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Pound Falls in London Trading as May Gets Brexit Go-Ahead

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  • Pound Falls in London Trading as May Gets Brexit Go-Ahead

The pound tumbled against all of its Group-of-10 peers as London traders sold down the currency after U.K. Prime Minister Theresa May was given the go-ahead to trigger Brexit in the last week of March.

The currency fell as much as 0.5 percent to $1.2153. During the Asian session, option-related bids under $1.2200 strikes expiring all week were filled, while macro offers between $1.2220/50 were layered, according to Asia-based traders.

“There is no particular headline, but I’m seeing early sellers out of Europe,” said Stephen Innes, a senior currencies trader at Oanda Corp. in Singapore. “I suspect more a case of pre-Article 50 jitters and to a lesser degree the Scottish referendum. Risk in general is holding up so I suspect the combination of Fed policy and political uncertainty are the main culprits.”

The selloff comes a day after Scottish First Minister Nicola Sturgeon signaled the start of a legal process for an independence referendum, while the U.K. parliament gave May permission to start Brexit talks. The dollar traded in a tight range against most other major peers with turnover below average as traders held on to positions ahead of the Federal Open Market Committee two-day policy meeting starting today.

Australia’s dollar fell after February business confidence declined though losses were stemmed by a mixed set of Chinese economic data.

  • AUD/USD drops 0.2% to 0.7557
    • Poor business sentiment weigh spot down to 0.7550 where option-related bids were filled, traders say
    • February NAB business confidence falls to 7 from 10 in January; business conditions index is also down to 9 from 16 the previous month
  • USD/JPY is sold down from session highs to clear a large sell order that was executed at the Tokyo fix which was set near 114.85 level, slightly down from New York close, a trader says
  • China’s retail sales missed estimates to fall below 10 percent for the first time since 2003, while fixed-asset investment and industrial output improved
    • “While China retail sales disappointed the market consensus, the overall picture including industrial production and fixed-asset investment, illustrates solid underlying momentum in early 2017,” says Peter Dragicevich, an FX strategist at Nomura. “These positive elements should help stabilize the Aussie dollar following the modest dip earlier today”

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

Dollar to Naira Black Market Today, April 19th, 2024

As of April 19th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,100 NGN in the black market, also referred to as the parallel market or Aboki fx.

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New Naira Notes

As of April 19th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,100 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 N1,020 and sell it at N1,010 on Thursday, April 18th, 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: N1,100
  • Selling Rate: N1,090

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Naira

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

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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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Naira

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.

Published

on

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

Continue Reading
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