Tuesday, June 19, 2018

Tag "dollar"

    HURRAY! CBN close to single rate as BDCs, banks get dollar at same price

HURRAY! CBN close to single rate as BDCs, banks get dollar at same price

The Central Bank of Nigeria (CBN) has approved that Bureaux de Change operators and commercial banks should get foreign exchange at the same rate.Isaac Okorafor, CBN acting director, corporate communications, made this known in a statement released on Monday.This means that banks and BDCs alike will buy the United States dollar at N357 per dollar to sell N360. He said [...]

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    Fitch affirms Nigeria at B+, dollar steady

Fitch affirms Nigeria at B+, dollar steady

 Fitch Ratings has affirmed Nigeria’s long-term foreign currency Issuer Default Rating (IDR) at ‘B+’ with a negative outlook.While B+ is encouraging as the nation continues to recover, the negative outlook serves to highlight how Nigeria must break away from its reliance on oil.With Fitch expressing concerns over “the sustainability of the economic growth momentum”, the nation must strive to derive [...]

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    Dollar collapse likely to remain in place

Dollar collapse likely to remain in place

It has been a painful week of trading for the dollar. The Greenback has essentially reversed its recovery from the previous two trading weeks, to return back towards levels not seen since December 2014.  This means that the dollar has not been valued this low since traders began to price in the normalization of US interest rate policy from the Federal [...]

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    Zuma’s resignation lifts rand to near 3-year high

Zuma’s resignation lifts rand to near 3-year high

After months of ongoing speculation, the overnight climax with Jacob Zuma resigning from his position as President of South Africa has lifted the Rand to its highest level since March 2015. The Rand has now advanced by nearly 2.4 percent against the dollar this week, and has strengthened against all of the G10 currencies throughout the same period, at time of [...]

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    Banks will no longer charge commission on retail forex transactions

Banks will no longer charge commission on retail forex transactions

The bankers' committee says commercial banks will no longer charge customers commission on retail foreign exchange transactions.Retail forex transactions include purchase of forex for personal travel allowance (PTA), business travel allowance (BTA), school fees and medicals.Hamda Ambah, chief executive officer of the FSDH Merchant Bank Limited, told journalists that the decision was reached after the committee's meeting on Tuesday.The Central Bank of [...]

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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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    Budget 2018: The good, the bad, and the logic of servicing debt with debt

Budget 2018: The good, the bad, and the logic of servicing debt with debt

On Tuesday, President Muhammadu Buhari presented his third national budget since he became president. It was reminiscent of his previous ones, but had very fine subtle messages for Nigerians, international spectators and investors.By this time in the life of the administration of President Goodluck Jonathan, his minister of finance, Ngozi Okonjo-Iweala had already taken over budget presentations. President Buhari is [...]

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    Turkish president advises D-8 countries to trade in local currencies

Turkish president advises D-8 countries to trade in local currencies

President Tayyip Erdogan of Turkey has advised D-8 countries to use their local currencies when trading with one another.Erdogan made this statement while speaking at the ongoing D-8 summit in Istanbul.He said this will reduce the pressure associated with dollar-based trade.“If we are to use local currencies for trade within the D-8, our currencies will be rid of the pressures [...]

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    Dollar slips further from 10-week high; is the rally over?

Dollar slips further from 10-week high; is the rally over?

The dollar index fell for a third consecutive day early Tuesday, despite market expectations of a rate hike in December, hovering near 90%.Since September 8, the index has rallied almost 3% in a clear sign that the greenback has finally found its feet, after declining more than 12% from January highs.However, investors have almost wholly priced in a third-rate [...]

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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 depressed ahead of FOMC decision

Dollar depressed ahead of FOMC decision

The Dollar has drifted lower against a basket of major currencies, ahead of the Federal Reserve decision later today, which is largely expected to conclude with an unchanged monetary policy.With it being considered aprevious conclusionthat US interest rates will be left unchanged in September, much attention will likely be directed towards the Fed’s forward guidance, for clues on future monetary [...]

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    Dollar ‘scarce’ as naira falls to N367/$

Dollar ‘scarce’ as naira falls to N367/$

The value of the naira against the dollar is declining as bureaux de change operators say the US currency is getting scarce in the parallel market.This is despite several efforts made by the Central Bank of Nigeria (CBN) to stabilise the naira by providing forex to various sections of the market.On Tuesday, the naira traded at N366 to a dollar and [...]

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    Naira appreciates against dollar, trades at N364/$1

Naira appreciates against dollar, trades at N364/$1

The naira on Tuesday appreciated against the dollar, trading at N364 to $1 at the parallel market.The Nigerian currency gained N1, stronger than N365 posted on Friday, while the pound sterling and the euro closed at N470 and N430.Trading at the bureau de change (BDC) window saw the naira closing at N362 to the dollar, while the pound sterling and [...]

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    Greenback took a double hit

Greenback took a double hit

The US dollar remained on the defensive early Thursday, after yesterday’s declines led by increased uncertainty over another US rate hike in 2017 and President Donald Trump’s fiscal agenda after abolishing the Manufacturing Council and Strategy and Policy Forum.The fall out between President Trump and corporate America was the latest blow to his weakening administration.  I wouldn’t be surprised to see [...]

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    Week Ahead: After NFP beat, US inflation under the spotlight

Week Ahead: After NFP beat, US inflation under the spotlight

After three weeks of back-to-back losses, the dollar index received a boost following the robust US jobs report.Not only did Non-Farm Payrolls beat expectations last month rising by 209,000 jobs versus earlier expectations of 183,000, but June’s figures were also revised higher, to 231,000 from 222,000.The unemployment rate also declined to 4.3% from 4.4% and most importantly, average earning [...]

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    US economy adds 209,000 jobs in one month

US economy adds 209,000 jobs in one month

Those hoping that the US dollar would be thrown a lifeline may be in luck, following the news that the United States added another 209,000 jobs to its economy in July.This is an overall positive employment report and highlights the underlying strength of the US labor market. Figures exceeded expectations, with earlier projections sitting at 183,000 and wage growth, with [...]

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Exchange Rates

June 19, 2018USDGBPEUR
INTERBANK360.45492.18420.32
LAGOS362495425
KANO363495423
PH365494423
ABUJA364495423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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