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Asian Equities Decline While Aussie, Kiwi Advance



Asian stocks
  • 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:


  • 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.


  • 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.


  • 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.


  • 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.

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

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Naira’s Recent Gain Reflects Policy Direction, Says CBN Chief Olayemi Cardoso



Naira Exchange Rates - Investors King

Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has explained that the recent surge in the Naira is a testament to the positive direction of government policies rather than active intervention to defend the currency’s value.

Addressing attendees at the spring meetings of the International Monetary Fund and World Bank in Washington, Governor Cardoso underscored that the CBN’s intention is not to artificially prop up the Naira.

He clarified that the fluctuations observed in the country’s foreign exchange reserves were not aimed at defending the currency but rather aligning with broader economic goals.

Over the past month, the Naira has experienced a notable uptick in value against the dollar, signaling a reversal from previous declines. Data from Bloomberg reveals a 6.4% decrease in liquid reserves since March 18, coinciding with the Naira’s rebound.

Despite this decline, Cardoso pointed out that around $600 million had flowed into the reserves in the past two days, reflecting confidence in the Nigerian market.

Governor Cardoso articulated the CBN’s vision of a market-driven exchange rate system, emphasizing the importance of allowing market forces to determine exchange rates through willing buyers and sellers.

He expressed optimism about a future where the central bank’s intervention in the foreign exchange market would be minimal, except in extraordinary circumstances.

The recent resilience of the Naira follows a period of volatility earlier in the year, marked by a substantial devaluation in January. Since then, the CBN has implemented measures to stabilize the currency, including monetary tightening and initiatives to enhance dollar liquidity.

Cardoso highlighted the transformation in market sentiment, noting that investors now perceive Nigeria’s central bank as committed to stabilizing inflation and fostering economic stability.

As Nigeria continues its journey toward economic recovery and stability, Cardoso’s remarks provide insight into the central bank’s strategy and its impact on the country’s currency dynamics.

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Dollar to Naira Black Market Today, April 18th, 2024

As of April 18th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,020 NGN in the black market, also referred to as the parallel market or Aboki fx.



New Naira Notes

As of April 18th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,020 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 N1,050 and sell it at N1,040 on Wednesday, April 17th, 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: N1,020
  • Selling Rate: N1,010

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Naira’s Upsurge Strains Nigeria’s Foreign-Exchange Reserves



New Naira notes

As the Nigerian Naira continued to rebound from its record low against its global counterparts, the nation’s foreign exchange reserves has been on the decline, according to the data published by the Central Bank of Nigeria (CBN) on its website.

CBN data showed liquid reserves have plummeted by 5.6% since March 18 to $31.7 billion as of April 12, the largest decline recorded over a similar period since April 2020.

The recent surge in the Naira follows a series of measures implemented by the Central Bank to liberalize the currency market and allow for a more flexible exchange rate system.

These measures included devaluing the Naira by 43% in January and implementing strategies to attract capital inflows while clearing the backlog of pent-up dollar demand.

Charles Robertson, the head of macro strategy at FIM Partners, acknowledged the Central Bank’s efforts to restore the Naira to a realistic exchange rate, suggesting that it aims to stimulate investment in the local currency and enhance liquidity in the foreign exchange market.

Despite the rapid depletion of foreign-exchange reserves, Nigeria still maintains a significant cushion, bolstered by a rally in oil prices and inflows from multilateral loans.

Gross reserves of approximately $32.6 billion provide coverage for about six months’ worth of imports, according to the International Monetary Fund.

The Central Bank’s disclosure last month that it had cleared a backlog of overdue dollar purchase agreements, estimated at $7 billion since the beginning of the year, indicates progress in addressing longstanding currency challenges.

However, uncertainties remain regarding the extent of dollar debt retained by the Central Bank as revealed by its financial statements late last year.

Furthermore, the decline in foreign-exchange reserves persists despite a surge in inflows into Nigeria’s capital markets, driven by interest rate hikes and increased attractiveness of local debt.

Foreign portfolio inflows exceeded $1 billion in February alone, contributing to a total of at least $2.3 billion received so far this year, according to central bank data.

Analysts remain cautiously optimistic about the trajectory of Nigeria’s foreign-exchange reserves, anticipating stabilization or potential growth fueled by anticipated inflows from Afreximbank, the World Bank, and potential eurobond issuance.

Also, the resurgence of oil prices and the expected return of remittances through official channels offer prospects for replenishing reserves in the near future.

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