Saturday, April 6, 2019

Lukman Otunuga

    Central Bank of Nigeria steals the spotlight in January

Central Bank of Nigeria steals the spotlight in January

Investor sentiment towards the Nigerian economy was dealt a slight blow, after the MPC cancelled the January meeting due to their “inability to form a quorum”.Although the missed central bank meeting is likely to have little impact on the economy, it has the potential to reinforce market concerns over the nation’s poor policy management. An unwelcome return of political risk and uncertainty amid [...]

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    Sterling boosted by UK jobs report, dollar sobs

Sterling boosted by UK jobs report, dollar sobs

Investors who were itching for another opportunity to propel Sterling higher were given the green light on Wednesday after UK employment data came in stronger than market expectations. The number of people in work unexpectedly jumped in the three months to November, while wage growth offered a pleasant surprise by rising 2.4% - the highest in almost a year. Although the number of jobless [...]

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    Bitcoin hammered by crackdown fears

Bitcoin hammered by crackdown fears

Bitcoin was the talk across financial markets for all the wrong reasons on Tuesday after prices tumbled sharply to their weakest level since early December at $11,192. Market jitters over South Korea potentially banning cryptocurrency trading has effectively eroded investor appetite for Bitcoin. With reports on a renewed crackdown on the cryptocurrency in China fueling anxiety over future restrictions, further losses could be [...]

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    Dollar bulls back in action as Gold dips

Dollar bulls back in action as Gold dips

The dollar jumped to a fresh weekly high against a basket of major currencies on Tuesday amid market optimism over the US federal reserve raising interest rates at least twice in 2018.There is a suspicion that dollar bullish investors are starting to look beyond December’s disappointing NFP headline figures, and have their sights set on wage growth which held steady at 2.5% [...]

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    Global stocks mixed as holiday mood kicks in

Global stocks mixed as holiday mood kicks in

Global equity markets struggled for direction during Wednesday’s trading session, with investors on the fence as activity continued to decelerate ahead of the upcoming Christmas holiday break. Asian shares concluded on a mixed note on Wednesday as anticipation mounted ahead of a final vote on the US tax bill. In Europe, shares were lacklustre amid the limited appetite for risk and this could trickle back into [...]

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    BoE keeps rates unchanged

BoE keeps rates unchanged

Sterling offered a fairly muted response during Thursday’s trading session after Bank of England policy makers unanimously voted to leave interest rates unchanged at 0.5% in December. Although inflation in the United Kingdom has jumped to its highest level in almost six years, it seems that the growing uncertainty over Brexit is likely to encourage the central bank to adopt a wait and [...]

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    Global stocks under pressure; Bitcoin hits another record

Global stocks under pressure; Bitcoin hits another record

Global equity bulls were nowhere to be found during Tuesday’s trading session as market players evaluated the possible impact of proposed US tax cuts. World stocks were mostly lower amid a global technology selloff, with the lack of appetite for riskier assets punishing European shares and Wall Street.  Asian markets stumbled lower during early trading on Wednesday, following Wall Street’s overnight decline. With the [...]

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    Market quite but dollar under pressure

Market quite but dollar under pressure

Another eventful trading week is slowly coming to an end with global stocks mostly mixed today, as investors sit on their hands ahead of the weekend.Asian markets closed mostly mixed on Friday, while European stocks struggled for direction after the Thanksgiving holiday in the United States on Thursday. Although Wall Street will be open this afternoon, a subdued session is [...]

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    Dollar punished by Fed caution UK GDP in focus

Dollar punished by Fed caution UK GDP in focus

The Dollar found itself vulnerable to heavy losses on Wednesday evening, after minutes from the latest FOMC meeting illustrated concerns among policymakers over the inflation outlook. Although Federal Reserve official expressed optimism over economic growth and expected interest rates to be raised in the “near term”, there was still growing concerns over the prolonged periods of stubbornly low inflation in the U.S. The [...]

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    Dollar wobbles as Trump lands in China

Dollar wobbles as Trump lands in China

Asian stock markets were mostly higher during early trading on Thursday, following Wall Street’s modest gains overnight. The positive momentum from Asia is likely to support European stocks this morning, with the bullish sentiment trickling back down into Wall Street later in the day. World stocks have had a brilliant trading year, thanks to rising confidence over the global economy and optimism [...]

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    Heavy hitters give Nigeria the thumbs up

Heavy hitters give Nigeria the thumbs up

October was certainly another positive month for the largest economy in Africa, which has yet again showcased its brawn and resilience on the global stage.Annual inflation eased for the eighth straight month, while encouraging core economic metrics pointed to further signs of economic stability. Rising global oil prices and recovering domestic oil production has positively impacted government revenues and [...]

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    Euro continues to tumble, US GDP in focus

Euro continues to tumble, US GDP in focus

It has been another interesting week for global markets as investors continue to wrestle with the Catalonia crisis, bumpy Brexit negotiations, and uncertainty around who will become the next Fed Chair.The main highlight was on Thursday, when the European Central Bank moved forward with a “dovish taper”, a move that is seen as the first step to ending easy money.Stock [...]

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    Euro pressured by political jitters

Euro pressured by political jitters

The Euro found itself vulnerable to losses on Monday morning, thanks to heightened political drama in Spain.Jitters over the Catalan developments were felt across the board, after Prime Minister Mariano Rajoy gave Carles Puigdemont until 08:00 GMT to clarify Catalonia’s independence status. Puigdemont simply ignored Madrid’s ultimatum, submitting a letter that failed to provide a clear indication on his response to the independence declaration [...]

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    Nigeria strides into Q4

Nigeria strides into Q4

Nigeria displayed its resilience in the global arena on repeated occasions this year, by confronting a currency crisis, navigating depressed oil prices and rebounding from an economic deceleration.With the nation currently in the process of recovering from its worst slump in 25 years, despite the headwinds created from both external and internal risk, the overall outlook remains highly encouraging.Annual [...]

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    Gold struggles to shine as dollar firms

Gold struggles to shine as dollar firms

Gold struggled to hold onto its shine on Tuesday, as the risk-on mood encouraged investors to seek riskier assets, such as equities.The yellow metal dipped to a seven-week low below $1270 during early trading, and it looks like further punishment is in store, as firming US rate hike expectations buoy the US dollar.With prices securing a solid monthly close below the [...]

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    Dollar smiles while sterling scowls

Dollar smiles while sterling scowls

Sterling’s price action this week can be described as messy, as rocky Brexit negotiations between the United Kingdom and Brussels, left investors on edge.Sentiment towards the Pound was already fragile amid the uncertainty, and reports released on Friday, showing a downward revision of Britain’s annual growth rate, put more pressure on the currency. Economic growth in the United Kingdom rose [...]

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Exchange Rates

April 5, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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