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Forex

U.K. Leaves Rates Unchanged, May Not Cut Rates Further

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Mark Carney
  • U.K. Leaves Rates Unchanged, May Not Cut Rates Further
  • Inflation to Hit 2.7 Percent in 2017

The Bank of England (BoE) left interest rate unchanged at a record-low of 0.25 percent on Thursday, but raised inflation and growth forecasts.

According to the governor of the Bank of England, Mark Carney, inflation could hit 2.7 percent in 2017, even though the economy is doing better than projected.

The governor said the current BoE framework works, and doesn’t need to change, but that over-reliance on weak pound to stimulate the economy will have costs. By this, he was referring to the continuous increase in the cost of imported goods, consumer prices and the drop in profits of firms that generate the bulk of their revenue from overseas. A situation that could impact the labour market and consumer spending that has been supporting the economy if not well managed.

The governor further stated that the apex bank has not changed assumption about Brexit forecast, and that U.K economy supplies could be affected by the EU deal, this is because EU deals are the biggest determinant of the UK economic outlook going forward.

While, saying the apex bank isn’t indifferent to the exchange rate, he made mention of the possibility of the institution using monetary policy to manage inflation per adventure things deteriorate from projection.

“Monetary policy can respond, in either direction, to changes in the economic outlook as they unfold to ensure a sustainable return of inflation to the 2 percent target.”

The pound climbed and British government bond prices fell sharply as the BoE shifted to a neutral stance on what its next move on interest rates would be.

The BoE’s policymakers voted 9-0 at their November meeting to keep rates on hold at 0.25 percent, the BoE said on Thursday, in line with economists’ expectations.

Also, there was unanimous support to stick with August’s plans to buy a total 435 billion pounds of government debt and 10 billion pounds of corporate bonds.

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.

Forex

CBN Cracks Down: Revokes Licenses of 4,173 Bureaux De Change Operators

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Bureau De Change Operator

The Central Bank of Nigeria (CBN) has revoked the operational licenses of 4,173 Bureaux De Change (BDC) operators across the country.

This action comes as the CBN exercises its authority under the Bank and Other Financial Institutions Act (BOFIA) 2020 and the Revised Operational Guidelines for Bureaux De Change 2015.

The affected BDCs failed to adhere to essential regulatory provisions, including the payment of necessary fees for license renewal, timely rendition of returns, and compliance with CBN directives on Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.

Sidi Ali, the Acting Director of Corporate Communications at the CBN, explained that the revocation underscores the importance of strict adherence to regulatory guidelines in the financial sector.

The CBN also announced its intent to revise the regulatory and supervisory guidelines for Bureaux De Change operations, with compliance to be mandatory for all stakeholders.

The public has been advised to take note of the regulatory changes and act accordingly.

This crackdown underscores the CBN’s commitment to maintaining the integrity and stability of Nigeria’s financial system through stringent regulatory oversight.

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Naira

Black Market Dollar to Naira Exchange Rate Today, March 1st, 2024

As of March 1st, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,530 NGN in the black market, also referred to as the parallel market or Aboki fx.

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Naira Exchange Rates - Investors King

As of March 1st, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,530 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 N1,480 and sell it at N1,470 on Thursday, February 29th, 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: N1,530
  • Selling Rate: N1,520

Continue Reading

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.

Published

on

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

Continue Reading
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