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Ghana’s Cedi Hits Record Low Against US Dollar Amid Cocoa Output Decline

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The Ghanaian cedi recently plunged to a record low, trading at GHS 14.9335 against the U.S. dollar, which led to its designation as the fourth-worst-performing currency globally. Additionally, a decline in cocoa production has further complicated matters for the cedi, a currency previously ranked as the world’s worst-performing during the last quarter of 2022. Cedi … Read more

Nigerian Central Bank Governor Denies Using Forex Reserves to Defend Local Currency

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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 … Read more

Nigeria’s Headline Inflation Increases as Central Bank Intensifies Foreign Exchange Controls

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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 the root cause of the naira’s poor performance against major currencies. … Read more