Cedi: Payments Company Wise Suspends Transfers In Ghana Cedis Amid Rapid Appreciation
- Cash transfer company Wise has been compelled to suspend funds transfers in Ghana cedis because of the local currency's rapid appreciation this week
- The company says it will resume transfers in Ghana cedis once the appreciation stabilises
- The cedi has appreciated by a whopping 47% this week in what has been described as unprecedented for a struggling currency only recently
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International cash transfer company Wise has announced that it has temporarily suspended transfers in Ghana cedis following the currency’s rapid appreciation against the dollar and other major foreign currencies this week.
According to a Reuters report, a spokesperson of the funds' transfer company explained on Friday, December 16 that it has become costly to transfer money to Ghana and in Ghana cedis.
The suspension which came into effect on Thursday would be restored "as soon as the situation has stabilised", according to the report.
Source: Facebook
Wise decision on Cedis is coming just a month after Nigerian users received an email that the transfer of united States dollar to Nigeria will be suspended starting from November 1, 2022.
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It was gathered that Wise said sending money to the country isn’t reliable, neither has it been fast as the company wants it to be.
Wise statement to customers reads:
“From 1 November, we’re stopping all USD transfers to Nigeria. We are doing this because sending money to Nigeria hasn’t been as fast or reliable as we did like.
“We want to fix this before your next USD transfer to Nigeria. The route will be closed until we’re sure we can provide the service you deserve. We’ll let you know as soon as USD transfers to Nigeria are available again.”
However many observers believe the payment company's decision is related to the performance of Nigerian currency against US dollar.
Naira value falls to US dollar
Just as Cedi is depreciating Nigerian currency came under pressure in the forex exchange market as Nigerians began a rush to return their old Naira notes.
Naira at the black market according to traders closed Friday, 16 December 2022 at N755 against the US dollar.
Friday's rate represents 1.34 percent devaluation when compared to N745 it traded on Thursday, Friday, 15 December 2022.
The peer-to-peer market where cryptocurrency traders exchange dollars for Naira closed the second week of December at N753/1$.
While at the official market, FMDQ securities data shows Naira to the dollar exchange rate stood at N451.50 to a dollar.
Naira value against other currencies
On the CBN website, Naira is quoted against the British pound, Naira closed on Thursday at N549.4 /£1 a devaluation from N548.17/£1 reported on Wednesday.
Similarly, the Euro Naira recorded a poor performance dropping to N473.90 /€1 compared to the N469.91/€1, it sold a day earlier.
Police react to the discovery of rotten naira notes in Benue, name the real owner
Meanwhile, the Nigerian police force has responded to a social media video that went viral showing rotting Naira notes in Benue.
The viral video has sparked a lot of emotional outbursts among Nigerians with many fingers pointing at politicians.
Several discoveries of old, rotting notes have made their way into social media after CBN introduced new Naira notes
Source: Legit.ng
