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Forex

AUDUSD Ahead of Non-Farm Payroll

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  • AUDUSD Ahead of Non-Farm Payroll

As projected in the previous analysis, 0.7784 support level was breached today. However, price rebounded from a 3-month low of 0.7742 but still trading below 0.7784 levels.

AUDUSD

Therefore, we remain bearish on AUDUSD and expect a sustained break of 0.7784 targets to open up 0.7621 support level in days to come. The Australian dollar is overpriced, and as stated by the Governor of Reserve Bank of Australia, Philip Lowe, high foreign exchange rates would hurt economic progress. Excerpt from an earlier analysis.

While the Australian dollar remained weak, a strong or better than expected job data is needed to sustain downward trend and open up 0.7621 in days to come.

Therefore, a strong non-farm payroll data would reinforce sellers’ interest and further plunge the AUDUSD towards our second target as shown above. Otherwise, we might see a temporary rebound above the 0.7784 resistance before bearish continuation.

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

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.

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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

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Naira

Black Market Dollar to Naira Exchange Rate Today, February 28th, 2024

As of February 28th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,600 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

on

New Naira notes

As of February 28th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,600 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 N1,530 and sell it at N1,520 on Tuesday, February 27th, 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: N1,600
  • Selling Rate: N1,590

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Forex

Nigeria’s Move $26 Billion Through Binance in One Year

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Binance - Investors King

Following the decision of the Central Bank of Nigeria (CBN) to raise the interest rate by 400 basis points to 22.75%, the Governor of the apex bank Olayemi Cardoso has heaped the blame on activity of Nigerian on Binance.

According to the governor, Nigerians traded and moved $26 billion through Binance in the last year.

“In the case of Binance, in the last year alone, $26 billion has flowed through Binance Nigeria from sources and users that we cannot adequately identify,” he stated.

Cardoso highlighted that this activity has contributed to the nation’s widening foreign exchange rate and subsequently affected Nigeria’s economy.

He assured that the CBN would address all pending verified forex requests and emphasized the bank’s commitment to safeguarding investors’ interests.

Cardoso mentioned that the CBN is collaborating closely with relevant government agencies to prevent market manipulation and optimize its performance.

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