Depreciation

The House of Representatives is moving to review the parameters of the 2024 budget due to the depreciation of the Naira against major currencies. The House, on Thursday, mandated its Committees on National Planning and Economic Development, Appropriation and Finance, to review the parameters in the budget, particularly the exchange rate. This resolution followed a motion of urgent public importance moved by Kafilat Ogbara (APC, Lagos) during plenary. The naira was on a free fall for months following the decision…

OpenAI plans to raise rate limits and open access to GPT-4 to new developers by the end of July based on compute availability. Additionally, the company plans to make GPT-3.5 Turbo, DALL-E, and Whisper APIs generally available to developers.Depreciation of GPT-3The company also announced that beginning Jan. 4, 2024, GPT-3 and its variations using the Completions API will retire to free up computing capacity. Although the API will continue to be accessible, it will receive a legacy label and will be replaced by a new…

China’s central bank has cut the amount of foreign exchange banks must keep in reserve, an attempt to bolster the country’s rapidly weakening currency.The yuan is trading around its lowest level in more than two years. It is worth around 6.94 per U.S. dollar in the more freely traded offshore market, taking its year-to-date decline against the dollar to 8.4%, according to FactSet. The People’s Bank of China said on Monday it would cut the foreign-exchange reserve requirement ratio by 2 percentage points to 6% from Sept.…