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Forex

Australian Dollar Falls as RBA Leaves Interest Rates on Hold For a Fourth Month

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By Craig Erlam, Senior Market Analyst, UK & EMEA, OANDA

The Australian dollar softened this morning after the RBA opted to leave the Cash Rate at 4.1% but warned some further tightening may be required.

The decision and statement – the first under new Governor Michele Bullock – was largely in line with what we’ve heard before and was a long way from suggesting another rate hike is imminent.

The language around further hikes potentially being needed is being used by all central banks that have just undergone a severe tightening process as they are hesitant to declare victory until it’s absolutely clear without doubt. That’s what happens when you’re heavily criticized for a slow start.

In reality, the RBA like most other central banks is probably done. We are seeing a lot of hawkish commentary from policymakers at the moment though, perhaps one final hawkish push to get every last drop from their tightening efforts, which is clearly unsettling investors.

The data will obviously be crucial now as we’re entering a period in which it’s assumed substantial progress will be seen. That alongside the lag effects of past measures could see that language soften a little from some policymakers, although others like the Fed may hold the hawkish line for longer as the labour market remains remarkably resilient.

Oil extends pullback ahead of OPEC+ meeting

Oil prices are continuing to slide ahead of the OPEC+ meeting tomorrow. While the rally was already running on fumes prior to the pullback, it is interesting the scale of the move we’ve seen in recent days, with Brent off more than 5% since Thursday.

Perhaps there’s an element of profit-taking ahead of the OPEC+ meeting after such a strong rally since mid-August or maybe risk-aversion elsewhere is weighing, driven by economic fears. The question now is whether trading in recent days or the recent shift in risk appetite will influence the outcome of the meeting.

Gold continues to crumble amid hawkish central bank warnings

Gold is on course to extend its losing run to seven sessions, with the yellow metal currently down around a quarter of one percent, having been down three times as much earlier in the day. Rising bond yields have hammered gold prices which have fallen from $1,900 to near $1,800 remarkably fast.

This will be the next test for the sell-off, with gold having rebounded strongly off this level back in February and March before rallying back toward record highs. I’m not sure traders will be that confident of a repeat performance but it will be an interesting test amid some very hawkish central bank commentary.

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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Forex

CBN Cracks Down: Revokes Licenses of 4,173 Bureaux De Change Operators

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Bureau De Change Operator

The Central Bank of Nigeria (CBN) has revoked the operational licenses of 4,173 Bureaux De Change (BDC) operators across the country.

This action comes as the CBN exercises its authority under the Bank and Other Financial Institutions Act (BOFIA) 2020 and the Revised Operational Guidelines for Bureaux De Change 2015.

The affected BDCs failed to adhere to essential regulatory provisions, including the payment of necessary fees for license renewal, timely rendition of returns, and compliance with CBN directives on Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.

Sidi Ali, the Acting Director of Corporate Communications at the CBN, explained that the revocation underscores the importance of strict adherence to regulatory guidelines in the financial sector.

The CBN also announced its intent to revise the regulatory and supervisory guidelines for Bureaux De Change operations, with compliance to be mandatory for all stakeholders.

The public has been advised to take note of the regulatory changes and act accordingly.

This crackdown underscores the CBN’s commitment to maintaining the integrity and stability of Nigeria’s financial system through stringent regulatory oversight.

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Naira

Black Market Dollar to Naira Exchange Rate Today, March 1st, 2024

As of March 1st, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,530 NGN in the black market, also referred to as the parallel market or Aboki fx.

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Naira Exchange Rates - Investors King

As of March 1st, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,530 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,480 and sell it at N1,470 on Thursday, February 29th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

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

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

  • Buying Rate: N1,530
  • Selling Rate: N1,520

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Naira

Black Market Dollar to Naira Exchange Rate Today, February 29th, 2024

As of February 29th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,480 NGN in the black market, also referred to as the parallel market or Aboki fx.

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NAIRA - Investors King

As of February 29th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,480 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,600 and sell it at N1,590 on Wednesday, February 28th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate improved when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

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

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

  • Buying Rate: N1,480
  • Selling Rate: N1,470

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