Thursday, November 30News That Matters

WISE stops transfer in Cedis due to the exchange rate

The exchange rate has seen fast appreciation of the cedi against the dollar this week which has made sending money to the West African nation more expensive, prompting Wise (WISEa.L), a cross-border payments business, to suspend transfers in the cedi, a representative for the company told Reuters on Friday.

According to Refinitiv Eikon statistics, the cedi has gained 47% this week when compared to the dollar, which is a record increase for a currency that was only last week among the worst performers of the year. By Friday’s end, it had fallen 29% from the beginning of the month.

Meanwhile the dollar rate to the cedis has recorded a fall . Check the current rate from here

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