Dollar

U.S Dollar Jumps to Three Weeks High on Better Than Expected Retail Sales

Published

3 years ago

September 20, 2021

The United States Dollar rose to a three-week high after data from the Commerce Department showed that the U.S retail sales rebounded in the month of August despite falling consumer confidence.

The US Dollar Index rose to 93.40 on Monday to extend Friday breakout above the 93.00 key resistance level.

U.S retail sales jumped to its highest in five months in the month of August to beat 0.8 percent decline predicted by experts. Retail sales grew by 0.7 percent in August to increase the odds of the US Federal Reserve announcing tapering during next week’s Federal Open Market Committee (FOMC) meeting.

“U.S. consumption is not slowing as quickly as it appeared a month ago despite the fading stimulus, and the Delta variant did not much affect the industries feeding into retail sales,” said Chris Low, chief economist at FHN Financial in New York. “The economy continued to hum in August.”

Against the Japanese Yen, the U.S dollar strengthened to 109.48 from 109.91 attained on Friday on broad-based selloff during London trading session, while heavy selloff plunged British pound against the U.S dollar 1.36610 before reboundling slightly to 1.36946.

The Euro dropped from 1.17883 recorded on Friday to 1.16995 on Monday during London trading session.

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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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Dollar

NAFEM Dollar Sales Plummet to $84.1m, Naira Dips to N1,537/$

Published

2 months ago

February 19, 2024

Samed Olukoya

On Friday, the Nigeria Autonomous Foreign Exchange Market (NAFEM) witnessed a substantial decline in dollar sales, plummeting to $84.1 million from the previous day’s $331.1 million, representing a 74% drop.

Concurrently, the value of the Nigerian naira depreciated, falling to N1,537 against the US dollar compared to N1,498 recorded in the preceding trading session.

Data sourced from the FMDQ Security Exchange revealed that the drastic reduction in forex turnover at NAFEM reflects dwindling activities in the foreign exchange market.

Despite the participation of entities such as commercial banks, the Central Bank of Nigeria (CBN), oil firms, and multinationals in dollar sales, the overall transaction volume experienced a notable contraction.

Throughout the week, the forex supply at NAFEM exhibited fluctuations. It commenced with a modest supply of $116.11 million on Monday, surged to $381.92 million on Tuesday, but regressed to $117.87 million by Wednesday.

Thursday witnessed a slight recovery with supply climbing to $336.11 million.

Market analysts attributed the depreciation of the naira to intensified demand for dollars driven by speculation and individuals seeking foreign currency for various purposes including business, tourism, education, and healthcare.

The widening gap between official and parallel market rates raises concerns about potential round-tripping activities.

Despite recent CBN interventions and policy directives aimed at enhancing forex supply and curbing malpractices, challenges persist in the forex market.

The evolving dynamics underscore the need for sustained efforts to stabilize the currency and foster confidence in Nigeria’s financial ecosystem. As stakeholders monitor market developments, attention remains focused on implementing effective measures to mitigate forex volatility and sustain economic stability.

Dollar

Dollar to Naira Black Market Exchange Rate Today 19th December 2023

Published

4 months ago

December 19, 2023

Investors King

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 19th, 2023, the dollar to naira exchange rate is 1 USD to 1235 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1235, Investors King reports.

This digital 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.

How Much is Dollar to Naira Today in the Black Market?

This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦1235 and ₦1230 as of the time of writing today.

What is the current exchange rate of the dollar to naira in the black market today?

According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦1235 and sold for ₦1230.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Selling Rate	1230
Buying Rate	1235

Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
12/15/2023	US DOLLAR	861.152	861.652	862.152
12/15/2023	POUNDS STERLING	1094.9548	1095.5905	1096.2263
12/15/2023	EURO	940.378	940.924	941.47
12/15/2023	SWISS FRANC	990.6269	991.2021	991.7773
12/15/2023	YEN	6.0572	6.0607	6.0642
12/15/2023	CFA	1.4994	1.5094	1.5194
12/15/2023	WAUA	1220.3948	1221.1034	1221.812
12/15/2023	RIYAL	229.4142	229.5474	229.6806
12/15/2023	DANISH KRONA	126.0967	126.1699	126.2431
12/15/2023	SDR	1154.6326	1155.303	1155.9734

Investors King understands that although the dollar to naira opened at N1235 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.

On Tuesday, December 19th, 2023, individuals in the black market purchased one US dollar for N1230 and sold it for N1235. This shows that the value of the Naira declined when compared to Monday, December 11th, 2023 when the local currency was exchanged at N1190 to a Dollar and a Dollar was purchased at N1180.

To stay informed about the dollar to naira exchange rate, there are several reliable sources that you can turn to. Here are some tips for staying up-to-date:

Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.

By staying informed about the dollar-to-naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.

Dollar

Dollar Sees Uptick, But November Nears Steepest Monthly Decline in a Year

Published

5 months ago

November 30, 2023

Investors King

The dollar made modest gains on Thursday, but it still faces the prospect of marking its most significant monthly decline in a year.

This trend is largely attributed to heightened speculation that the Federal Reserve will refrain from further rate hikes, a sentiment reinforced ahead of a crucial inflation report scheduled for later in the day.

The dollar index, gauging the U.S. currency against six counterparts, managed to climb 0.35% to 103.18, rebounding from Wednesday’s low of 102.46—the weakest level since August 11.

Despite this slight recovery, the index is on track to conclude November with a 3.3% slump, fueled by mounting expectations of a Fed interest rate cut in the first half of 2024.

Mohamad Al-Saraf, Associate of FX and Rates Strategy at Danske Bank, noted, “The key drivers in November for the dollar weakness have been the benign inflation data and the loosening signs of the labor market.”

Market focus intensifies as investors await the crucial Personal Consumption Expenditure (PCE) price index, the Fed’s targeted measure of inflation, scheduled for release on Thursday.

Christopher Wong, Currency Strategist at OCBC, emphasized that the PCE data would offer insights into the persistence of the disinflation trend.

As U.S. rates futures markets price in over 100 basis points of rate cuts for next year, commencing in May, the dollar’s path remains contingent on inflationary signals and cues from Federal Reserve Chair Jerome Powell’s speech on Friday.

The global economic landscape, underscored by weaker data in Germany, Spain, and France, amplifies the volatility in currency markets, leaving investors closely monitoring central bank responses.