Wednesday, May 23, 2018

Tag "Lukman Otunuga"

    Global stocks crumble on risk aversion, Pound higher

Global stocks crumble on risk aversion, Pound higher

Investors have entered the second trading quarter of 2018 on a mission to avoid riskier assets amid the escalating trade tensions between the US and China.After global equities experienced their worst three months in more than two years, retaliatory tariffs announced by China resulted in stocks suffering their worst start to April since the great depression.Asian shares were depressed during [...]

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    Dollar finds a friend in Powell as global stocks slip

Dollar finds a friend in Powell as global stocks slip

Dollar bulls were injected with a renewed sense of confidence on Tuesday after Federal Reserve chairman, Jerome Powell, struck a careful but fairly upbeat tone during his congressional testimony.Powell expressed optimism over the health of the US economy with inflation pushing towards the 2% target, while downplaying concerns of market volatility.He deftly maintained a safe distance when quizzed on whether [...]

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    World Bank: Cryptocurrencies are basically Ponzi schemes

World Bank: Cryptocurrencies are basically Ponzi schemes

Jim Yong Kim, World Bank president, says cryptocurrencies are like Ponzi schemes.Kim joined other experts who have warned against investing in it.In recent times, Bitcoin, a type of cryptocurrency, has become popular across the world."In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically [...]

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    Naira untouched as stocks, crude oil record losses

Naira untouched as stocks, crude oil record losses

The naira remained stable on Tuesday despite losses recorded on the Nigerian Stock Exchange and global crude oil market.The naira appreciated against the dollar to exchange at N361/$ against Monday's exchange price of N363 to the dollar.The gain can be attributed to weekly interventions by the Central Bank of Nigeria (CBN) to make forex available to various segments of the [...]

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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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    INTERVIEW: Nigeria has borrowed enough, says FXTM researcher

INTERVIEW: Nigeria has borrowed enough, says FXTM researcher

Lukman Otunuga, a research analyst at FXTM, says Nigeria has borrowed enough in recent times and could miss the opportunity to bounce back if borrowed funds are not well utilised.The federal government through the Debt Management Office has issued various debt instruments like the Sukuk, Eurobond, savings bond and plans to float a Green bond in December.In an interview with [...]

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    Oil hits 7-week high as Nigeria agrees to cap output at 1.8mbd

Oil hits 7-week high as Nigeria agrees to cap output at 1.8mbd

Brent crude prices jump by over $2 on Tuesday following Nigeria's agreement with the Organsation of Petroleum Exporting Countries (OPEC) to cap output at 1.8 million barrels per day.Brent, the international benchmark for crude oil was trading at $50.71 late Tuesday, after gaining about $2.11 -- the biggest daily leap in 2017.West Texas Intermediate (WTI) also gained nearly five percent [...]

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    Naira firms as NSE gains N417bn in six hours — crosses N11trn

Naira firms as NSE gains N417bn in six hours — crosses N11trn

The Nigerian naira appreciated against the dollar on Monday as the Nigerian Stock Exchange (NSE) maintained a bullish run -- which has been on for nearly a month.NSE gained 417 billion on Monday as the market capitalisation crossed the N11 trillion mark for the first time in 2017.The market, which closed at N10,845,347,307,117.93 on Friday, appreciated to N11,262,526,136,498.84 within the [...]

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    FXTM Analyst: Nigeria’s failure to get out of recession brought undeniable disappointment

FXTM Analyst: Nigeria’s failure to get out of recession brought undeniable disappointment

Lukman Otunuga, a research analyst at FXTM, says there was an undeniable feeling of disappointment across Nigerian markets, as the country failed to get out of recession in Q1 2017."An undeniable feeling of disappointment lingered across Nigerian markets on Tuesday following reports of the nation’s first quarter GDP growth of 2017 contracting by 0.52% year-on-year," Otunuga said, while reacting to the GDP [...]

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    Buhari’s recovery plan will increase foreign investments, says FXTM analyst

Buhari’s recovery plan will increase foreign investments, says FXTM analyst

Lukman Otunuga, research analyst at FXTM, says the Economic Growth and Recovery Plan (ERGP) unveiled by Muhammadu Buhari's government will increase foreign investments in Nigeria.Otunuga said the plan is ambitious and could possibly achieve its aim of seven percent GDP growth by 2020."A feeling of positivity was felt across the Nigerian economy this week, following the highly optimistic economic growth [...]

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    CBN new policy action is ‘first course in devaluation process’

CBN new policy action is ‘first course in devaluation process’

Lukman Otunuga, a  research analyst at FXTM, says the new policy actions taken by the Central Bank of Nigeria (CBN), can be seen as the first course of an imminent devaluation process.Commenting on the new policy action, Otunuga said the naira has been exposed to further losses as "investor’s re-evaluated the new Central Bank of Nigeria forex policy".He referred to [...]

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    CBN ‘may devalue naira in six months’

CBN ‘may devalue naira in six months’

Lukman Otunuga, a macroeconomics expert and research analyst at FXTM, says the Central Bank of Nigeria (CBN) may devalue the naira to 400 against the dollar on the official side.In an interview with TheCable, Otunuga said the situation might make the Nigerian currency rise to N600 at the parallel market.Otunuga, who forecast the devaluation of the naira in 2016, said the [...]

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    Naira crumbles to 423/$1 as NBS confirms historic recession

Naira crumbles to 423/$1 as NBS confirms historic recession

The Nigerian naira fell to 423 against the dollar at the parallel market on Wednesday, after the National Bureau of Statistics announced an official recession in the economy.The naira opened at 418/$1 on the day, but slipped to 423 after the NBS announced the worst economic recession in 29 years.The Euro and British pound  traded at N461 and N535 at [...]

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Exchange Rates

May 22, 2018USDGBPEUR
INTERBANK360.45487.18428.32
LAGOS360495436
KANO360494435
PH361494430
ABUJA360495430
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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