Forex

U.S. Consumer Spending Surges in March

Published

6 years ago

April 17, 2018

U.S. Consumer Spending Surges in March

The U.S. retail sales grew more than expected in March, making it the first gain in four months and suggested that consumer spending has started regaining steam on the back of tax cuts and refunds.

Retail sales surged by 0.6 percent in March, following a 0.1 percent decline in February, the Commerce Department showed on Monday. The number was higher than the 0.4 percent projected by economists.

The report showed eight of the thirteen retail categories increased in the month, with sales at health and personal-care stores rising by 1.4 percent, the most in 24 months. While auto sales climbed 2 percent, also, the most since September 2017. A separate but related report released last week showed sales of cars and light trucks climbed to 17.4 million year-on-year in March, the fastest this year.

“It’s nice to see the bounce-back here — to me it’s just on trend,” Societe Generale senior U.S. economist Omair Sharif said. “If you look at the quarter as a whole, we’re not breaking out from the kind of real spending numbers we’ve seen the last several years.”

However, sales dropped in categories such as building material stores, which declined by 0.6 percent, apparel stores, dropped by 0.8 percent and sporting goods, hobby, book and music stores dips by 1.8 percent, the most since December.

Strong labor market and rising wage growth amid lower taxes are fueling consumer spending in the U.S. and this is expected to continue in the second quarter due to tax returns. However, consumer spending is likely to grow at a slower pace in the first quarter due to weaker than expected numbers in January and February.

Overall, the U.S. economic fundamentals remain strong, but global trade wars and political uncertainty amid series of investigations regarding presidential election may continue to impact market outlook.

The U.S. dollar declined against the pound to break 1.4321 price level despite the better than expected number. Meaning, the growing uncertainty in the U.S. is hurting the U.S. dollar outlook even with the U.K. weak economic numbers, the pound continued to gain against the greenback. Therefore, I will expect a sustained break of 1.4388 resistance level to open up 1.4656 price level for the aforementioned reasons.

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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 Exchange Rate Today 4th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 4th, 2024 stood at 1 USD to ₦1,400.

Published

17 hours ago

May 4, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 4th, 2024 stood at 1 USD to ₦1,400.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,380 and sold it at ₦1,370 on Friday, May 3rd, 2024.

This indicates a decline in the Naira exchange rate compared to the current rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,400
Selling Rate: ₦1,390

As economic conditions continue to evolve, staying informed about currency exchange rates empowers individuals to make informed financial decisions. While the black market provides immediate insights, adherence to regulatory guidelines ensures stability and transparency in forex transactions.

Naira

Black Market Dollar Rate Reaches ₦1,380 Today, May 3rd, 2024

US dollar to Nigerian Naira exchange rate as of May 3rd, 2024 at the black market stood at 1 USD to ₦1,380

Published

2 days ago

May 3, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 3rd, 2024 stood at 1 USD to ₦1,380.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,350 and sold it at ₦1,340 on Thursday, May 2nd, 2024.

This indicates a decline in the Naira exchange rate compared to the current rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,380
Selling Rate: ₦1,370

Naira

Dollar to Naira Black Market Today, May 2nd, 2024

As of May 2nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,350 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

2 days ago

May 2, 2024

Samed Olukoya

As of May 2nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,350 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 N1,310 and sell it at N1,300 on Monday, April 29th, 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.