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Pound Jumps Most This Year as Polls Shows Brexit Risks Receding

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Bundles of Euro Currency and Sterling Notes

The pound jumped amid evidence the campaign to keep Britain inside the European Union is extending its lead.

Sterling climbed the most this year versus the euro, touching a more than two-month high, and rallied against the dollar as an opinion poll by the Evening Standard newspaper and Ipsos Mori put the “Remain” camp’s lead at 18 percentage points. That’s after an ORB/Telegraph survey earlier this week showed 55 percent of respondents in favor of staying in the EU versus 40 percent wanting to leave.

Britain’s currency has acted as a barometer of sentiment in the run-up to the June 23 referendum, sliding to a seven-year low versus the dollar about a week after the date of the vote was announced in February. It’s now gaining as surveys support optimism that a Brexit — which both the government and the Bank of England have said will hurt the economy — can be avoided.

“Market participants are trading on the headlines and seeing the remain camp ahead and therefore buying the pound,” said Thu Lan Nguyen, a currency strategist at Commerzbank AG in Frankfurt. “The market’s getting more sensitive to the polls as we get closer to the referendum.”

Other surveys have also shown the pro-Europeans seizing the advantage. A poll by YouGov Plc and the Times on Wednesday put the pro-EU camp at 44 percent versus 40 percent for those favoring quitting the world’s largest single market.

Pound Rallies

The pound climbed 1.2 percent to 77.28 pence per euro as of 2:33 p.m. London time, touching the strongest level since March 10. It also rose the most in a month versus the dollar, advancing 0.8 percent to $1.4585 and reversing a drop of as much as 0.4 percent.

The U.K. currency slipped earlier as the nation’s jobs market showed signs of cooling. Coming after a report Tuesday that showed an unexpected drop in the inflation rate, slowing wage growth underscored how the economy is struggling as the EU vote approaches.

“If we vote for leave, it will be a pretty precipitous decline of sterling,” Allianz Global Investors Global Chief Investment Officer Andreas Utermann said in an interview on Bloomberg Television. “The negative implications of an out vote could be very serious.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Black Market Dollar To Naira Exchange Rate For Today 1st February 2023

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Godwin Emefiele - Investors King

You can access the black market Dollar to Naira exchange rate for today, 1st February on Investors King.

This online business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦745 and ₦750, and the price can change (high or low) within hours.

How Much Is Black Market Dollar To Naira Exchange Rate Today?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N745 and sell at N750 as of the time of filing this report.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 745
Selling Rate 750

The local currency opened at N750.00 per $1 at the parallel market otherwise known as the black market today Wednesday, 1st February 2023, in Lagos Nigeria, after it closed at N755 per $1 on Tuesday, 31st January 2023.

Even though the dollar to naira opened in the parallel market at N750 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Investors King reports that in the black market, the players buy a dollar for N745 and sell for N750 on Wednesday morning, February 1, 2023, after they purchased N752 and sold for N755 on Tuesday, 31st January 2023.

Meanwhile, Investors King reports that the USD started this week at ₦755 in Parallel Market also known as Black Market after it opened at  ₦757 last week Monday, January 23, 2023.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

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Black Market Rate

Black Market Dollar To Naira Exchange Rate For Today 30th January 2023

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Naira Dollar Exchange Rate - Investors King

You can access the black market Dollar to Naira exchange rate for today, 30th January on Investors King.

This online business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦752 and ₦755, and the price can change (high or low) within hours.

How Much Is Black Market Dollar To Naira Exchange Rate Today?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N752 and sell at N755 as of the time of filing this report.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 752
Selling Rate 755

The local currency opened at N755.00 per $1 at the parallel market otherwise known as the black market today Monday, 30th January 2023, in Lagos Nigeria, after it closed at N755 per $1 on Sunday, 29th January 2023.

Even though the dollar to naira opened in the parallel market at N755 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Investors King reports that in the black market, the players buy a dollar for N752 and sell for N755 on Monday morning, January 29, 2023, same rate of Sunday, 29 January 2023.

Meanwhile, Investors King reports that the USD started this week at ₦755 in Parallel Market also known as Black Market on Sunday, January 29, 2023, in Lagos Nigeria.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

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Naira

Black Market Dollar To Naira Exchange Rate For Today 28th January 2023

Dollar to naira exchange rate today black market (Aboki dollar rate)

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New Naira notes

You can access the black market Dollar to Naira exchange rate for today, 28th January on Investors King.

This online business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦750 and ₦755, and the price can change (high or low) within hours.

How Much Is Black Market Dollar To Naira Exchange Rate Today?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N750 and sell at N755 as of the time of filing this report.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 750
Selling Rate 755

The local currency opened at N755.00 per $1 at the parallel market otherwise known as the black market today Saturday, 28th January 2023, in Lagos Nigeria, after it closed at N750 per $1 on Thursday, 26th January 2023.

Even though the dollar to naira opened in the parallel market at N755 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Investors King reports that in the black market, the players buy a dollar for N750 and sell for N757 on Saturday morning, January 28, 2023, after they purchased N744 and sold for N746 on Thursday, 26 January 2023.

Meanwhile, Investors King reports that the USD started this week at ₦745 in Parallel Market also known as Black Market on Monday, January 23, 2023, in Lagos Nigeria, after it opened at ₦744 last week Monday, January 16, 2023.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

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