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Trump Discussed Possibility of Firing Jerome Powell Amid Stock Rout

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  • Trump Discussed Possibility of Firing Jerome Powell Amid Stock Rout

The report that president Trump is discussing the possibility of firing Federal Reserve Chair, Jerome Powell, sent global financial market shaking ahead of Christmas.

President Trump blamed the U.S. stock rout on Federal Reserve’s rate policy that has seen borrowing cost risen to 2.5 per cent after four consecutive hikes in 2019.

Federal Reserve had raised benchmark lending rate by 25 basis points last week, saying the economy continues to create jobs even as the unemployment rate remained at 49 year low of 3.7 per cent. Jerome Powell said wage growth ticked up to 3.1 per cent, suggesting that tight labour market has started forcing businesses to increase wages in order to attract skilled employees as projected in the first quarter of the year.

Despite strong economic numbers coming from the world’s largest economy, the stock market has declined by about $5 trillion in market value in the last three months. Putting President Trump, who has based his success in the last two years on stock performance, in an unlikely situation.

People familiar with the matter said the president has repeatedly discussed the possibility of firing the Central bank chief, Jerome Powell, in recent days.

“You would think that after coming off of the worst week for the markets since the financial crisis in 2008, he would look to create some stability,” said Chuck Cumello, CEO of Essex Financial Services. “Instead we get the opposite, with this headline and more self-induced uncertainty. This coming from a president who when the market goes up views it as a barometer of his success.”

Sensing potential disaster, Steven Mnuchin, Treasury Secretary stepped in to assure market participants that the Federal Reserve Chair, Jerome Powell, won’t be fired as the President does not have that authority.

Still, the uncertainty surrounding the administration has created a disconnect between positive US economic data and market perception. Majority of businesses believe growth will slow down in 2019 with huge capital outflow despite strong growth recorded in 2018, much of which they attributed to weak interest in U.S. assets and limited rate hike.

The tax cut has failed to stimulate growth as projected by President Trump, weak global growth due to trade protectionism keeps hurting global demands and expected to affect exports from the U.S. to Europe. OPEC cuts failed to lift oil price as Chinese imports, the largest importer of crude oil, is expected to drop in 2019.

The excess profit from tax cuts expected to be invested by businesses to sustain job creation and boost economic productivity was largely spent on stock buyback, putting business investment 28 per cent below Obama’s administration.

Going forward economic policy will dictate market’s direction, at least in the first half of 2019.

The S$P 500 slumped by 7.1 per cent last, while the Nasdaq Composite Index dipped into a bear market.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Naira

Daily Naira Exchange Rates; Thursday, February 25, 2021

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Daily Naira Exchange Rates; Thursday, February 25, 2021

The Nigerian Naira traded at N480 to a United States Dollar in the early hours of Thursday, February 24, 2020 at the parallel market popularly known as the black market. While the British pound was exchanged at N670 and Euro sold for N580. See the details below.

Daily Naira Black Market Exchange Rates

Morning * Midday** Evening *** Final Rates

Date USD GBP EURO YUAN Canadian Australian
NGN BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL
24/02/2021 475/480* 655/670* 570/580* 60/68 385/395 282/300
24/02/2021 475/480 655/670 570/580 60/68 385/395 282/300
23/02/2021 475/480 655/665 575/582 60/68 385/395 282/300
22/02/2021 475/480 652/660 575/580 60/68 385/395 282/300
19/02/2021 474/478 648/655 570/577 60/68 385/395 282/300
18/02/2021 472/477 645/655 570/575 60/68 385/395 282/300
17/02/2021 472/478 645/655 570/575 60/68 385/395 282/300
16/02/2021 465/473 645/652 565/570 60/68 385/395 282/300
15/02/2021 465/473 642/652 562/570 60/68 385/395 282/300
12/02/2021 465/473 642/650 562/570 60/68 385/395 282/300
11/02/2021 465/475 640/650 560/570 60/70 385/400 280/300
10/02/2021 472/478 645/652 565/575 60/70 385/400 280/300
09/02/2021 474/480 645/655 567/575 60/70 385/400 280/300
08/02/2021 474/480 645/655 567/575 60/70 385/400 280/300
05/02/2021 474/480 645/653 567/578 60/70 385/400 280/300
04/02/2021 474/480 645/653 567/578 60/70 385/400 280/300
03/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
02/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
01/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
29/01/2021 474/480 642/652 575/580 60/70 385/400 280/300

 Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
24/02/2021 470/480 654/660 570/578
24/02/2021 470/480 654/660 570/578
23/02/2021 470/478 654/660 570/578
22/02/2021 470/477 650/656 570/577
19/02/2021 465/476 645/656 565/573
18/02/2021 465/475 640/652 563/570
17/02/2021 465/477 640/655 562/572
16/02/2021 460/475 640/652 562/570
15/02/2021 460/475 638/652 561/568
12/02/2021 467/475 635/650 562/570
11/02/2021 465/475 640/655 560/575
10/02/2021 472/478 640/655 565/575
09/02/2021 472/478 640/655 565/575
08/02/2021 472/478 640/655 565/575
05/02/2021 472/478 640/650 565/575
04/02/2021 472/478 640/650 565/575
03/02/2021 471/478 640/650 572/580
02/02/2021 471/478 640/655 572/580
01/02/2021 471/478 640/655 572/580
29/01/2021 471/477 640/648 570/579

Central Bank of Nigeria’s Official Naira Rates

Date Currency Buying(NGN) Central(NGN) Selling(NGN)
2/24/2021 US DOLLAR 379 379.5 380
2/24/2021 POUNDS STERLING 535.7923 536.4992 537.206
2/24/2021 EURO 461.0914 461.6997 462.308
2/24/2021 SWISS FRANC 417.6309 418.1818 418.7328
2/24/2021 YEN 3.5805 3.5853 3.59
2/24/2021 CFA 0.6825 0.6925 0.7025
2/24/2021 WAUA 546.5445 547.2656 547.9866
2/24/2021 YUAN/RENMINBI 58.7606 58.8386 58.9166
2/24/2021 RIYAL 101.0505 101.1838 101.3171
2/24/2021 SOUTH AFRICAN RAND 26.0338 26.0681 26.1025

 

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Naira

Daily Naira Exchange Rates; Wednesday, February 24, 2021

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Daily Naira Exchange Rates; Wednesday, February 24, 2021

Naira remained weak against global counterparts as the local currency opened at N480 against the United States Dollar on the black market in the early morning of Wednesday,  February 24, 2020.

Daily Naira Black Market Exchange Rates

Morning * Midday** Evening *** Final Rates

Date USD GBP EURO YUAN Canadian Australian
NGN BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL
24/02/2021 475/480 655/670 570/580 60/68 385/395 282/300
23/02/2021 475/480 655/665 575/582 60/68 385/395 282/300
22/02/2021 475/480 652/660 575/580 60/68 385/395 282/300
19/02/2021 474/478 648/655 570/577 60/68 385/395 282/300
18/02/2021 472/477 645/655 570/575 60/68 385/395 282/300
17/02/2021 472/478 645/655 570/575 60/68 385/395 282/300
16/02/2021 465/473 645/652 565/570 60/68 385/395 282/300
15/02/2021 465/473 642/652 562/570 60/68 385/395 282/300
12/02/2021 465/473 642/650 562/570 60/68 385/395 282/300
11/02/2021 465/475 640/650 560/570 60/70 385/400 280/300
10/02/2021 472/478 645/652 565/575 60/70 385/400 280/300
09/02/2021 474/480 645/655 567/575 60/70 385/400 280/300
08/02/2021 474/480 645/655 567/575 60/70 385/400 280/300
05/02/2021 474/480 645/653 567/578 60/70 385/400 280/300
04/02/2021 474/480 645/653 567/578 60/70 385/400 280/300
03/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
02/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
01/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
29/01/2021 474/480 642/652 575/580 60/70 385/400 280/300

 Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
24/02/2021 470/480 654/660 570/578
23/02/2021 470/478 654/660 570/578
22/02/2021 470/477 650/656 570/577
19/02/2021 465/476 645/656 565/573
18/02/2021 465/475 640/652 563/570
17/02/2021 465/477 640/655 562/572
16/02/2021 460/475 640/652 562/570
15/02/2021 460/475 638/652 561/568
12/02/2021 467/475 635/650 562/570
11/02/2021 465/475 640/655 560/575
10/02/2021 472/478 640/655 565/575
09/02/2021 472/478 640/655 565/575
08/02/2021 472/478 640/655 565/575
05/02/2021 472/478 640/650 565/575
04/02/2021 472/478 640/650 565/575
03/02/2021 471/478 640/650 572/580
02/02/2021 471/478 640/655 572/580
01/02/2021 471/478 640/655 572/580
29/01/2021 471/477 640/648 570/579

Central Bank of Nigeria’s Official Naira Rates

 

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Naira

Daily Naira Exchange Rates; Monday, February 22, 2021

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Daily Naira Exchange Rates; Monday, February 22, 2021

Naira exchanged at N480 to a United States Dollar on Monday at the parallel market, while Pound and Euro traded at N660 and N580, respectively.

Daily Naira Black Market Exchange Rates

Morning * Midday** Evening *** Final Rates

Date USD GBP EURO YUAN Canadian Australian
NGN BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL
22/02/2021 475/480 652/660 575/580 60/68 385/395 282/300
19/02/2021 474/478 648/655 570/577 60/68 385/395 282/300
18/02/2021 472/477 645/655 570/575 60/68 385/395 282/300
17/02/2021 472/478 645/655 570/575 60/68 385/395 282/300
16/02/2021 465/473 645/652 565/570 60/68 385/395 282/300
15/02/2021 465/473 642/652 562/570 60/68 385/395 282/300
12/02/2021 465/473 642/650 562/570 60/68 385/395 282/300
11/02/2021 465/475 640/650 560/570 60/70 385/400 280/300
10/02/2021 472/478 645/652 565/575 60/70 385/400 280/300
09/02/2021 474/480 645/655 567/575 60/70 385/400 280/300
08/02/2021 474/480 645/655 567/575 60/70 385/400 280/300
05/02/2021 474/480 645/653 567/578 60/70 385/400 280/300
04/02/2021 474/480 645/653 567/578 60/70 385/400 280/300
03/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
02/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
01/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
29/01/2021 474/480 642/652 575/580 60/70 385/400 280/300

 Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
22/02/2021 470/477 650/656 570/577
19/02/2021 465/476 645/656 565/573
18/02/2021 465/475 640/652 563/570
17/02/2021 465/477 640/655 562/572
16/02/2021 460/475 640/652 562/570
15/02/2021 460/475 638/652 561/568
12/02/2021 467/475 635/650 562/570
11/02/2021 465/475 640/655 560/575
10/02/2021 472/478 640/655 565/575
09/02/2021 472/478 640/655 565/575
08/02/2021 472/478 640/655 565/575
05/02/2021 472/478 640/650 565/575
04/02/2021 472/478 640/650 565/575
03/02/2021 471/478 640/650 572/580
02/02/2021 471/478 640/655 572/580
01/02/2021 471/478 640/655 572/580
29/01/2021 471/477 640/648 570/579

Central Bank of Nigeria’s Official Naira Rates

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