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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 … Read more
Nigerians are thought to be accumulating foreign currencies which they believe will protect their wealth from the naira’s volatility as well as the surging inflation. Further, as a research paper in a journal published by the Central Bank of Nigeria (CBN) found, Nigerians’ use of dollars exceeds IMF’s 30% threshold. Exchange Rate Volatility and Currency … Read more
Gold bug and bitcoin opponent Peter Schiff says the U.S. government’s actions in the past 78 years are partly responsible for the massive depreciation of the U.S. dollar. Using a medical bill from 1942 to illustrate the extent of the dollar’s decline, Schiff says the $70 paid to foot hospital expenses that year was equal … Read more
Mexico’s second-richest person Ricardo Salinas Pliego confirms that 10% of his liquid portfolio is invested in bitcoin. The billionaire says the top crypto protects the wealth of private citizens from getting expropriated. Pliego advises his followers that might want to follow his in footsteps to study and understand bitcoin. He also recommends one book, “The … Read more
According to a new report, the depreciation of some currencies against the U.S. dollar is contributing to the declining international remittances. After touching an all-time high of $548 billion in 2019, the World Bank report now projects remittances to drop 7.2% in 2020 to $508 billion and a further decline of 7.5% to $470 billion … Read more
The Argentine peso plunged by more than 10% shortly after the country’s central bank announced measures to tighten controls on the movement of foreign currency. The peso, which is officially pegged at 72 for every USD, touched new lows of 145 to the greenback on the black market. The latest plunge is seen as a … Read more
Pressure on Nigeria’s current exchange rate is likely to get worse in 2021, when the expected recovery of imports is set to force another devaluation of the local currency to N430/$ next year, according to two Bank of America analysts. Earlier rate adjustments, one in March and another in July, already appear to have failed … Read more
Bitcoin trading volumes are on the rise on the African continent despite the ongoing concerns about the high network fees. Data shows peer to peer bitcoin trading platforms recorded spiked growth in volumes starting in April. This was the same time as many countries implemented lockdown measures. Anecdotal evidence seems to suggest that Covid-19 related … Read more
