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Nigerian Inflation Rate Rises To 20.52% In August — Month-On-Month Rate Drops

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Nigerian Inflation Rate Rises To 20.52% In August — Month-On-Month Rate Drops

While Nigeria’s year-on-year inflation rose for the seventh straight month to 20.52% in August 2022, the latest data from Nigeria’s National Bureau of Statistics shows that the month-on-month rate declined from 1.82% to 1.77% during the same period. The depreciation of the local currency, disruptions in the supply of food products, and an increase in the costs of production are said to be the factors behind the latest increase.

Currency Depreciation Driving Inflation

According to the latest data from Nigeria’s National Bureau of Statistics (NBS), the West African country’s headline inflation for the month of August 2022 topped 20.52%. The latest rate is 3.51 percentage points higher than the 17.01% recorded in August 2021.

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With this latest surge, Nigeria has now seen its year-on-year (YoY) inflation increase for the seventh consecutive month. According to the statistical body, the depreciation of the local currency is one of the main factors that caused the YoY inflation rate to surge.

As reported by Bitcoin.com News, the Nigerian currency’s exchange rate against the U.S. dollar plunged to a new low in late July 2022. While the country’s central bank has blamed speculators for their role in undermining the local currency, some economists argue that the ongoing shortage of foreign currency is largely to blame.

Besides the currency depreciation, the NBS also pointed to disruptions in the supply of food and the increase in general production costs as the other factors that caused the YoY inflation rate to rise.

Month-on-Month Inflation Declines

However, despite the latest surge in the country’s YoY inflation, the NBS data suggests the month-on-month inflation dropped marginally from the 1.82% seen in July 2022 to 1.77% in August 2022. Concerning the country’s consumer price index (CPI), the statistical body said:

The percentage change in the average CPI for the twelve months period ending August 2022 over the average of the CPI for the previous twelve months period was 17.07%, showing a 0.47% increase compared to 16.60% recorded in August 2021.

Meanwhile, the NBS data shows that the YoY inflation rate in urban Nigeria (20.95%) was marginally higher than in rural Nigeria (20.12%). On a month-to-month basis, the rural inflation rate dropped by 0.06% from 1.81% in July 2022 to 1.75% in August 2022, while the urban rate only went down by 0.03%.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Africa

Kenyan Central Bank Rejects Deputy President Rigathi Gachagua’s Claims Country Lacks Forex To Import Oil

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Kenyan Central Bank Rejects Deputy President Rigathi Gachagua’s Claims Country Lacks Forex To Import Oil

The Central Bank of Kenya appeared to rebuke the country’s new deputy president Rigathi Gachagua, after it rejected the latter’s claims the East African nation lacks enough foreign exchange to import oil. According to the bank, all the foreign exchange used in private transactions and for oil imports is sourced from commercial banks.

Central Bank Only Sources Forex for the Government

The Kenyan central bank has pushed back against remarks made by the country’s deputy president Rigathi Gachagua which implied the East African nation lacks foreign exchange reserves to import fuel. In a statement, the bank said it “does not supply foreign exchange for transactions other than for the national government.”

According to the bank, all the foreign exchange used in private transactions and for oil imports is sourced from commercial banks. This has been the case since the complete liberalization of the foreign exchange market in the 1990s, the bank’s statement added.

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In addition, the Central Bank of Kenya (CBK) insisted that it is mandated to adhere to the requirements of the country’s central bank act. Known as the Central Bank of Kenya Act (26), the law requires:

[The CBK] at all times use its best endeavours to maintain a reserve of external assets at an aggregate amount of no less than the value of four months’ imports as recorded and averaged for the last three preceding years.

Kenya’s Bleak Prospects

According to the CBK, Kenya’s import cover stood at 4.64 months as of September 26, 2022. The statement also revealed that the CBK had usable foreign exchange reserves valued at $7.42 billion as of September 29, 2022.

In an interview with Citizen Digital, Gachagua, who was recently sworn in as Kenya’s deputy president, said Kenya’s economic prospects were dim. He said the dire situation had forced the new government to end the fuel subsidy. Gachagua added that President William Ruto’s government is going to prioritize increasing food production.

However, in its statement that dismisses Gachagua’s claims, the CBK insisted that it will “continue to provide adequate cover and a buffer against shocks in the foreign exchange market.”

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Africa

Africa-Focused Crypto Exchange Yellow Card Raises $40 Million Via Series B Round

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Africa-Focused Crypto Exchange Yellow Card Raises $40 Million Via Series B Round

Africa-focused crypto exchange Yellow Card recently revealed it has closed its $40 million Series B funding round. The exchange’s announcement of its latest capital raise comes just over a year after it raised $15 million from its Series A round.

Funds to Be Used for Development of New Products

Yellow Card, an Africa-focused cryptocurrency exchange, recently disclosed it had closed its $40 million Series B funding round. The crypto exchange said it will use the funds raised to finance the development of new products as well as to “advance strategic partnerships across Africa.”

According to a press statement, the exchange platform’s latest funding round was led by Polychain Capital with the participation of Valar Ventures, Third Prime Ventures, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, The Raba Partnership, Jon Weiner, Alex Wilson, and Pat Duffy.

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As reported by Bitcoin.com news in September last year, Yellow Card had raised $15 million in its Series A funding round. This round was led by Valar Ventures with the participation of Third Prime, Castle Island Ventures, Square, Coinbase Ventures, and Blockchain.com Ventures.

Africa’s Appetite for Crypto

Meanwhile, in remarks accompanying the statement, Chris Maurice, the chief executive officer and co-founder of Yellow Card, said:

For the past three years, our team has worked tirelessly to make this technology accessible to anyone and create a world-class product. This fundraise in this market not only showcases the resilience of our team but also reiterates the appetite and necessity for cryptocurrency in Africa.

For his part, Will Wolf, a partner at Polychain Capital, praised the Yellow Card team for the way it adjusts and adapts “to the unique opportunities and demands of the various African markets.”

According to the crypto exchange platform, since the last capital raise Yellow Card launched operations in four more African countries: Gabon, Senegal, Rwanda, and the Democratic Republic of the Congo. This brings the number of African countries where Yellow Card has operations to 16.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Web3 Firm Acquires Creator Of South Africa’s First Listed PoW Crypto, Safcoin

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Web3 Firm Acquires Creator Of South Africa’s First Listed PoW Crypto, Safcoin

A Web3 technology company, Virtual Nation Builders, recently said it acquired FHM, the firm that created safcoin, South Africa’s touted first proof-of-work cryptocurrency to list on a global exchange. As a result of the Web3 firm’s acquisition of FHM, the cryptocurrency will now “list and merge all its digital use-cases and platforms into the new VNB-built Cowrie exchange and partnerships.”

Supporting Clients’ Digital Needs

Virtual Nation Builders (VNB), a Web3 technology firm, recently revealed it had acquired FHM (Pty) Ltd., the South Africa-based creator of what is dubbed Africa’s first cryptocurrency — safcoin.

In a statement, VNB, which is 30% owned by the blockchain law firm Schindlers Attorneys, described the combination of the two businesses as an important step that will support their respective “clients’ digital needs in the Web3 revolution.”

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As a result of FHM’s acquisition by VNB, the safcoin cryptocurrency, which was launched in 2018, “will list and merge all its digital use-cases and platforms into the new VNB-built Cowrie exchange and partnerships.”

Commenting on the plans to list on more exchanges, Neil Ferreira, the co-founder and CEO at FHM, said:

Together with VNB, we plan to extend our global reach with more international exchange partner listings. We had good support from the international crypto market with our first listing, and we are proud to be flying the SA [South African] flag into the global crypto sphere.

Described as South Africa’s first proof-of-work cryptocurrency to list on a global exchange platform, safcoin is reportedly traded on Hotbit and Chainex.

Blockchain Enabled Opportunities

Meanwhile, Maurice Crespi, a partner at Schindlers Attorneys and the CEO of VNB, is quoted in the statement touting the two’s companies’ involvement in the successful auction of the non-fungible token (NFT) of former South African president Nelson Mandela’s arrest warrant.

“The sale gave a glimpse of the possibilities offered by the digital realm through virtualisation. The opportunities that blockchain enables and its applications are no longer limited to finance. The use of blockchain—and specifically smart contracts—can be applied in various industries, including community upliftment and business efficiency,” Crespi explained.

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What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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