Forex

Asian Equities Decline While Aussie, Kiwi Advance

Published

7 years ago

February 7, 2017

Asian Equities Decline While Aussie, Kiwi Advance

Asian equities declined as political uncertainty continued to infect markets across the globe. The Aussie erased losses after the country’s central bank left its key interest rate on hold while the kiwi rallied on inflation expectations.

Japan’s Topix index dropped for the first time in three days, after the yen touched the highest level since November on Monday. That comes after the S&P 500 Index retreated from near-record levels, with shares most tied to economic growth struggling after sagging wage gains and uneven retail results. The Australian and New Zealand currencies strengthened against the dollar, which advanced against most other major peers. Chinese equities slipped as investors awaited data on China’s foreign-currency reserves.

The Trump-fueled rally in equities is faltering as investors assess how the U.S. administration will balance protectionist trade rhetoric with promised tax cuts and spending increases. At the same time, traders are assigning greater risk premiums to European countries where anti-establishment movements are gaining traction ahead of elections. The Reserve Bank of Australia held interest rates unchanged as an upswing in global commodity prices eases the impact of slower economic growth.

Here are the main market moves:

Stocks

The MSCI Asia Pacific Index was little changed as of 1:03 p.m. in Tokyo, after closing Monday at the highest level since July 2015.
The Topix index fell 0.2 percent following a two-day gain. Toyota Motor Corp. dropped 2.3 percent after reporting a 39 percent decline in third-quarter operating profit.
Australia’s S&P/ASX 200 Index fell 0.1 percent. South Korea’s Kospi Index retreated 0.1 percent. New Zealand’s main benchmark was down 0.5 percent.
Hong Kong’s Hang Seng index and the Shanghai Composite Index were down more than 0.1 percent ahead of data on foreign reserves.
Futures on the S&P 500 were little changed after the benchmark gauge slid 0.2 percent on Monday.

Currencies

The Bloomberg Dollar Spot Index gained 0.2 percent, rising for a second day.
The yen dropped 0.1 percent to 111.89 per dollar, after jumping 0.8 percent in the previous session.
The Aussie rose 0.2 percent, erasing an earlier loss of 0.3 percent. The currency is up 6.5 percent this year.
The New Zealand dollar advanced 0.6 percent, climbing for a fourth straight day, after inflation expectations jumped. Central bank governor Graeme Wheeler said he won’t seek a second term and will step down when his first ends in September.
The euro dropped 0.4 percent to $1.0708 after sliding 0.3 percent on Monday.

Commodities

Oil climbed 0.3 percent to $53.17 a barrel, after falling 1.5 percent on Monday after Baker Hughes Inc. said U.S. drillers boosted rig count to the most since October 2015.
Gold slipped 0.3 percent to $1,232.16 after advancing for three straight days to the highest level since November.

Bonds

Australian 10-year bonds rose, driving yields down six basis points to 2.70 percent, while similar-dated New Zealand debt saw yields drop eight basis points to 3.31 percent.
Yields on 10-year Treasuries lost two basis points to 2.39 percent after the biggest drop in more than two weeks in the previous session. The yield difference between French and German 10-year bonds jumped to 72 basis points on Monday.

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Samed Olukoya

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.

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Naira

Dollar to Naira Black Market Today, April 25th, 2024

As of April 25th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,300 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

21 hours ago

April 25, 2024

Samed Olukoya

Naira to Dollar Exchange- Investors King Rate - Investors King

As of April 25th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,300 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 N1,260 and sell it at N1,250 on Wednesday, April 24th, 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: N1,300
Selling Rate: N1,290

Naira

Dollar to Naira Black Market Today, April 24th, 2024

As of April 24th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,260 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

2 days ago

April 24, 2024

Samed Olukoya

As of April 24th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,260 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 N1,250 and sell it at N1,240 on Tuesday, April 23rd, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined slightly 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: N1,260
Selling Rate: N1,250

Naira

Nigeria’s Naira Dips 5.3% Against Dollar, Raises Concerns Over Reserve Levels

Published

2 days ago

April 24, 2024

Samed Olukoya

Nigerian Naira depreciated by 5.3% against the US dollar as concerns over declining foreign reserves raise questions about the central bank’s ability to sustain liquidity.

The local currency has now declined for the third consecutive day since the Naira retreated from its three-month high on Friday shortly after Bloomberg pointed out that the Naira gains were inversely proportional to foreign reserves’ growth.

According to data from Lagos-based FMDQ, the naira’s value dropped precipitously, halting its recent impressive performance.

The unofficial market saw an even steeper decline of 6%, extending the currency’s retreat over the past three trading days to a staggering 17%.

Abubakar Muhammed, Chief Executive of Forward Marketing Bureau de Change Ltd., expressed concerns over the sharp decline, highlighting the insufficient supply of dollars in the market.

Muhammed noted that despite a 27% increase in traded volume at the foreign exchange market on Monday, the supply remained inadequate, forcing the naira to soften further while excess demand shifted to the unofficial market.

The dwindling foreign exchange reserves have been a cause for alarm, with Nigeria’s gross dollar reserves steadily declining for 17 consecutive days to reach $32 billion as of April 19, the lowest level since September 2017.

This worrisome trend has raised questions about the adequacy of dollar inflows to rebuild reserves, especially after the central bank settled overdue dollar obligations earlier in the year.

Samir Gadio, Head of Africa Strategy at Standard Chartered Bank, pointed out that while the naira had been supported by onshore dollar selling, the rally was likely overextended.

Gadio warned that the emergence of a dislocation in the market, with domestic participants selling dollars at increasingly lower spot levels was unsustainable and necessitated a correction.

The central bank’s efforts to stabilize the naira have been evident with interventions aimed at improving liquidity.

However, the effectiveness of these measures remains uncertain, particularly as the central bank offered dollars to bureau de change operators at a rate 17% below the official rate tracked by FMDQ.

Analysts, including Ayodeji Dawodu from Banctrust Investment Bank, foresee further challenges ahead, predicting that the naira will likely stabilize around 1,500 against the dollar by year-end.

Dawodu emphasized the importance of stabilizing the currency to attract strong foreign capital inflows, underscoring the significance of sustainable monetary policies in Nigeria’s economic recovery.

As Nigeria grapples with the repercussions of the naira’s depreciation and declining foreign reserves, policymakers face mounting pressure to implement measures that ensure stability and foster confidence in the economy.

The road ahead remains uncertain, with the fate of the naira intricately tied to Nigeria’s ability to address underlying economic vulnerabilities and bolster investor trust.