Wednesday, November 14, 2018

Tag "Euro"

    Nigeria inflation declines further in May ECB in focus

Nigeria inflation declines further in May ECB in focus

In an encouraging development, Nigeria’s inflation has eased to 11.6% in May, the lowest level seen in more than two years.With consumer prices slowly edging closer to the Central Bank of Nigeria’s target band of 6%-9%, an interest rate cut seems likely before year-end.The combination of easing inflationary pressures, improving economic fundamentals and ongoing foreign exchange stability could [...]

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    Naira steady ahead of NFP report, Euro strengthens

Naira steady ahead of NFP report, Euro strengthens

The Naira was steady against the Dollar ahead of the hotly anticipated US jobs report scheduled for release this afternoon.With the pending US jobs report potentially impacting Fed rate hike expectations, emerging market currencies like the Naira could be affected. Solid US jobs report for May that fuels speculation of higher US interest rates this year may spell more pain [...]

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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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    Markets mixed as investors tread carefully

Markets mixed as investors tread carefully

The Greenback was under pressure on Tuesday with prices finding comfort near a six-month low against a currency basket as political turmoil in Washington weighed heavily on sentiment.A growing sense of anxiety over Trump’s ability to move forward with the pro-growth policies amid this uncertainty has added to the downside risks. With the soft U.S economic data compounding to an already [...]

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    Dollar on standby ahead of NFP

Dollar on standby ahead of NFP

The ever-rising expectations of the Federal Reserve raising US interest rates in March have made the Greenback king this trading week. Although the Dollar Index has found itself under some selling pressure below 102.00 during early trading on Friday, this technical correction could simply provide a foundation for bulls to install fresh rounds of buying in the future.With the blockbuster [...]

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    Central bank surprise places euro on chaotic ride

Central bank surprise places euro on chaotic ride

The euro/dollar was exposed to extreme levels of volatility during trading on Thursday following the European Central Bank’s market shaking decision to taper its monetary stimulus to the Eurozone from April 2017 until the end of December 2017 or beyond.Although the central bank has decided to maintain its monthly purchases by 80 billion euros until March 2017, the reduction [...]

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    Naira gains, now exchanging for 468/$1

Naira gains, now exchanging for 468/$1

The naira appreciated against the dollar at the parallel market on Tuesday, closing at N468 to a dollar.According to NAN, the Nigerian currency gained N2 from N470 it posted on Monday, while it exchanged at N570 and N517 against the pound sterling and the euro, respectively.Trading at the Bureau De Change (BDC) segment of the market showed that the naira was [...]

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    Draghi disappointment propels euro higher

Draghi disappointment propels euro higher

The euro was flung onto a chaotic rollercoaster ride on Thursday following the European Central Bank’s decision to keeping its monetary policy stance unchanged despite the worrying state of the European economy.Official interest rates were left unchanged while monthly asset purchases of $80 billion were confirmed to run until the end of March 2017 which left investors empty handed.With uncertainty [...]

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    Naira bounces back after days in ‘recession’

Naira bounces back after days in ‘recession’

The naira opened strong on Monday, recovering from last week's record low of N425 per dollar at the parallel market.The interbank market also experienced a strengthening of the local currency from 315.25 on Friday to 310 to the dollar at about 11am in Lagos.As at 2pm, the naira was trading at 314.75 to the dollar at the interbank market.At the [...]

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    It’s getting no better… naira now 412 per dollar

It’s getting no better… naira now 412 per dollar

The naira has attained a fresh all-time low of 412/$1 on Friday, as dollar scarcity bites harder at the parallel market.Foreign exchange scarcity continued on the parallel market as the Central Bank of Nigeria (CBN) upholds its foreign exchange ban on eight commercial lenders found to have acted in breach the Treasury Single Account (TSA) guidelines.The official side of the forex [...]

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    Market gains but naira falls to 313 after CBN record rates hike

Market gains but naira falls to 313 after CBN record rates hike

The Nigerian Stock Exchange (NSE) opened on a positive note on Wednesday, after the Central Bank of  Nigeria (CBN) raised key interest rate to its highest point in the bank's available history.The rates, which were raised to at least a 10-year high, also saw the naira depreciate on the interbank market, from 310 against the greenback to 313 as at [...]

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    Naira stable at 378/$1 ahead of CBN monetary policy decision

Naira stable at 378/$1 ahead of CBN monetary policy decision

The naira remained stable on Monday at the parallel market, ahead of the Central Bank of Nigeria (CBN) monetary policy committee (MPC) decisions on the economy.The Nigerian currency, according to NAN, maintained N378 to the dollar at the close of trading on Monday afternoon, keeping same value as at Friday.Also, the naira traded at N495 to the pound sterling, but [...]

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    Naira rises to 364/£1 but Nigerians can barely buy or sell

Naira rises to 364/£1 but Nigerians can barely buy or sell

The naira is currently trading at 364 to the British pound but Nigerians can barely buy or sell.The local currency, which traded at 376 to the pound on Monday, became stronger on Wednesday, following Brexit pains in one of the world’s largest economies, UK.The British currency fell as low as £1/$1.28 on Wednesday following uncertainties in the overall economy of [...]

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    Banks still charging parallel market rates as naira returns to ‘business as usual’

Banks still charging parallel market rates as naira returns to ‘business as usual’

Deposit money banks (DMBs) are still charging their customers parallel market rates for foreign exchange transactions done via the bank’s naira debit cards, TheCable can report.Many banks are transacting at the "floating" interbank market rate of N280 to N284 to the dollar, while some have banned international transactions with naira cards altogether.In a mail sent by Stanbic IBTC to its customers [...]

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    Parallel market immune to Brexit as pound trades at N485

Parallel market immune to Brexit as pound trades at N485

The Nigerian parallel market is perhaps the only market in the world to be unperturbed by all the drama in the United Kingdom, Europe, and the rest of the world.The British pound at the parallel market was relatively unchanged, despite a plunge in the value of the British currency to a 31-year low on Friday.The British pound fell from £1 [...]

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    Naira loses 1.5k against dollar

Naira loses 1.5k against dollar

The naira on Friday depreciated against the dollar, dropping by N1.5k at the Bureau De Change (BDC) market. This comes amidst tensions over the new capitalisation for BDCs by the Central Bank of Nigeria.Reports show that the naira was traded at N166.5k, as against N165, which it traded on Monday, June 23 at the market.At the official market, the currency [...]

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Exchange Rates

November 13, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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