Analysis Crypto by Thebittimes.Com

The Nigerian currency appeared to accelerate its decline versus the U.S. dollar after it slipped to a new low of 900 naira for every dollar. The currency has continued to depreciate even after the Economic and Financial Crimes Commission’s raid on suspected illegal foreign exchange dealers. Continuing U.S. Dollar Shortages Following the Oct. 27 announcement by the Central Bank of Nigeria (CBN) that intends to put into circulation newly designed naira banknotes, the local currency’ s parallel market exchange rate versus the dollar has slipped by almost 20%. From an exchange rate of around N760:$1 at the time of the announcement, the naira had, by Nov. 2, dropped to a new all-time low of 900:1. As noted by several local media reports, the CBN’s decision to release the new banknotes as well as to demonetize the current 100, 200, 500, and 1,000-naira banknotes after Jan. 31, 2023, has sparked a rush to buy the greenback. According to one report, the shortage of the U.S. dollar on ...

Undeterred by the reported slow adoption of the Nigerian central bank digital currency, the deputy governor of the Reserve Bank of Zimbabwe, Innocent Matshe recently said his institution will proceed with plans to launch its own digital currency. In addition to sending a team to learn from the Central Bank of Nigeria’s experiences, Zimbabwe has also reportedly sent teams with a similar mission to countries like China and Ghana. ‘Jury Is Still Out’ on CBDCs The reported slow embrace of Nigeria’s central bank digital currency (CBDC) or the e-naira will not dissuade the Zimbabwean central bank from working on its own CBDC, Innocent Matshe, the bank’s deputy governor has reportedly said. He said that while the “jury is still out,” on CBDCs, his institution will still proceed with its digital currency launch preparations. As previously reported by Bitcoin.com News, fewer than anticipated Nigerian adults have downloaded or are using the CBDC when making pa...