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FOREX Price   

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FOREX Price:
$21.0 K
All Time High:
Market Cap:
$1.0 M

Circulating Supply:
Total Supply:
Max Supply:


The price of #FOREX today is $0.00555 USD.

The lowest FOREX price for this period was $0, the highest was $0.00555, and the exact current price of one FOREX crypto coin is $0.00555306.

The all-time high FOREX coin price was $0.24.

Use our custom price calculator to see the hypothetical price of FOREX with market cap of ETH or other crypto coins.


The code for crypto currency is #FOREX. is 2.4 years old.


The current market capitalization for is $1,019,028. is ranking upwards to #936 out of all coins, by market cap (and other factors).


The trading volume is modest during the past 24 hours for #FOREX.

Today's 24-hour trading volume across all exchanges for is $21,024.


The circulating supply of FOREX is 183,507,608 coins, which is 44% of the total coin supply.


FOREX is a token on the Ethereum blockchain, and has digital contracts with 2 other blockchains.

See list of the FOREX Blockchain contracts with 3 different blockchains.


FOREX is available on several crypto currency exchanges.

View #FOREX trading pairs and crypto exchanges that currently support #FOREX purchase.


  FOREX DEVELOPER NEWS integrates Chainlink price feeds to bring decentralized Forex to Arbitrum One

the global DeFi FX protocol,, is excited to announce it has integrated Chainlink Price Feeds on the Arbitrum One network, an Ethereum layer 2 scaling solution. By integrating the industry-leading Chainlink decentralized oracle network, the protocol has access to high-quality, tamper-proof price feeds needed to maintain accurate stablecoin and FX pricing. This integration provides protocol users with stronger assurance that they are receiving the most up-to-date, accurate price references when creating and exchanging multi-currency stablecoins. initial integration involves the use of Chainlink Price Feeds for the following Forex currencies: CNY, KRW, EUR, PHP, and AUD. Chainlink was chosen as the go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans. — Integrating DeFi multi-currency stablecoins with Chainlink. — at the beginning of 2021, the entire market capitalization of cryptocurrencies did not even match the daily spot volume of foreign exchange (Forex) markets. Despite considerable strides in innovation and the proliferation of USD stablecoin offerings...

it’s showtime troopers (42,)..

nnouncing the protocol token generation event.. — here’s what you’ve been waiting for #troopers (42,🦍)we’re excited to announce the Token Generation Event’- TGE. on september 21, 2021 we’ll be distributing up to 5% of the total FOREX supply to TGE participants. the TGE will operate across 10,080 blocks (~42 hrs) on the ethereum mainnet and during that time participants can contribute ETH. at cessation of the event all participants will receive $FOREX allocations (L2) prorata their % of the entire ETH contributed. the TGE will be open to all particpants, subject to some geographic restrictions. however we will be introducing a whitelist process allowing additonal rewards and bonuses! join whitelist — we’ll release more specific details and timings as we get closer, so be sure to follow us on twitter or join discord to stay up to date, in the meantime more TGE and token distribution details here.. — to celebrate this milestone we’re releasing a series of rewards to both thank our early community, and encourage a successful TGE outcome. some of the TGE specific bonuses include, **PIE #8 — TGE super boost** THIS IS A BIG ONE!!! whitelisted TGE participants will be eligible to win bonus FOREX in our 240,000 TGE super boost. thats ~$50,000 in FOREX rewards!!ONLY TGE PARTICPANTS WILL BE ELIGIBLE. **PIE #9 — TGE FOREX airdrop** TGE participants will also receive a...

the troop marches on

n update on progress from — the global defi FX protocol.. — things are hotting up 🔥 as we get closer to mainnet launch and the TGE for our platform, and global #DeFi FX protocol.💱 we’ve certainly made a lot of progess since our last post, so it’s time for a #troop update.🦍 first up, lets do a walkthrough of the platform; where users can now; mint (kovan) fxTokens in a range of currencies. current eligible collateral includes ETH, wBTC, DAI with more asset types to come… borrow in their local currency, removing FX risk and making accounting easier. fxEUR, fxCNY, fxKRW, fxAUD are current stablecoins with more to fxTokens — multicurrency stablecoins burn (kovan) fxTokens quickly and easily to repay debt and manage vault collateral ratios.burn Fxtokens and repay debt convert between fxTokens, other stablecoins and tokens, using ethereum (kovan, mainnet) and Polygon (mainnet). our simple interface combined with advanced order routing and variable fee structures ensures easy DeFi FX exchange at competitive rates.convert on ethereum and polygon this feature is now LIVE, ready for use on ethereum L1 and polygon mainnets. further, we’ve launched the $FOREX reward program to encourage users to try it out. read more about it here, and start earning FOREX as you convert! manage fxToken vaults through your dashboard — view relevant ratios, int. rates and add and withdraw mu...

Foreign Exchange and DeFi

primer on, the global defi FX protocol By the most reliable estimates, the daily turnover of the foreign exchange (FX) market is on average $6.6 trillion (or ~$2.4 quadrillion per year) with around $2.0 trillion per day being spot volume and roughly $4.5 trillion consisting of derivatives volume (1.BIS), making it the largest and most liquid market on the planet. Cryptocurrency and more specifically the emergent Decentralised Finance “DeFi” space is comparatively miniscule, though growing rapidly. On an average day in Ethereum for instance, decentralised exchanges produce between $2bn — $4bn in trading volumes (Dune Analytics), and the size of US dollar denominated fiat backed and collateralized synthetic market (“stablecoins”) is around just 50bn USD (Messari Research). In fact as of writing, the entire market capitalization of cryptocurrencies does not even match the daily spot volume of foreign exchange markets. Compared to the state of the space twelve months ago however, progress has been enormous . Although still incredibly nascent it is clear the foundational blocks for future growth are now being laid. DeFi now has functioning spot exchanges, derivatives exchanges, debt markets, insurance markets and asset management solutions to name a few. On the asset and protocol layer more exotic concepts such as NFT financial products and superfluid collateral are incoming, while scalability is being ...


Swiftly Unravelling the Complex Web of Forex Scams: Broadoak Capital's R...

    [PRESS RELEASE - London, England, December 19th, 2023] Investors often get mired in the complex strategies of dishonest companies in the fast-paced and dynamic world of financial markets. Many people are in desperate need of funds recovery services as a result of the increase in CFD trading, Binary Options, and Forex scams. As a ray of hope, Broadoak Capital shows itself by providing unmatched skill in slicing through the web of deception and enabling the greatest possible Forex recovery. There has been a concerning increase in fraudulent activity in the cryptocurrency space, including forex trading and cryptocurrency trading. Scammers use dishonest tactics that leave their victims dealing with both emotional and monetary damages. Given the seriousness of the issue, Broadoak Capital has implemented a thorough strategy to fight cryptocurrency and forex scams. Regarding Funds Recovery Services, Broadoak Capital is distinguished by its efficacy and efficiency. With a thorough grasp of CFD, Binary Options, and CFD Trading scams, the team uses a methodical and strategic approach to recover money for its customers. The word 'swiftly' emphasises their dedication to handling these difficult issues as quickly as possible. Being proactive in the Forex recovery market is one of the main characteristics that distinguish Broadoak Capital. Instead of waiting for victims to come forward and ask for help, the business actively monitors and detects such scams, notifying customers and taking a... read More

Nigerian Central Bank Lifts Forex Restrictions on 43 Items — Marke...

    The Nigerian central bank said on Oct. 12 that it had lifted foreign exchange restrictions imposed on the importation of 43 items. The central bank said the restrictions initially imposed in 2015 may have contributed to the weakening of the naira on the parallel foreign exchange market. Unifying the Naira's Multiple Exchange Rates The Central Bank of Nigeria (CBN) announced on Oct. 12 that it had lifted foreign exchange restrictions 'hitherto placed on the importation of 43 items.' According to the central bank, the lifting of the restrictions fits with its broader objective of unifying the local currency’s multiple exchange rates as well as reining on inflation. In a statement that addresses why the restrictions (initially imposed on June 23, 2015) have been removed, the CBN claimed the measures were forcing importers to source the scarce resources on the parallel market. Prior to Nigerian President Bola Tinubu’s foreign exchange market reforms, the local currency had traded at just under N500 per dollar for more than a year. What You Need to Know About CBN’S Lifting of FOREX Restrictions on 43 Items... — Central Bank of Nigeria (@cenbank) October 14, 2023 On the parallel market where the greenback was, and still is widely available, importers were forced to pay premiums starting from 20% to get U.S. dollars. Some experts on the Nigerian economy insisted then that the official exchange rate greatly o... read More

US Court Orders Collapsed BTC Investment Firm to Pay Over $1.7 Billion i...

    A United States Federal Court Judge has ordered the collapsed bitcoin investment platform Mirror Trading International to pay over $1.7 billion in restitution. Commodity Futures Trading Commission director of enforcement Ian McGinley said the CFTC will not hesitate to go after fraudsters who target U.S. citizens. The Commission again warned that court rulings are not a guarantee that victims will recover all their funds.Forex Fraud Allegations United States Federal Court Judge David A. Ezra recently ordered the now-defunct South African bitcoin investment platform Mirror Trading International (MTI) to pay over $1.7 billion in restitution. The order, which stems from the Commodity Futures Trading Commission's (CFTC) June 2022 complaint, was issued after the judge determined that MTI had committed forex fraud. According to the Commission's Sept. 7 press statement, MTI, which is presently in liquidation, was also found liable for 'registration violations and failure to comply with CPO [commodity pool operator] regulations.' Meanwhile, the statement further revealed that Judge Ezra’s order had resolved the CFTC’s case against MTI. As previously reported by News, the same U.S. Federal Court had previously issued a default judgment against the former MTI CEO Johann Steynberg. In addition to the restitution, the court also imposed a civil monetary penalty of $1.73 billion — the highest in CFTC’s history. CFTC to Go After Fraudsters 'Wherever They... read More

Unleash the Power of AI in Forex and Crypto Trading with Quantwise

    [PRESS RELEASE - Please Read Disclaimer] The integration of Artificial Intelligence (AI) into trading has opened up new horizons, offering unprecedented insights and strategies. Quantwise is at the forefront of this transformation, unleashing the power of AI in Forex and crypto trading. CryptoGPT: Revolutionizing Crypto Trading Quantwise's CryptoGPT is an AI-driven tool that analyzes the crypto market in real-time. By identifying trends, predicting market movements, and providing actionable insights, CryptoGPT revolutionizes crypto trading, allowing traders to make informed decisions. ForexGPT: A Breakthrough in Forex Analysis Quantwise's ForexGPT brings the power of AI to the Forex market. This cutting-edge tool offers insights and strategies that adapt to the dynamic nature of currency trading, enabling traders to explore new opportunities and diversify their portfolios. User-Centric Design for Seamless Trading Quantwise's platform is designed with the user in mind. The intuitive interface, easy navigation, and customizable settings make trading a seamless and enjoyable experience for traders of all levels. Education and Empowerment for Success Quantwise believes in empowering traders through education. The platform offers comprehensive resources, including tutorials, webinars, and expert support, to help traders enhance their skills and confidence in both crypto and Forex trading. Transparent and Performance-Based Pricing Quantwise's transparent pricing model aligns with u... read More

Nigerian Currency Falls by More Than 30% After Central Bank Announced Ne...

    The Nigerian currency's official exchange rate versus the greenback recently plunged to NGN634 per dollar from just under NGN470 per dollar. The central bank’s decision to allow the naira to 'float' came a few weeks after Nigerian president Bola Ahmed Tinubu pledged to end the CBN’s multiple exchange rate regime.The Naira Devaluation The Nigerian currency’s official exchange rate versus the U.S. dollar plunged to an all-time low of NGN634 per greenback on June 14. The naira’s fall by more than 30% came just days after the Central Bank of Nigeria (CBN) denied devaluing the currency’s exchange rate to NGN631 per dollar from just NGN470 per dollar. The central bank’s decision to allow the naira to 'float' also came a few weeks after Nigerian president Bola Ahmed Tinubu pledged to end the CBN’s multiple exchange rate regime. Understanding the Operational Changes to the Foreign Exchange (FX) Market 1/3 — Central Bank of Nigeria (@cenbank) June 16, 2023 Before the central bank’s apparent devaluation of the naira, the Nigerian apex bank had kept the naira-to-dollar exchange rate under NGN500:USD1 for more than a year. During the same period, the naira’s exchange rate ranged between NGN600 and NGN800 per dollar. During this period the CBN is reported to have repeatedly rejected calls to devalue the naira. However, after Tinubu assumed office on May 29, some in Nigeria speculated that the CBN was... read More

Tanzanian Central Bank Says Forex Restrictions Intended to 'Safeguard th...

    The Tanzanian central bank said on May 31 that foreign currency dealers are required to trade all transactions that exceed $1,000,000 within 'interbank foreign exchange market prevailing quoted prices.' According to the Bank of Tanzania, the latest directives are intended to 'foster macroeconomic stability and safeguard the stability of the financial system.'Forex Dealers Must Only Trade With Authorized International Brokers The Tanzanian central bank has reminded forex dealers that all transactions exceeding USD 1,000,000.00 per transaction must be 'traded within the interbank foreign exchange market prevailing quoted prices.' The central bank also reminded foreign currency dealers that they should only trade with licensed international foreign currency brokers. In a statement signed by the institution’s governor, Emmanuel M. Tutuba, the Bank of Tanzania (BOT) said it made the decision to issue the reminder after reviewing the operations of the foreign exchange market. 'As part of the undertaking of its statutory mandate, the Bank of Tanzania has reviewed the foreign exchange market operations in consideration of the current market development,' the BOT explained. Safeguarding the Stability of the Financial System As reported by Bloomberg, Tanzania has seen its foreign exchange reserves drop to $4.9 billion at the end of April. This figure is approximately $600 million less than the $5.5 billion recorded a year earlier. According to the central bank, the latest direct... read More

Russian Central Bank Attributes Recent Ruble Depreciation to Lower Forex...

    The Russian central bank has attributed the ruble's latest plunge against the U.S. dollar to the temporary reduction 'in sales of foreign currency earnings by exporters.' The central bank also revealed that the Chinese yuan accounted for 39% of the Russian forex market's overall volumes. Temporary Reduction in Sale of Foreign Exchange The Russian central bank has said the ruble’s recent plunge to its lowest level versus the U.S. dollar in 2023 is due to lower forex sales by the country’s exporters. The comments by the central bank followed media reports which attributed the ruble’s plunge (to more than 80 units for every dollar) to reduced oil revenues and the impact of Western sanctions on the Russian economy. Although it ended the year 2022 as one of the world’s best-performing currencies, the Russian ruble has depreciated by more than 10% versus the U.S. dollar in 2023, and by about 5% in the first week of April. However, in its monitoring report that was unveiled on April 10, the Russian central bank insisted that the ruble’s latest fall may be temporary. 'There has been a temporary reduction in sales of foreign currency earnings by exporters, which led to an acceleration of the weakening of the ruble in early April,' the central bank reportedly said. The central bank claimed, however, that individuals and companies have since responded to the currency’s fall by increasing sales of foreign currency. Russian Interest in Chinese Yuan Sur... read More

Nigerian Forex Inflows: 'Ambiguous Foreign Exchange Regime' Blamed After...

    Between 2019 and 2022, the value of foreign capital that flowed into Nigeria dropped from $23.9 billion to $5.32 billion. The drop has been attributed to low investor confidence, the high cost of doing business, as well as the country's high inflation rate. Nigeria will 'struggle to keep the naira to the dollar exchange rate from depreciating further' until both crude oil and non-oil exports are boosted, an accounting firm has asserted. Nigeria's High Cost of Doing Business In its latest report on the flow of foreign capital into Nigeria, the accounting firm KPMG said the value of capital brought into the West African country fell from $23.9 billion recorded in 2019, to $5.32 billion in 2022. According to the report, the persistent decline in the amount of capital flowing into Nigeria can be attributed to 'low investor confidence due to the ambiguous foreign exchange regime.' The challenges encountered when seeking to access foreign exchange as well as Nigeria’s high inflation rate and interest rates are listed as some of the factors that contributed to the 'precipitous decline' in foreign capital flowing into the country. Besides the country’s ongoing foreign exchange woes, the report said Nigeria’s failure to lower the cost of doing business makes it a less-than-ideal foreign investment destination. 'Beyond the rigidity and lack of clarity in the FX [foreign exchange] management system, other factors have discouraged Foreign Direct Investment and capital i... read More

Kenyan Forex Crisis: Central Bank Orders Financial Institutions to Ratio...

    Growing shortages of foreign exchange on the interbank market have reportedly forced the Central Bank of Kenya to ask financial institutions to ration dollar purchases by Kenyan businesses. The shortages have forced Kenyan firms to seek greenbacks on alternative markets where the exchange rate is higher than the official government rate.New Limits Curtailing Operations of Kenyan Firms Kenya’s ongoing foreign exchange shortages have reportedly forced the Central Bank of Kenya (CBK) to instruct financial institutions to impose caps on the amount of forex that businesses and individuals can purchase. According to a Business Daily report, some financial institutions have imposed caps as low as $5,000 per day. The imposed limits make it difficult for Kenyan manufacturers and importers to meet their obligations. The shortages, which reportedly began in mid-2022, suggest that the country’s foreign currency woes are worsening. In October of that year, a CBK statement denied Kenyan Deputy President Rigathi Gachagua's claims that the country lacked foreign exchange to import oil. The central bank insisted at the time that all the forex used for oil imports is sourced from commercial banks. Despite the CBK's contention that the country had sufficient foreign reserves, an unnamed executive with a local manufacturing company suggested that the situation is getting worse. 'We are now scavenging for dollars. Only half of every six banks we call daily for dollars will have someth... read More

Moody's Says Forex Shortages May Force Nigerian Central Bank to Delay Re...

    The persistent scarcity of foreign exchange may force the Nigerian central bank to delay repaying the $10.4 billion owed to local banks, analysts at Moody's Investors Service have concluded. The central bank's failure to pay its debts on time will likely force the affected financial institutions to similarly delay paying back their own forex-denominated debts.Nigeria's Declining Oil Revenues Nigeria’s perennial shortage of foreign exchange may likely result in the country’s central bank failing to repay domestic lenders on time, the rating agency Moody’s Investors Service has said. As reported by Bloomberg, the Central Bank of Nigeria (CBN) owes the West African nation’s so-called rated commercial lenders about $10.4 billion which the bank received in the form of swaps and forwards. According to Moody’s analysts that include Mik Kabeya and Lynn Merhi, the anticipated central bank debt repayment delay may similarly force the affected banks to delay settling their own offshore obligations. 'A material delay in repayment could well lead to the banks facing their own foreign-currency shortages and could constrain their ability to repay their own foreign-currency liabilities,' the analysts reportedly said. Despite being one of Africa’s biggest oil producers, Nigeria’s oil revenues have gradually declined from a peak of $62 billion seen in 2008 to $36.6 billion seen by December 2022. This sharp drop in revenues, which is blamed on oil theft... read More

Nearly $1 Billion Poured Into Egypt's Forex Market — Local Currenc...

    The Egyptian central bank recently claimed that its decision to devalue the local currency has been vindicated by foreign investors' return to the country's foreign market where they reportedly poured in $925 million in just three days. The surge in the sales of Egyptian treasury bills that mature in a year or less similarly is said to vindicate the central bank's devaluation of the pound. Surge in Treasury Bill Sales Foreign investors reportedly moved $925 million into Egypt’s foreign exchange market just days after the local currency’s exchange rate versus hard currencies sharply declined. In addition, the country’s forex market has also received inflows from the so-called local sources as well as from Egyptians working abroad. According to a Reuters report based on the Central Bank of Egypt (CBE)’s Jan. 16 statement, just three days after the Egyptian pound's devaluation on Jan. 11, Egyptian banks were able to fulfill importers’ requests for forex amounting to $2 billion. In its Arabic language statement, the CBE reportedly said the return of foreign investors, which is also evidenced by the surge in the sale of Egyptian treasury bills, vindicates its decision to switch from a fixed to a flexible exchange rate regime. As recently reported by News, the Egyptian pound briefly fell to an all-time low of 32.14 units of the local currency for every dollar. By allowing the pound to depreciate by more than 16% in just under a year, the CB... read More

Another Global Forex Giant Launches Crypto Trading Services  

    On Oct. 20, Oanda announced cryptocurrency trading services for its American market designed to give investors easy access to crypto alongside their existing forex portfolios. It is the latest traditional finance company to enter the crypto space. However, the move comes in the depths of a bear market when demand is low. The technology has been developed in partnership with the Paxos Trust Foundation, a regulated blockchain infrastructure firm. Crypto trading now available through OANDA! Find out more about the benefits of trading cryptocurrency with OANDA #SmarterTrading #Crypto — OANDA (@OANDA) October 20, 2022 Institutional Interest U.S. customers will now be able to trade crypto through the Paxos itBit exchange directly through the Oanda mobile platform. Trading functions such as stop losses and limit orders are also available on the platform, according to the announcement. Oanda CEO, Gavin Bambury, said that crypto assets should be available for traders and investors. “As the number of Americans seeking exposure to cryptocurrencies grows, it's becoming clear that digital assets should form part of a unified trading experience for active traders and sophisticated investors.” Senior market analyst at the firm, Ed Moya, added that the evolution of institutional investment in crypto has “led to a stabilization period that has major players such as Schwab, Citadel, and Fidelity, forge ahead w... read More

Report: Withdrawal Limits for Egyptian Travelers Lowered as Banks Seek t...

    According to a report, some Egyptian banks recently informed clients who plan to travel abroad that they can now only withdraw $2,000 or less. The banks have also lowered the amount of foreign exchange that clients can withdraw when abroad. Egypt's ongoing shortage of foreign exchange has forced some merchants to start demanding payment in dollars. Pound Depreciation As pressure against the Egyptian pound mounts, banks in the country are reportedly imposing limits on the amount of foreign currency travelers can withdraw before departing, or when they are abroad, a report has said. While there has been no formal announcement about the new limits, banks are said to have sent notices advising clients of the changes. According to a Reuters report, one of these banks, HSBC, has informed its clients that the maximum amount of foreign currency they can withdraw for travel purposes is now $1,500. Before the changes, the bank’s clients could withdraw a maximum of $5,000. The report, which cites two unnamed sources, added that once abroad, clients will only be allowed to withdraw a maximum of $5,000 — down from $10,000. At Commercial International Bank, clients intending to travel were reportedly told they could only withdraw forex which is equivalent to between $1,000 and $2,000. Another financial institution, First Abu Dhabi Bank, has reportedly lowered the withdrawal limit to the U.S. dollar equivalent of $518, or 10,000 pounds. Egypt’s biting foreign currency shor... read More

Kenyan Central Bank Rejects Deputy President Rigathi Gachagua's Claims C...

    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. 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 ... read More

Forex Shortages Blamed After Nigerian Currency Hits New Low Versus the U...

    A surge in the demand for foreign exchange and the general scarcity of the resource may be the reasons why the naira currency recently slumped to a new all-time low of 735 versus the U.S. dollar, a report has said. One Nigerian currency dealer said he expects the naira to further depreciate to 750 per dollar in October. Foreign Exchange Scarcity On September 29, the Nigerian currency lost further ground versus the greenback after the naira's parallel market exchange rate slumped to 735 units per dollar. The naira's latest plunge came just days after the Central Bank of Nigeria (CBN) announced a 150 basis points (bps) upward adjustment of the monetary policy rate (MPR). As reported by News just before the CBN's interest rate increase, one U.S. dollar bought 720 nairas on the foreign exchange parallel market. The Central Bank of Nigeria has in the past suggested that the naira's fall may be linked to the activities of currency speculators. However, according to a report in the Business Post, the naira's latest plunge is potentially tied to the scarcity of foreign exchange as well as the surge in the demand for this resource. As explained in the report, the over 95% increase in forex requests on the official market - from $119.49 million to $223.30 million - may have played a part in accelerating the naira's fall to a new all-time low. Naira Official Exchange Still Unchanged To back the assertions that foreign exchange shortages have also contributed to the currency... read More

Hong Kong Protects Local Currency in Forex Market Amid Capital Flight to...

    Following the Bank of England explaining that it would be meddling in U.K. bond markets and the Bank of Japan defending the yen in the foreign exchange market last week, the Hong Kong Monetary Authority (HKMA) revealed it intervened in forex markets on Wednesday. Hong Kong's central bank detailed that it interfered in forex markets in order to defend the Hong Kong dollar (HKD) as it showed signs of weakness against the greenback on September 28.HKMA Interferes in Forex Markets to Defend the HKD From Capital Flight to USD Assets While the euro and pound sterling lost 12-17% against the U.S. dollar during the last six months, there's been a significant amount of capital flight to the greenback. The Hong Kong dollar (HKD), however, has fared better than a myriad of fiat currencies worldwide against the U.S. dollar. On Wednesday, September 28, reports detail that a 'flight of capital from the Hong Kong dollar market' pushed the HKMA to step in and defend the HKD in forex markets. South China Morning Post (SCMP) reporter Enoch Yiu explained on Wednesday that the HKMA said it intervened in order to 'support the peg after the local currency hit the weaker end of its HK$7.75 to HK$7.85 trading band.' SCMP details that it's the first time in seven weeks the central bank defended the HKD in this fashion and the HKMA has chosen to intervene in the foreign exchange market 32 times this year. Year-to-date, the HKD/USD exchange rate is down 0.83% and the de facto central bank has purchase... read More

Weighing the Benefits of Forex and Crypto Trading

    When it comes to choosing between going into forex trading or crypto trading, there are a number of things that traders must take into account before picking one over the other. While there are traders who tend to do both, a lot of traders still go the route of picking one over the other to focus on. This report takes a look at the unique offerings provided by both crypto and forex trading, as well as the benefits associated with these highly sought-after markets. Benefits Of Forex Trading Forex trading is one of the oldest and largest forms of trading currently available. Simply put, it is the conversion of one currency to another in a bid to make money when one currency gains or loses strength against another currency. So, a trader buys a currency, say USD, waits for it to go up or down, depending on their position, and then sells for another currency. Here are the pros of forex trading. Liquidity One of the most important things when it comes to trading any type of asset is having enough liquidity. Given that the forex market is the largest in the world, recording an estimated $6.6 trillion in daily trading volume, there is a lot of liquidity in the market. This means that there is a good depth of market across the available trading pairs. Leverage Leverage is something that is abundant in the forex market. Forex brokers are able to give incredibly high leverage to forex currency trading pairs due to the low volatility in the market. In some cases, leverage can go as high ... read More

Ghana Central Bank Reiterates Warning Against Practice of Pricing Goods ...

    The Bank of Ghana has warned businesses and the public against the practice of demanding or making payments in foreign currency without its authorization. The central bank's warning comes just over a month after Ghana's currency was rated the worst performing among Africa's top currencies. Violators Face Possible Prison Time The Ghanaian central bank has reminded the public that the practice of receiving or making payments for goods and services in foreign currency without its express authorization is still prohibited. The bank also similarly warned businesses against 'engaging in foreign exchange business without a license issued by the Bank of Ghana.' In a statement, the Bank of Ghana (BOG) said those caught on the wrong side of regulations face hefty fines. Alternatively, those in violation of the respective regulations face 'a term of imprisonment of not more than eighteen (18) months or both.' Citizens Urged to Report Violations According to the BOG, only the local currency, the cedi, is the sole legal tender in Ghana. The central bank also indicated it will descend on companies breaking the law and all offenders will be punished in accordance with the law. In the statement, the BOG said: Bank of Ghana, in collaboration with National Security and law enforcement agencies, will continue to clamp down on illegal foreign exchange operations. All offenders shall be dealt with in accordance with the law. Meanwhile, in the statement, the BOG said Ghanaian citizens should repo... read More

Luna Foundation to Add $100 Million in AVAX to the UST Decentralized For...

    Following the Luna Foundation Guard's (LFG) purchase of 5,040 bitcoin on Wednesday, the following day the Singapore-based non-profit announced it will be acquiring $100 million avalanche (AVAX) tokens. LFG detailed on Thursday that the purchase is meant to strategically align the Terra network with Avalanche ecosystems.LFG to Add $100 Million in Avalanche Backing to UST Reserve On Thursday, the Luna Foundation Guard announced that it inked a deal with the Avalanche Foundation to acquire $100 million worth of AVAX, the Avalanche blockchain's native asset. LFG is a non-profit dedicated to fostering decentralized finance (defi) via the Terra (LUNA) network and the blockchain's algorithmic stablecoin UST. LFG detailed that the goal behind purchasing AVAX was meant 'to help bolster its UST Decentralized Forex Reserve and strategically align the two ecosystems.' Both LFG and the Avalanche Foundation will be handling the transaction in an over-the-counter (OTC) fashion. AVAX will become the second non-correlated asset in the UST Reserve following the recent bitcoin (BTC) backing. The press release sent to News explains that LFG will pay for the AVAX using the stablecoin UST. The announcement also follows the Anchor Protocol adding AVAX support. Anchor executive Ryan Park announced on March 17 that Anchor now supports Avalanche via Xanchor (Cross Anchor), which is an 'extension to Anchor Protocol.' 'The premise of the UST Reserve is to provide a backstop against UST peg d... read More

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