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Daily Naira Exchange Rates; Tuesday December 22, 2020

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Naira Dollar Exchange Rate - Investors King

Daily Naira Black Market Exchange Rates

Morning * Midday** Evening ***

Date USD GBP EURO YUAN Canadian Australian
NGN BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL
22/12/2020 472/476 622/630 570/578 60/70 340/362 250/295
21/12/2020 472/476 622/632 570/580 55/68 340/362 250/295
18/12/2020 472/477 622/630 570/577 55/68 340/362 250/295
17/12/2020 472/478 623/633 570/577 55/68 340/362 250/295
16/12/2020 472/476 620/627 570/576 55/68 340/362 250/295
15/12/2020 470/475 615/628 570/580 55/68 340/362 250/295
14/12/2020 470/475 620/628 570/580 55/68 340/362 250/295

Bureau De Exchange Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
22/12/2020 470/475 620/631 568/577
21/12/2020 470/475 620/631 568/577
18/12/2020 460/475 620/630 568/577
17/12/2020 460/475 618/633 565/580
16/12/2020 460/480 618/633 565/580
15/12/2020 460/480 615/630 565/580
14/12/2020 460/477 615/630 565/580

Central Bank of Nigeria (CBN) Official Naira Rates

Date Currency Buying(NGN) Central(NGN) Selling(NGN)
12/21/2020 US DOLLAR 379 379.5 380
12/21/2020 POUNDS STERLING 502.9709 503.6345 504.298
12/21/2020 EURO 461.2809 461.8895 462.498
12/21/2020 SWISS FRANC 426.6577 427.2205 427.7834
12/21/2020 YEN 3.6551 3.6599 3.6648
12/21/2020 CFA 0.6885 0.6985 0.7085
12/21/2020 WAUA 546.7451 547.4664 548.1877
12/21/2020 YUAN/RENMINBI 57.8052 57.8819 57.9586
12/21/2020 RIYAL 101.0209 101.1541 101.2874
12/21/2020 SOUTH AFRICAN RAND 25.4944 25.5281 25.5617

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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Pound

Pounds Rebounds as Kwasi Abandons 45% Tax Cut

The British Pound rebounded against the United States Dollar following an announcement by Kwasi Kwarteng, Chancellor of the Exchequer, that the plans to abolish the 45% tax rate for people earning more than 150,000 pounds ($168,000) has been abandoned.

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The British Pound rebounded against the United States Dollar following an announcement by Kwasi Kwarteng, Chancellor of the Exchequer, that the plans to abolish the 45% tax rate for people earning more than 150,000 pounds ($168,000) has been abandoned.

In a statement published on his official Twitter handle @KwasiKwarteng, the chancellor said “from supporting British business to lowering the tax burden for the lowest paid, our growth plan sets out a new approach to build a more prosperous economy.

“However, it is a clear the abolition of the 45 percent tax rate has become a distraction from our overriding mission to tackle the challenges facing our country.

“As a result, I am announcing we are not proceeding with the abolition of the 45 percent tax rate. We get it, and we have listened.

“This will allow us to focus on delivering the major parts of our growth package.”

He explained that his administration’s energy policy will support households and businesses with their energy bills. While the decision to cut taxes to put money back in the pockets of 30 million hard-working British people would help grow the economy.

The British Pounds responded positively to the news as it gained against the United States to close at 1.1333 on Monday.

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Pound

Why Pounds Sterling Plunged to a 37-Year Low

Global economic uncertainty amid the decision to cut tax by over 50% despite the rising inflation rate has plunged the Pounds Sterling to a 37-year low against the United States Dollar on Monday.

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pound-sterling

Global economic uncertainty amid the decision to cut tax by over 50% despite the rising inflation rate has plunged the Pounds Sterling to a 37-year low against the United States Dollar on Monday.

On Friday, the new U.K. Chancellor, Kwasi Kwarteng announced the biggest tax cuts in 50 years and on Monday said he will keep cutting taxes to put money in the pocket of the people, support businesses and grow the economy, Investors King understands.

This, he planned to achieve by reducing government revenue via tax and simultaneously increase the money circulation despite the country’s 9.9% inflation rate in August.

He argued that increased growth would eventually compensate for the drop in revenue in the long term. He further stated that the almost £45 billion expected to be cut off from the nation’s tax revenue through 2027 under his policy would “turn the vicious cycle of stagnation into a virtuous cycle of growth”.

“We need a new approach for a new era, focused on growth,” he stated.

Global currency traders immediately started relinquishing their holdings of the Pounds Sterling for the United States Dollar and other currencies to avoid impending doom expected to hit the British Pound in the days ahead.

It is impossible to grow the economy as predicted by Kwarteng when prices of crude oil and other commodities remained high due to Russia’s invasion of Ukraine.

Also, with the United States Dollar trading at 1.1031 to the Pounds Sterling after plunging to 1.03325 on Monday, the cost of importing goods from the United States and buying goods quoted in U.S. Dollars will impact whatever money the Chancellor plans to put in the pocket of British people.

Similarly, exports from the United Kingdom would be cheaper for holders of foreign currencies and affect the profit of export-dependent businesses.

Basically, global investors are worried external factors would disrupt U.K policy given the current global happenings. Experts have started predicting that inflation could jump above 10.1% recorded in July, except the Bank of England called an emergency meeting ahead of the scheduled November 3 policy meeting to raise interest rates to curb jump in inflation predicted to result from Kwarteng policy.

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British Pound Gives Back Early Gains as Boris Johnson Resigns

British Pound lost its early gains against the United States Dollar after Prime Minister Boris Johnson resigned on Thursday.

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Boris Johnson

British Pound lost its early gains against the United States Dollar after Prime Minister Boris Johnson resigned on Thursday.

The pound had earlier rose to 1.2023 against the United States Dollar before shedding part of those gains to 1.1967 shortly after Prime Minister announced his resignation.

Boris Johnson has been under heavy pressure from his own party to resign for involving in what most termed as too many scandals.

To force the prime minister out of office, 44 lawmakers resigned this week, saying the minister had put all lawmakers moral under scruitining and in question.

“Treading a tightrope between loyalty and integrity has become impossible in recent months,” said Savid Javid, the United Kingdom’s former health secretary, in his resignation speech Wednesday in the House of Commons. “Now this week, again, we have reason to question the truth and integrity of what we’ve all been told. And at some point, we have to conclude that enough is enough.”

Speaking on his resignation, Johnson said he will remain in office until his party, Conservative Party, chooses a new leader, who will then take over.

“Of course, it is painful to not to be able to see through so many ideas and projects,” Johnson said in front of the door of No. 10 Downing St. in London, as loud crowds could be heard nearby. “But as we have seen at Westminster, the herd instinct is powerful and when the herd moves, it moves.”

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