
23.2.2024
Cardano (ADA) has shed 3% overnight to trade at $0.5832 as of this writing. The coin’s depreciation is part of a broader market pullback that has shaved 1% off market leader Bitcoin (BTC) and 2% from its closest contender, Ethereum (ETH), in the last 24 hours. Cardano may be dipping this...
Nigeria’s Headline Inflation Increases as Central Bank Intensifies Foreign Exchange Controls
17.2.2024
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...
Nigerian Currency Depreciation: Central Bank Head Reaffirms Commitment to Reviving Confidence in the Economy
8.2.2024
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...
Nigeria Forex Crisis: Central Bank Removes Cap on Exchange Rate for International Money Transfer Operators
4.2.2024
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...
Report: Turkey Exits From Foreign Exchange Protected Deposit Program
3.1.2024
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.”...
Report: Nigerian Currency Plunges to New Low Versus the US Dollar
22.12.2023
The official exchange rate of the Nigerian currency versus the U.S. dollar recently plunged to a record low of 1,248 naira for every greenback. The governor of the Central Bank of Nigeria has told the country’s legislators that he sees the foreign exchange market stabilizing in 2024. Official...
New EU Sanctions Package Preclude Russians From Owning Crypto Companies
21.12.2023
The European Union said Russian nationals from owning or controlling crypto service providers under the bloc’s twelfth package of restrictive measures against the country. According to the EU, diamonds entering its will now have to be traced from “the mine to the finger” and this...
Coinbase Turns the Tide: Q3 Earnings Show Net Profit Amid Crypto Market Slump
3.11.2023
In the third quarter, Coinbase outperformed expectations despite the extended crypto market slump by recording favorable net income and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). In their most recent shareholder letter, the publicly-traded cryptocurrency...
Nigerian Central Bank Refutes Claims It Plans to Redenominate the Naira in 2024
2.11.2023
The Nigerian Central Bank has denied claims in a widely circulating text message that it plans to redenominate the naira starting in January 2024. According to the bank, the authors of the message had seemingly “modified text eked from an old policy” by a previous governor in 2007....
Digital Currency Group’s Q3 Shareholder Letter: Surprise Over NYAG Lawsuit
25.10.2023
Crypto industry powerhouse Digital Currency Group (DCG) has provided a response to its latest fraud lawsuit from the New York Attorney General (NYAG) last week, alongside updated Q3 financial figures. The conglomerate raked in $188 million in the third quarter, compared to $153 million in Q3 2022....
Report: Nigerian Central Bank Sued for Dollarizing Economy
30.8.2023
In a lawsuit filed by a Nigerian human rights activist, the country’s central bank is accused of failing to stop the dollarization of the economy. According to the activist, the central bank’s unwillingness to stop economic agents from demanding U.S. dollars for domestic transactions...
Nigerian Currency Plunges to New Low, Central Bank Says the Naira Is Undervalued
11.8.2023
The Nigerian currency continued its slide versus the greenback when it fell to a new all-time low of NGN950 per dollar. Folashodun Shonubi, the acting governor of the Central Bank of Nigeria, insists that the naira is currently undervalued. The International Monetary Fund (IMF) has said...
Economist Peter Schiff Warns US Dollar Collapse ‘Inevitable’
5.8.2023
Economist Peter Schiff has warned of an impending collapse of the U.S. dollar even though he sees Fitch’s downgrade of the U.S. rating this week as “meaningless.” While cautioning about a financial crisis and a crash, Schiff emphasized: “Given the trajectory of U.S....
Russian Ruble Falls by Over 18% in 2023, Economist Says the Currency Has ‘Stabilized’
25.7.2023
After the Russian currency touched a year low versus the greenback of nearly 92 units for every dollar, economist Robin Brooks said the ruble has stabilized and may eventually be lifted by rising oil prices. The Institute of International Finance Economist urged G7 countries to consider cutting...