Wednesday, September 19, 2018

Tag "Brexit"

    We’re nervously monitoring Brexit, Buhari tells May as Nigeria, UK sign new agreements

We’re nervously monitoring Brexit, Buhari tells May as Nigeria, UK sign new agreements

President Muhammadu Buhari says the country is 'nervously monitoring' the proceedings of Brexit.The president made this statement on Wednesday when Theresa May, British prime minister, paid him a visit in the Presidential Villa in Aso Rock, Abuja.Both countries also signed two agreements on defence and security partnership as well as Economic Development Forum.In his remarks, Buhari said Nigeria and [...]

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    Sterling dragged back into the spotlight

Sterling dragged back into the spotlight

The potential threat of complications and confrontations during Brexit negotiations could rekindle hard Brexit fears and expose Sterling to downside risks this quarter.Some difficulties have already materialized in the early stages of Brexit talks with European Commission President, Jean-Claude Juncker recently commenting that Theresa May is “living in another galaxy”, leaving investors anxious. Theresa May repeating her threats of [...]

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    Disappointing retail sales pressures Sterling

Disappointing retail sales pressures Sterling

Sterling attracted a school of sellers during early trading on Friday, following the disappointing 1.8% decline in UK retail sales in March that rekindled fears of Brexit impacting the UK economy.UK retail sales posted their largest quarterly fall in seven years in the first quarter of 2017, as accelerating prices and a Brexit-fueled Sterling selloff pressured consumers. With wage growth [...]

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    Markets enter Q2 on a mellow note

Markets enter Q2 on a mellow note

Global stocks traded mildly higher on Monday as investors re-accessed both the health of the global economy and major market themes for the second quarter of 2017.Although a sense of caution lingered across the board ahead of a data-packed week, Asian shares remained resilient with most stocks strolling into the green territory. While the moderate appetite for risk has [...]

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    The post-Brexit pound, Bears vs Bulls

The post-Brexit pound, Bears vs Bulls

Wednesday marked the official countdown of UK’s divorce from the EU, ending a 44-year relationship with its neighbors.The end of this relationship is of course painful, but many agree that this marriage was not a case of love at first sight after all. Investors decided not to take any significant action on Wednesday, the GBPUSD traded within 70 pips [...]

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    Finally, UK triggers article 50 to activate EU divorce

Finally, UK triggers article 50 to activate EU divorce

Theresa May, prime minister of the United Kingdom, has finally triggered article 50, which would activate UK's departure from the European Union (EU).While speaking at the UK parliament after the country's ambassador formally handed over the activation letter to the EU in Brussels, May said it was a "unique opportunity to shape a brighter future" for the UK."The Article 50 [...]

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    Enelamah: We’re correcting policies that hurt manufacturers

Enelamah: We’re correcting policies that hurt manufacturers

Okechukwu Enelamah, minister of industry, trade and investment, says the federal government is correcting policies that affected manufacturers in 2016.Enelamah said this in an interview with CNN at the inaugural Commonwealth trade minister's meeting in London."Some policies we passed affected manufacturers in terms of their raw materials and we are correcting those policies now," he said."We want to discourage dumping and [...]

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    HURRAY! Nigerians may get fast-tracked UK visas after Brexit

HURRAY! Nigerians may get fast-tracked UK visas after Brexit

Forty-five members of the UK parliament are suggesting that the country reconfigure its border control system to give preference to citizens from Commonwealth countries.Nigeria and 51 other Commonwealth countries may get fast-tracked visas to the UK after Brexit if the proposal sails through.According to UK Telegraph, the suggestion was made in a letter addressed to Amber Rudd, home secretary.The letter [...]

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    America’s own Brexit sees investors panicking

America’s own Brexit sees investors panicking

The United States of America is experiencing its own version of Brexit, probably even a worse one. At the time of writing Trump needed 1 electoral vote to win the elections and he's leading in most of the remaining states.Trump previously said "I think we're going to have beyond Brexit — I think we'll call it beyond Brexit", and obviously, [...]

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    UK will launch departure from EU next year, says May

UK will launch departure from EU next year, says May

Theresa May, United Kingdom prime minister, says Britain will commence the formal process of leaving the European Union (EU) in the first quarter of next year.According to the BBC, May said this on Sunday, explaining that the country would be free to make its own decisions without depending on the EU for approvals.She said the British government would trigger article [...]

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    What to expect from BoE today?

What to expect from BoE today?

The Bank of England meets today for the second time post Brexit vote, and after failing to deliver in its July meeting, expectations are too high for some sort of easing measures to prevent the economy from falling into a prolonged recession.The central bank will also release its forecast for growth and inflation in its August inflation report which [...]

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    Britain moves against another Scottish independence vote

Britain moves against another Scottish independence vote

David Mundell, British minister for Scotland, on Friday said that Scotland should not hold a second referendum on independence after the United Kingdom has voted to leave the European Union.Speaking in London, Mundell said even though there could be another independence referendum, there should be no other independence referendum.Mundell said he would continue to passionately make the case and also [...]

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    It’s official… pound is now the worst performing currency of 2016

It’s official… pound is now the worst performing currency of 2016

The British pound has become the worst performing major currency of 2016, sinking to a 31-year low after Brexit vote.On June 23, the UK voted to exit the European Union, causing the pound to plunge to a 31-year low of £1/$1.36.According Bloomberg, the currency has remained on a free fall since the vote, falling for a third consecutive week to [...]

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    Post-Brexit jitters trigger flight to safety

Post-Brexit jitters trigger flight to safety

Stock markets were placed on a messy roller coaster ride during trading this week as the ongoing Brexit anxieties and persistent concerns over the global economy weighed on investor sentiment.Asian markets were pressured with most Asian stocks displaying exhaustion following the Yen’s resurgence which dragged the Nikkei lower. In Europe, stocks were elevated by rising oil prices, but could [...]

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    RBA stands pat; Gold retreats from 2-year high

RBA stands pat; Gold retreats from 2-year high

The Reserve Bank of Australia is the first central bank to meet following the Brexit vote, and as widely anticipated it kept interest rates unchanged at 1.75%.The meeting comes at a time of political uncertainty for the country, as the prospect of a hung parliament looms after neither of the two major parties reached the quota required to form [...]

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    Dollar depressed ahead of ISM Manufacturing

Dollar depressed ahead of ISM Manufacturing

Dollar bears were on the offensive during trading on Friday as the lingering Brexit anxieties heightened concerns over the Federal Reserve failing to raise US rates in 2016.US rate hike expectations have periodically declined, with the unexpected Brexit victory making it increasingly difficult for the central bank to take action. Although US data has displayed signs of improvement in [...]

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Exchange Rates

September 18, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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