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Dollar Declines as Stocks Drop; Treasuries Steady

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Bureau Of Engraving And Printing Prints New Anti-Counterfeit 100 Dollar Bills
  • Dollar Declines as Stocks Drop; Treasuries Steady

The dollar declined and Treasury yields fluctuated as President Donald Trump challenged China over what he called unfair trade practices. European stocks fell after a volatile session in Asian markets, while the euro and bund yields rose after the European Commission lifted its growth forecasts.

Basic-resources shares weighed on the Stoxx Europe 600 index following a decline in industrial-metals prices. The EC’s bullish outlook for the region’s economy failed to lift stocks as disappointing results from companies including Siemens AG and Vestas Wind Systems A/S added to the malaise. U.S. stock-index futures signaled a lower open. Equities in Asia earlier rose above their 2007 peak before an intraday reversal in Japanese shares on technically-driven trading pared gains in the region. Sterling fluctuated as Brexit talks resumed, while oil halted a two-day drop.

Investor attention has focused on Asia this week, where Trump has embarked on an 11-day tour. In Beijing Thursday, he said China is taking advantage of American workers and companies with unfair trade practices, but he blamed his predecessors in the White House rather than China for allowing the massive U.S. trade deficit to grow. A year after Trump was elected to president, investors are also reflecting on how financial markets have fared in the interim.

Meanwhile, Brexit talks resume Thursday in Brussels with no indication that a breakthrough is in reach. The EC said economic growth in the U.K. is headed for a prolonged slowdown even as the euro-area economy is forecast to expand at the fastest pace in a decade this year. And in the U.S., tax reform discussions continue. The Senate is due to release a “conceptual mark” of a proposal Thursday, according to a spokeswoman.

Elsewhere, the New Zealand dollar held onto Wednesday’s gains after the central bank flagged it may raise interest rates earlier than expected. Bitcoin soared to another record after a technology upgrade that was threatening to disrupt the biggest cryptocurrency was called off. Nickel led the slump in industrial metals.

Stocks

  • The Stoxx Europe 600 Index sank 0.7 percent as of 12:41 p.m. London time, the lowest in two weeks.
  • The U.K.’s FTSE 100 Index sank 0.6 percent to the lowest in two weeks.
  • Germany’s DAX Index fell 0.9 percent to the lowest in more than a week.
  • Japan’s Nikkei 225 Stock Average fell 0.2 percent.
  • The MSCI Asia Pacific Index gained 0.2 percent to the highest in about 10 years.
  • The MSCI Emerging Market Index increased 0.1 percent to the highest in more than six years.
  • Futures on the S&P 500 Index decreased 0.4 percent to 2,581.50, the lowest in a week.

Currencies

  • The Bloomberg Dollar Spot Index declined 0.2 percent to the lowest in more than two weeks.
  • The euro advanced 0.3 percent to $1.1631, the strongest in a week.
  • The British pound increased 0.1 percent to $1.3129.
  • The Japanese yen climbed 0.4 percent to 113.40 per dollar, the strongest in more than a week.

Bonds

  • The yield on 10-year Treasuries increased less than one basis point to 2.33 percent, the highest in a week.
  • Germany’s 10-year yield climbed five basis points to 0.37 percent, the highest in a week.
  • Britain’s 10-year yield advanced four basis points to 1.263 percent, the highest in more than a week.
  • Japan’s 10-year yield gained less than one basis point to 0.03 percent.

Commodities

  • West Texas Intermediate crude increased 0.1 percent to $56.86 a barrel.
  • Gold gained 0.4 percent to $1,285.90 an ounce, the highest in three weeks.
  • Copper fell 0.8 percent to $3.08 a pound, the lowest in a month.

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 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

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