Forex

Yuan Declines to Two-Week Low as Dollar Climbs on Fed Rate Bets

Published

8 years ago

August 22, 2016

Currency Exchange Bureaus As China Roils Markets For Second Day As Yuan Tumbles With Stocks

The yuan fell to a two-week low as increasing speculation the Federal Reserve will raise interest rates this year drove up the dollar.

The Chinese currency declined 0.16 percent to 6.6650 against the greenback as of 10:46 a.m. in Shanghai, according to prices from the China Foreign Exchange Trade System. A gauge of dollar strength was headed for the biggest two-day advance since June, with comments from two Fed officials fueling speculation that a 2016 increase in borrowing costs is still on the table.

“The Fed officials’ hawkish comments are driving the yuan and other Asian currencies weaker,” said Kenix Lai, a Hong Kong-based foreign-exchange analyst at Bank of East Asia Ltd. “The chance for the yuan to decline massively in the short-run is low, as China will want to keep it steady before a Group of 20 meeting in September. The yuan may test 6.6750 a dollar in the near-term.”

The rising probability of higher U.S. rates adds to the challenge facing China’s policy makers as they seek to keep the yuan steady before next month’s G-20 gathering in Hangzhou. The nation will keep the local currency stable this year and the next, Sheng Songcheng, head of the People’s Bank of China’s statistics and analysis department, was cited as saying in an interview with Yicai.com.

Offshore Drop

The offshore yuan declined 0.26 percent, the biggest loss since Aug. 5, to 6.6732 a dollar. A Bloomberg replica of the CFETS RMB Index, which tracks the yuan against 13 exchange rates, dropped 0.23 percent to 93.9. The PBOC weakened its daily reference rate for the yuan by 0.67 percent, the most since June 27.

Vice Chairman Stanley Fischer said over the weekend that the U.S. economy is close to meeting the central bank’s goals and that growth will pick up. The remarks came after San Francisco Fed President John Williams said on Friday that a September move is still “in play.” The focus now shifts to Fed Chair Janet Yellen’s speech this week in Jackson Hole, Wyoming, where top global central bankers will gather to discuss policy.

The odds that U.S. borrowing costs will rise by the year-end climbed to more than 51 percent at the end of last week, from about 42 percent a week ago, data compiled by Bloomberg show.

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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

2 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.