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ECB Keeps Policy Unchanged to Battle Economic Slowdown

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ECB
  • ECB Keeps Policy Unchanged to Battle Economic Slowdown

The European Central Bank pledged to keep interest rates at record lows at least through the summer after policy makers met amid rising concern about the region’s growth outlook.

The decision on Thursday came just hours after a report signaled the euro area’s economic slowdown is set to drag on, with the region beset by political strife and global risks such as mounting trade protectionism. Economists and investors have cut their forecasts, questioning the relative optimism President Mario Draghi expressed last month when he announced the end of bond purchases.

“The biggest risk right now is that we talk ourselves into a recession,” Natixis Chief Executive Officer Jean Raby said in a Bloomberg interview at the World Economic Forum in Davos. “The environment from the monetary-policy standpoint is likely to stay relatively stable and benign.”

The euro was little changed near a three-week low after the report. It traded at $1.1349 at 1:46 p.m. Frankfurt time, down 0.3 percent.

Draghi will hold a media briefing at 2:30 p.m. in Frankfurt, where the focus will be on the Governing Council’s assessment of the risks to growth. A survey of purchasing managers published earlier Thursday showed German manufacturing shrinking for the first time in four years, dragging the euro-area economy into its worst performance since 2013.

Earlier this week, the International Monetary Fund cut its global growth forecast, blaming softening demand across Europe. Germany and Italy saw the biggest revisions after stricter emissions tests slashed car production in the region’s largest economy and a budget spat between Rome and Brussels boosted sovereign borrowing costs.

Economists predict the ECB will lower its outlook when projections are updated in March, and have extensively discussed in the run-up to Thursday’s meeting whether the recent spate of disappointing data will prompt policy makers to describe risks to growth as tilted to the downside.

To maintain ample monetary accommodation, the Frankfurt-based institution said it intends to reinvest proceeds from bonds maturing under its 2.6 trillion-euro ($3 trillion) bond-buying program for “an extended period of time past the date” of its first interest-rate increase. Its cautious approach is echoed around the world as the U.S. Federal Reserve stresses it’ll be patient with rate hikes to ease market turbulence and China seeks ways to to deal with its slowest expansion in almost three decades.

Draghi told European lawmakers earlier in January that the bloc isn’t heading into a recession. Acknowledging that continued uncertainty over economic prospects weighs on confidence, he said there’s also reason for optimism: Unemployment continues to fall across the region and wages are on the rise, giving the ECB reason to believe inflation will pick up gradually.

For some policy makers including Sabine Lautenschlaeger and Estonia’s Ardo Hansson, that means the economy is evolving as projected and a rate hike later is this year still in the cards.

Yet the window for the ECB to tighten policy is closing, according to a Bloomberg survey of economists. They’ll be looking for any hints from Draghi on whether the central bank will offer new long-term loans to prevent a tightening of financial conditions. A suggestion was already made in December to “revisit the contribution” the previous round made to the policy stance. Most economist except an announcement in March.

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.

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Naira

Daily Naira Exchange Rates; Monday, March 1, 2021

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Naira Exchange Rates; Monday, March 1, 2021

Naira exchanged at N482 to a United States Dollar on Monday on the parallel market, while it traded at N480 to a US Dollar at the bureau de change section of the foreign exchange market.

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
01/03/2021 475/482 662/672 575/583 60/68 385/395 382/300
26/02/2021 475/482 660/672 575/583 60/68 385/395 382/300
25/02/2021 475/480 660/670 572/580 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
01/03/2021 470/480 660/669 574/580
26/02/2021 470/480 660/669 574/580
25/02/2021 470/480 658/665 574/580
24/02/2021 470/478 654/660 570/578
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)
2/26/2021 US DOLLAR 379 379.5 380
2/26/2021 POUNDS STERLING 527.7196 528.4158 529.112
2/26/2021 EURO 459.0448 459.6504 460.256
2/26/2021 SWISS FRANC 418.3685 418.9204 419.4723
2/26/2021 YEN 3.5644 3.5691 3.5738
2/26/2021 CFA 0.6873 0.6973 0.7073
2/26/2021 WAUA 547.559 548.2813 549.0037
2/26/2021 YUAN/RENMINBI 58.6007 58.6785 58.7562
2/26/2021 RIYAL 101.0505 101.1838 101.3171
2/26/2021 SOUTH AFRICAN RAND 25.2827 25.316 25.3494

 

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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 N672 and Euro sold for N583. 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
25/02/2021 475/480 662/672 575/583 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
25/02/2021 470/480 658/665 574/580
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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