Nigeria NGE ETF

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Nigerian financial institutions, fintech, a blockchain firm, and the Africa Stablecoin Consortium have announced February 27, 2024, to unveil a Naira stablecoin known as cNGN.

The cNGN ushers in a new era of financial fluidity, bridging the Nigerian naira with the global market through blockchain technology. Backed 1:1 by Naira reserves held in designated commercial banks, the cNGN Stablecoin transforms the Naira into a dynamic tool for worldwide remittances, commerce, trade and investment.

CBN lifted the ban on cryptocurrency transactions in Nigeria in December last year, but has barred cash withdrawals and issued other guidelines on cryptocurrency accounts.
https://dailypost.ng/2024/01/06/nige...gn-stablecoin/

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Tinubu suspends Minister Betta Edu over N585.189 scandal
https://dailypost.ng/2024/01/08/tinu...oogle_vignette

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Tinubu fires FCCPC, BPE bosses with immediate effect
https://dailypost.ng/2024/01/08/tinu...ediate-effect/

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$6bn fraud: EFCC arraigns ex-Minister of Power and Steel Development Agunloye
https://dailypost.ng/2024/01/10/6bn-...oogle_vignette

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Nigeria bringing fx trading back into public view, to narrow the gap between the official and unofficial rate of its naira currency.
The country’s financial crimes watchdog has given the Association of Bureaux de Change Operators of Nigeria the go-ahead to publicly post the buying and selling rates of the naira against the dollar online. https://www.bloomberg.com/news/artic...-street-market

[GTM 3442]

Out of idle curiosity, what made the naïfs halve in value against the NZD this month? Must’ve blitzed a few ETFs.

[beacon]

Out of idle curiosity, what made the naïfs halve in value against the NZD this month? Must’ve blitzed a few ETFs.

Naira depreciated yet another third (~35%) to USD on NAFEX, the official fx window, following a revision of the methodology used to set exchange rate, in effect the 2nd (~35%) devaluation by a third to USD in 7 months, according to FMDQ which calculates the exchange rate, after CBN accused traders of manipulating the exchange rate by under-reporting transaction rates, and local banks of hoarding USD.

Strong USD, high interest rates on debt killing EM currencies, and US traders/ speculators cashing in on the situation. More reasons here: https://www.vanguardngr.com/2024/01/...5-in-2025-imf/

[beacon]

Also, I think, Mairae - the Global X fund manager for NGE, has managed the Fund and currency conversions very poorly. They deserve to have a class action against them for destroying Investor Wealth further by very bad management

[GTM 3442]

Naira depreciated yet another third (~35%) to USD on NAFEX, the official fx window, following a revision of the methodology used to set exchange rate, in effect the 2nd (~35%) devaluation by a third to USD in 7 months, according to FMDQ which calculates the exchange rate, after CBN accused traders of manipulating the exchange rate by under-reporting transaction rates, and local banks of hoarding USD.

Strong USD, high interest rates on debt killing EM currencies, and US traders/ speculators cashing in on the situation. More reasons here: https://www.vanguardngr.com/2024/01/...5-in-2025-imf/

Thanks beacon. So it's a case of the exchange rate wiping out any gains - not unlike Turkiye. . .

[Valuegrowth]

https://qz.com/383388/nigeria-is-the...illion-by-2030