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Economic Slowdown: ECB Lowers Growth Projection for 2019

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Mario Draghi
  • Economic Slowdown: ECB Lowers Growth Projection for 2019

Growing uncertainty in the Euro-area has forced the European Central Bank to lower its 2019 growth projection and increased bank stimulus in an effort to boost growth in the region.

The ECB lowered growth forecast from 1.7 per cent predicted three months ago to 1.1 per cent, saying the region’s economic slowdown was bigger than previously estimated.

The central bank announced another loan assistance package for banks and planned to extend existing stimulus.

Mario Draghi, the President, ECB, explained that growing protectionism across the world and uncertainties from emerging economies are hurting growth in the Euro-area.

“The persistence of uncertainties related to geopolitical factors, the threat of protectionism and vulnerabilities in emerging markets appears to be leaving marks on economic sentiment,” Draghi told journalists in Frankfurt on Thursday. “The risks surrounding the euro area growth outlook are still tilted to the downside.”

However, the economic slowdown in the Euro-area run deeper than just protectionism, business sentiment has plunged in recent months as businesses and investors were uncertain regarding Brexit negotiations. The region’s largest economy, Germany, grew at its slowest rate in five years in 2018, down from 2.2 per cent in 2017 to 1.5 per cent and narrowly escaped recession despite ECB assuring businesses of strong economic recovery and promising to start balance sheet normalization in 2019.

That has now changed as the same ECB has started adding to stimulus and admitted its projections were slightly off.

Also, the inability of the region to reach an agreement with the European Union on Brexit is weighing on business decisions. For instance, Germany and the United Kingdom alone trade about €200 billion worth of goods per annum, putting businesses that built their revenue around exports and imports from the United Kingdom in an uncertain situation regarding their business or future investment.

In Italy it is not different, Europe’s fourth-largest economy plunged into recession in the final quarter of 2018 and 2019 economic projection has also been slashed. Now Italy is looking towards China’s Belt and Road Initiative for future growth.

A fall-out between the U.S and Chinese delegates negotiating trade dispute could worsen both the region’s and global growth, especially after China adjusted its economic projections for the year and lowered tax by 3 per cent for manufacturers to aid slowing growth and facilitate exports.

While this might boost foreign inflows into emerging economies, South Africa and Nigeria may struggle to attract foreign investors with their current economic situations.

The euro single currency fell for a fifth day on Friday against the U.S. dollar to $1.1234 as traders continued to dump the single currency.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Forex

Black Market Dollar To Naira Exchange Rate For Today 1st February 2023

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Godwin Emefiele - Investors King

You can access the black market Dollar to Naira exchange rate for today, 1st February on Investors King.

This online business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦745 and ₦750, and the price can change (high or low) within hours.

How Much Is Black Market Dollar To Naira Exchange Rate Today?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N745 and sell at N750 as of the time of filing this report.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 745
Selling Rate 750

The local currency opened at N750.00 per $1 at the parallel market otherwise known as the black market today Wednesday, 1st February 2023, in Lagos Nigeria, after it closed at N755 per $1 on Tuesday, 31st January 2023.

Even though the dollar to naira opened in the parallel market at N750 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Investors King reports that in the black market, the players buy a dollar for N745 and sell for N750 on Wednesday morning, February 1, 2023, after they purchased N752 and sold for N755 on Tuesday, 31st January 2023.

Meanwhile, Investors King reports that the USD started this week at ₦755 in Parallel Market also known as Black Market after it opened at  ₦757 last week Monday, January 23, 2023.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

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Black Market Rate

Black Market Dollar To Naira Exchange Rate For Today 30th January 2023

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Naira Dollar Exchange Rate - Investors King

You can access the black market Dollar to Naira exchange rate for today, 30th January on Investors King.

This online business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦752 and ₦755, and the price can change (high or low) within hours.

How Much Is Black Market Dollar To Naira Exchange Rate Today?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N752 and sell at N755 as of the time of filing this report.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 752
Selling Rate 755

The local currency opened at N755.00 per $1 at the parallel market otherwise known as the black market today Monday, 30th January 2023, in Lagos Nigeria, after it closed at N755 per $1 on Sunday, 29th January 2023.

Even though the dollar to naira opened in the parallel market at N755 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Investors King reports that in the black market, the players buy a dollar for N752 and sell for N755 on Monday morning, January 29, 2023, same rate of Sunday, 29 January 2023.

Meanwhile, Investors King reports that the USD started this week at ₦755 in Parallel Market also known as Black Market on Sunday, January 29, 2023, in Lagos Nigeria.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

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Naira

Black Market Dollar To Naira Exchange Rate For Today 28th January 2023

Dollar to naira exchange rate today black market (Aboki dollar rate)

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New Naira notes

You can access the black market Dollar to Naira exchange rate for today, 28th January on Investors King.

This online business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦750 and ₦755, and the price can change (high or low) within hours.

How Much Is Black Market Dollar To Naira Exchange Rate Today?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N750 and sell at N755 as of the time of filing this report.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 750
Selling Rate 755

The local currency opened at N755.00 per $1 at the parallel market otherwise known as the black market today Saturday, 28th January 2023, in Lagos Nigeria, after it closed at N750 per $1 on Thursday, 26th January 2023.

Even though the dollar to naira opened in the parallel market at N755 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Investors King reports that in the black market, the players buy a dollar for N750 and sell for N757 on Saturday morning, January 28, 2023, after they purchased N744 and sold for N746 on Thursday, 26 January 2023.

Meanwhile, Investors King reports that the USD started this week at ₦745 in Parallel Market also known as Black Market on Monday, January 23, 2023, in Lagos Nigeria, after it opened at ₦744 last week Monday, January 16, 2023.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

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