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Forex

Sterling Drops to its Lowest in 31 Years

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Sterling has crumbled to a three-decade low against the dollar after the Brexit vote

The sterling dropped to its lowest in more than 30 years against the US dollar, after the Bank of England warned of the impact of Brexit on the economy.

The British currency plunge below the June 24 low to reach a new low in 31 years, indicating global risks caused by Brexit has begun to materialize and could worsen as investors scramble for safe haven assets to avert catastrophe.

At least the yen has risen about 1 percent on Wednesday to trade at 100.52 against the US dollar.

“The yen’s gain comes as investors see less reason to buy the dollar as there is no end in sight for the downside to the pound and bond yields,” said Masashi Murata, a vice president at Brown Brothers Harriman & Co. in Tokyo. “How much damage the U.K. economy will incur remains to be seen, but it’s not positive for the pound. It has more downside.”

During the Asian session, the pound lose about 1.3 percent of its value to $1.2790 as of 12:05 a.m. Tokyo. While the yen is expected to strengthen further as demand for safe haven assets increase.

“The yen strengthened in anticipation of further declines in Japanese stocks,” said Toshiya Yamauchi at Ueda Harlow Ltd., a margin-trading services provider in Tokyo. “Risks to further upside in the yen are growing and it may test the 100 level to see how the authorities respond.”

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

Naira

Black Market Dollar to Naira Exchange Rate Today, February 29th, 2024

As of February 29th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,480 NGN in the black market, also referred to as the parallel market or Aboki fx.

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NAIRA - Investors King

As of February 29th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,480 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,600 and sell it at N1,590 on Wednesday, February 28th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate improved when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

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

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

  • Buying Rate: N1,480
  • Selling Rate: N1,470

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Naira

Black Market Dollar to Naira Exchange Rate Today, February 28th, 2024

As of February 28th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,600 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

on

New Naira notes

As of February 28th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,600 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,530 and sell it at N1,520 on Tuesday, February 27th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

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

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

  • Buying Rate: N1,600
  • Selling Rate: N1,590

Continue Reading

Forex

Nigeria’s Move $26 Billion Through Binance in One Year

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Binance - Investors King

Following the decision of the Central Bank of Nigeria (CBN) to raise the interest rate by 400 basis points to 22.75%, the Governor of the apex bank Olayemi Cardoso has heaped the blame on activity of Nigerian on Binance.

According to the governor, Nigerians traded and moved $26 billion through Binance in the last year.

“In the case of Binance, in the last year alone, $26 billion has flowed through Binance Nigeria from sources and users that we cannot adequately identify,” he stated.

Cardoso highlighted that this activity has contributed to the nation’s widening foreign exchange rate and subsequently affected Nigeria’s economy.

He assured that the CBN would address all pending verified forex requests and emphasized the bank’s commitment to safeguarding investors’ interests.

Cardoso mentioned that the CBN is collaborating closely with relevant government agencies to prevent market manipulation and optimize its performance.

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