Emerging Markets

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Report: Nigerian Anti-Graft Body Identifies Individuals Fueling the Naira’s Rapid Depreciation

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Nigeria’s Economic and Financial Crimes Commission (EFCC) recently claimed it had identified individuals and organizations whose rapid accumulation of U.S. dollars recently accelerated the depreciation of the local currency, a report said. According to Abdulrasheed Bawa, the EFCC chairman, his organization is currently going after foreign currency speculators in Kano, Lagos, Port Harcourt, Enugu, and … Read more

The Battle for the $2 Billion Venezuelan Gold Stash Continues, London Rules in Favor of Opposition Leader Guaido

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Her Majesty’s High Court of Justice in England has determined that the Venezuelan gold stored in the vaults of the Bank of England must be managed by officials of the Central bank of Venezuela designated by opposition leader Juan Guaido. The management of this gold stash, which is comprised of 31 tonnes of this precious … Read more

Report: The Central African Republic Requests Regional Central Bank’s Assistance in Crafting Crypto Regulations

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A new report has claimed the Central African Republic, which became the first country in Africa to make bitcoin legal tender, recently requested the regional central bank’s assistance in developing a cryptocurrency regulatory framework. The report also said the CAR had expressed its “commitment to the single currency and respect for the statutes of the … Read more

Report: IMF Warns Kenyan Central Bank Against Introducing a CBDC That Harms Fintechs and Banks

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The global lending institution, the International Monetary Fund (IMF) has told the Kenyan central bank that its proposed digital shilling must “do no harm” to existing private sector digital money. The lender insisted the proposed central bank digital currency (CBDC) must “not stifle such welcome digitalisation developments by taking away customers of banks and other … Read more

Report: Just Over Half of South Africans Have Little to Zero Knowledge About Cryptocurrencies

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About 53% of South Africans have little to no knowledge about cryptocurrency, while only 14% thought or felt they had a better understanding of the subject, a report has said. Nearly half of the respondents said they would only invest in cryptocurrency if or when their respective banks are involved. South Africans Weigh In on … Read more

Head of African Regional Central Bank Calls for Creation of Digital Currency

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The head of the Bank of Central African States (BCAS), Herve Ndoba, has told the regional central bank’s board that it must create a common digital currency which will be used by six countries belonging to the Central African Monetary Union (CAMU). Ndoba reportedly wants the BCAS to establish a common legal framework for regulating … Read more

Nigerian Lenders Frustrating CBDC’s Adoption — Central Bank Governor

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Apathetic Nigerian lenders are frustrating the e-naira’s adoption because they are worried this could deprive them of a key revenue source, Godwin Emefiele, the Central Bank of Nigeria (CBN) governor, has said. Emefiele said the central bank is working on a channel that would enable Nigerians without bank accounts to open e-naira wallets. E-Naira Undercuts … Read more

Nigerian Central Bank Governor Says Fintechs and Cryptos Change the Way Financial Systems Function

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The Nigerian central bank governor and bitcoin critic, Godwin Emefiele, recently remarked that the rise of fintechs and cryptocurrencies among other technologies have forced banks and financial institutions to change the way they operate. According to Emefiele, this requires the central bank’s monetary policy committee (MPC) to rethink the way it regulates the financial system. … Read more