Forex

Yen Erases Gain as Focus Returns to U.S. Data After LDP Defeat

Published

7 years ago

July 3, 2017

Yen Erases Gain as Focus Returns to U.S. Data After LDP Defeat

The yen erased gains as the focus returned to U.S. economic data due this week after earlier surging on a local election loss in Tokyo by Prime Minister Shinzo Abe’s ruling party.

Japan’s currency jumped as much as 0.4 percent against the dollar as the Liberal Democratic Party secured 23 seats, its least ever in the capital, spurring demand for safer assets. Spot gapped lower as some macro funds followed leveraged accounts in hitting bids down to the 111.91 session low, before a lack of follow through from institutions and Nikkei stock futures saw spot rising back to Friday’s close, Asia-based currency traders said.

“Stocks are showing little reaction to Japan’s election as markets wait and see whether the result will have any impact on a national political level,” said Koji Fukaya, chief executive officer at Tokyo-based FPG Securities. “The focus this week is U.S. data, whether they will support the Fed’s hawkish view. There is more risk to the dollar-yen’s upside given how markets seem to be more cautious about the economy.”

Australia’s dollar fell for the first time in four day after a Bureau of Statistics report showed building approvals declined in May. U.S. data this week that may influence the outlook for Federal Reserve policy include manufacturing data Monday, Fed minutes Wednesday and payrolls data on Friday.

USD/JPY rises 0.1% to 112.52 after falling to 111.91 in early morning trade in Tokyo
- Tokyo Governor Koike’s Tomin First party won 49 seats in the 127-seat assembly, NHK said, up from 6 beforehand
- Market concern may deepen on risk Abe can’t extend term as LDP chief, which would push down USD/JPY in near term, Citigroup says in email. Won’t be surprised if pair pulled back toward 110 in coming weeks
- Nomura says Abe unlikely to call snap election after Tokyo loss
- Tankan survey of sentiment among large manufacturers rose to 17 from 12 three months ago, beating est. of 15
AUD/USD drops 0.2% to 0.7675 versus 0.7668/95 range
- May building approvals fell 5.6% m/m; estimate 1.3% drop
- Private-sector home approvals rose 0.6% m/m
- Option expiry Tuesday at 0.77 for AS$1.73b
GBP/USD declines 0.2% to 1.2990
- Call options 1.3000 strike for notional GBP300m expiring Monday

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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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Naira

Dollar to Naira Black Market Exchange Rate Today 4th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 4th, 2024 stood at 1 USD to ₦1,400.

Published

1 day ago

May 4, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 4th, 2024 stood at 1 USD to ₦1,400.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,380 and sold it at ₦1,370 on Friday, May 3rd, 2024.

This indicates a decline in the Naira exchange rate compared to the current rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,400
Selling Rate: ₦1,390

As economic conditions continue to evolve, staying informed about currency exchange rates empowers individuals to make informed financial decisions. While the black market provides immediate insights, adherence to regulatory guidelines ensures stability and transparency in forex transactions.

Naira

Black Market Dollar Rate Reaches ₦1,380 Today, May 3rd, 2024

US dollar to Nigerian Naira exchange rate as of May 3rd, 2024 at the black market stood at 1 USD to ₦1,380

Published

3 days ago

May 3, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 3rd, 2024 stood at 1 USD to ₦1,380.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,350 and sold it at ₦1,340 on Thursday, May 2nd, 2024.

This indicates a decline in the Naira exchange rate compared to the current rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,380
Selling Rate: ₦1,370

Naira

Dollar to Naira Black Market Today, May 2nd, 2024

As of May 2nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,350 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

3 days ago

May 2, 2024

Samed Olukoya

As of May 2nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,350 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 N1,310 and sell it at N1,300 on Monday, April 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.