Connect with us

Forex

GBPUSD Weekly Outlook

Published

7 years ago

on

GBPUSD

The pound seems set for 1.2809 against the US dollar after the Bank of England cut the official cash rate by 25 basis points to all time low of 0.25 percent. The break of 1.3103 support level last week, confirmed bearish continuation that was started on June 24 following the release of U.K. referendum result.

Again, the US labor market has proven to be solid following Friday non-farm payroll data that showed 255,000 jobs were added in July, more than the 189,000 jobs that were added in June, and far better than the 180,000 jobs expected by economists. This I believe will be the difference this week as Governor Mark Carney struggle to safe the U.K. economy from the aftermath of the Brexit.

GBPUSDDaily

Click to enlarge

Technically, the GBPUSD pair dropped below the 20-day moving average at 1.3184 two weeks ago, and closed below 1.3103 last week. This close below morning star pattern last week validated our bearish continuation stance. Hence, I am bearish on the cable with 1.2809 as the target, provided 1.3184 resistance continued to hold.

 

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.

Continue Reading
Comments

Forex

Nigeria’s Forex Market Sees Sharp Drop in Turnover, Naira Faces Pressure Amidst Dollar Surge

Published

14 hours ago

on

December 4, 2023

By

Amidst economic challenges, Nigeria’s official foreign exchange market, the Nigerian Autonomous Foreign Exchange Market (NAFEM), grappled with a significant 14.96% dip in turnover from N4.15tn to N3.66tn ($4.66bn) in October.

The US dollar appreciated 5.34% against the United States Dollar to close at an average of N797.43.

In the midst of this, the exchange rate volatility surged, showcasing a wide range of fluctuations between N741.85 and N993.82.

This unsettling trend in October marked the lowest point of the naira since the Central Bank of Nigeria’s market harmonization in June.

The Financial Markets Monthly Report from FMDQ revealed a broader economic impact, with total spot market turnover for all secondary market products dropping by 4.02% to N20.48tn in October.

The decrease was fueled by a collective decline in Money Market and Foreign Exchange activities, overshadowing the notable 29.04% increase in fixed income turnover.

As the country grapples with these challenges, the forex dynamics emphasize the need for strategic measures to stabilize the currency and restore market confidence.

Continue Reading

Black Market Rate

Black Market Exchange Rate Today 4th December 2023

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 4th, 2023, the dollar to naira exchange rate is 1 USD to 1155 NGN at the black market.

Published

15 hours ago

on

December 4, 2023

By

Naira Exchange Rates - Investors King

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 4th, 2023, the dollar to naira exchange rate is 1 USD to 1155 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1155, 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 ₦1155 and ₦1150 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 ₦1155 and sold for ₦1150.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate 1150
Buying Rate 1155

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

Investors King understands that although the dollar to naira opened at N1155 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, December 4th, 2023, individuals in the black market purchased one US dollar for N1155 and sold it for N1150. This shows that the value of the Naira was mixed when compared to Friday, December 1st, 2023 when the local currency was exchanged at N1160 to a Dollar and a Dollar was purchased at N1150.

To stay informed about the dollar to naira exchange rate, there are several 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

Naira

Black Market Exchange Rate Today 1st December 2023

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 1st, 2023, the dollar to naira exchange rate is 1 USD to 1160 NGN at the black market.

Published

4 days ago

on

December 1, 2023

By

naira

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 1st, 2023, the dollar to naira exchange rate is 1 USD to 1160 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1160, 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 ₦1160 and ₦1150 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 ₦1160 and sold for ₦1150.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate 1150
Buying Rate 1160

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

Investors King understands that although the dollar to naira opened at N1160 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 Friday, December 1st, 2023, individuals in the black market purchased one US dollar for N1160 and sold it for N1150. This shows that the value of the Naira declined when compared to Monday, November 27th, 2023 when the local currency was exchanged at N1155 to a Dollar and a Dollar was purchased at N1145.

To stay informed about the dollar to naira exchange rate, there are several 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
Advertisement




Advertisement
Advertisement
Advertisement

Trending