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Forex

Pound Gains Support Before EU Vote as ‘Remain’ Lead Takes Hold

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The pound is gathering supporters.

One month ago, the U.K. currency was seen ending June at $1.42, according to the median of analyst estimates in a Bloomberg survey. That forecast has now risen to $1.45, the highest in almost four months, even as the crucial June 23 vote that will decide the fate of Britain’s membership in the European Union draws closer.

The winds of change are found in the increasing number of surveys that have signaled pro-European voters are pulling ahead of those wanting to break away from the bloc. Sterling has been the best performer among its Group-of-10 peers during the past two weeks, and has climbed from a seven-year low reached in February.

“There is still room for recovery in the pound,” said Thu Lan Nguyen, a currency strategist at Commerzbank AG in Frankfurt. Sterling would be supported “if the market continues to price in that the U.K. will vote to stay in the EU, but it is a fragile state.”

The pound rose 0.8 percent in the week to $1.4623 as of the 5 p.m. close in New York on Friday. It previously climbed 1 percent in period through May 20.

U.S. Factors

Factors outside of the U.K. could also prove important for sterling next week, according to Commerzbank’s Nguyen. The pound fell on Friday after U.S. Federal Reserve Chair Janet Yellen said higher interest rates in the coming months look “appropriate.”

Investor sentiment and jobs data from the U.S. could sway predictions on whether Fed officials will announce tighter monetary policy after meeting on June 15, just days before the U.K. referendum. U.S. non-farm payrolls are forecast to remain steady at 160,000 jobs in May, according to a Bloomberg survey of economists.

The odds of a Fed rate increase in June implied by federal funds futures more than doubled this month to 30 percent, as markets adjusted their view after hawkish remarks from U.S. policy makers. The chance of a rate hike by the end of 2016 is at 74 percent.

One-month sterling-dollar volatility rose to a six-year high Friday. Options to shield against a lower pound right after the EU vote, compared with hedging against an increase, were at their most expensive in records going back to 2003. This signals that despite polls predicting a victory for the “remain” camp, investors and traders still wanted protection against an upset.

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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Naira

Naira to Dollar Black Market Exchange Rate September 27th, 2023

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of September 27th, 2023, the dollar to naira exchange rate is 1 USD to 1000 NGN at the black market.

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New Naira Notes

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of September 27th, 2023, the dollar to naira exchange rate is 1 USD to 1000 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1000, Investors King reports.

This digital 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.

How Much is Dollar to Naira Today in the Black Market?

This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦1000 and ₦995 as of the time of writing today.

What is the current exchange rate of the dollar to naira in the black market today?

According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦1000 and sold for ₦995.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 995
Selling Rate 1000

Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks

Investors King understands that although the dollar to naira opened at N1000 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.

On Wednesday, September 27th, 2023, individuals in the black market purchased one US dollar for N1000 and sold it for N995. This shows that the value of the Naira declined further when compared to Tuesday, September 26th, 2023 when the local currency was exchanged at N995 to a Dollar and a Dollar was purchased at N990.

To stay informed about the dollar to naira exchange rate, there are a number of reliable sources that you can turn to. Here are some tips for staying up-to-date:

  • Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
  • Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
  • Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
  • Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.

By staying informed about the dollar-to-naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.

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Forex

Naira to Dollar Black Market Exchange Rate September 26th, 2023

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Naira - Investors King

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of September 26th, 2023, the dollar to naira exchange rate is 1 USD to 995 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦995, Investors King reports.

This digital 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.

How Much is Dollar to Naira Today in the Black Market?

This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦995 and ₦990 as of the time of writing today.

What is the current exchange rate of the dollar to naira in the black market today?

According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦995 and sold for ₦990.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 990
Selling Rate 995

Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks

Investors King understands that although the dollar to naira opened at N995 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.

On Tuesday, September 26th, 2023, individuals in the black market purchased one US dollar for N995 and sold it for N990. This shows that the value of the Naira declined further when compared to Monday, September 25th, 2023 when the local currency was exchanged at N985 to a Dollar and a Dollar was purchased at N990.

To stay informed about the dollar to naira exchange rate, there are a number of reliable sources that you can turn to. Here are some tips for staying up-to-date:

  • Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
  • Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
  • Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
  • Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.

By staying informed about the dollar-to-naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.

Continue Reading

Black Market Rate

Naira to Dollar Black Market Exchange Rate September 25th, 2023

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today?

Published

on

Naira - Investors King

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of September 25th, 2023, the dollar to naira exchange rate is 1 USD to 990 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦990, Investors King reports.

This digital 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.

How Much is Dollar to Naira Today in the Black Market?

This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦990 and ₦985 as of the time of writing today.

What is the current exchange rate of the dollar to naira in the black market today?

According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦990 and sold for ₦985.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 985
Selling Rate 990

Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks

Investors King understands that although the dollar to naira opened at N990 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.

On Monday, September 25th, 2023, individuals in the black market purchased one US dollar for N990 and sold it for N985. This shows that the value of the Naira declined further when compared to Wednesday, September 20th, 2023 when the local currency was exchanged at N965 to a Dollar and a Dollar was purchased at N957.

To stay informed about the dollar to naira exchange rate, there are a number of reliable sources that you can turn to. Here are some tips for staying up-to-date:

  • Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
  • Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
  • Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
  • Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.

By staying informed about the dollar-to-naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.

Continue Reading
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