Tag: Dollar

  • CBN clears air on controversial dollar crash on Google, affirms stability of naira

    The Central Bank of Nigeria (CBN) on Friday evening cleared the air on the magical fall of the United States Dollars against Nigeria’s naira.

    Checks by TNG on google on Friday night, showed the naira gaining grounds from N362 to a dollar to N184 to a dollar.

    Further checks by TNG an hour later on the popular search engine placed the naira at N54 to a dollar.

    Speaking in an exclusive interview with TNG on Friday night, the acting Director, Corporate Communications of the apex bank, Isaac Okoroafor said the mix up was from Google and expressed hope that the tech giant would fix it soon.

    Okoroafor noted that the official exchange rate of the naira to the dollar stands at N306.8 as at Friday evening.

    “I’ve received countless number of calls on this same issue. Its obviously a technical itch on the part of Google and I’m sure they will rectify it soonest. The rates have not changed. Please tell Nigerians to dispel the confusion. We sort it soon,’ the CBN spokesman told TNG on Friday night.

    The Nigerian currency on Friday gained N1 to close at N358 to the dollar at the parallel market in Lagos.

    TNG reports that the naira traded stronger on the eve of elections than Thursday when it closed at N359 to a dollar.

    The Pound Sterling was sold at N470 and the Euro at N408.

    At the Bureau De Change (BDC) segment, the naira traded at N360 to the dollar, while the Pound Sterling and the Euro closed at N470 and N408.

    Trading at the investors window saw the naira closing at N361.49 to the dollar as market turnover stood at 292.34 million dollars.

  • BREAKING: Confusion as dollar crashes heavily against naira on Google

    BREAKING: Confusion as dollar crashes heavily against naira on Google

    The Nigerian naira has magically gained grounds against the United States dollars a night to the Nigerian presidential elections.

    Recall that the country heads for its presidential poll Saturday (tomorrow) after it was postponed last week by the Independent Electoral Commission (INEC) over logistic related problems .

    According to checks by TNG on google on Friday night, the naira gained grounds from N362 to a dollar to N184 to a dollar.

    Further checks by TNG an hour later on same google placed the naira at N54 to a dollar.

     

    However, it was a different scenario on other currency sites as the naira ranged from N358 – N362 to $1.

    Reacting to the conflicting value of the dollar, a Bureau De Operator based in Abuja told the TNG that they were unaware of such developments and that dollar still sold for N360 till 8 pm on Friday night.

    ‘I don’t know where the confusion is coming from. People have also been calling us to confirm if the exchange rate is true. We don’t operate on computer or internet. As at this evening, the value of one US dollar to a naira at black market was N360. If you know where they sell less, please take me there. Its election eve, anything is possible’, Musa told TNG correspondent on phone.

    However, the Nigerian currency on Friday gained N1 to close at N358 to the dollar at the parallel market in Lagos.

    TNG reports that the naira traded stronger on the eve of elections than Thursday when it closed at N359 to a dollar.

    The Pound Sterling was sold at N470 and the Euro at N408.

    At the Bureau De Change (BDC) segment, the naira traded at N360 to the dollar, while the Pound Sterling and the Euro closed at N470 and N408.

    Trading at the investors window saw the naira closing at N361.49 to the dollar as market turnover stood at 292.34 million dollars.

    Meanwhile, the President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, last week said the naira has in over 18 months remained stable at both the official and parallel markets despite several odds facing it ahead of the 2019 general elections.

    Speaking recently to financial journalists in Lagos, the ABCON boss commended the Central Bank of Nigeria (CBN) financial sector reforms and the contributions of the Bureau de Change (BDC) operators to the current exchange rate stability, as against the common practice of currency devaluations and depreciations across the world at election times.

    Gwadabe said that the absence of foreign exchange spikes and volatility before and during the 2019 election year is a major achievement by CBN and the Federal Government. He said: “The dexterity of the government policies in ensuring that naira remained stable in an election year is commendable. Election years, as witnessed during the 2015 general elections, are marred by exchange rate volatility and spikes in the market.”

    He disclosed that financial pundits had in early 2016, speculated that the naira would depreciate to as low as N1000/$. The election period of 2015, he added, witnessed over $100 billion capital flight outside the country. The activities of currency hoarders, speculators and rent seekers reached its peak in 2015.

    He disclosed that ironically, the trend in the foreign exchange market during this year’s election showed hope for the economy, sustained exchange rate stability, adequate dollar liquidity, increasing foreign capital inflows and most importantly, a unified and convergent exchange rate of BDCs and the parallel market. These feats, he said, are commendable by all standards.

    On deepening capacity/skills of industry operators, Gwadabe appealed to CBN to issue Letter of Consent to ABCON proposed training institute. This, he added, is going to boost the current ABCON management’s commitment to capacity building for its members to stimulate competence in the sector and make room for better foreign exchange management.

    Continuing, Gwadabe also listed factors that led to the current successes in the foreign exchange market. He said: “First, I want to congratulate the leadership of CBN for a well coordinated, proactive exchange rate management strategies, which include creation of several foreign exchange windows to deepen liquidity and price discovery, restriction of foreign exchange on 42 items that can be produced locally, self-sufficiency in rice production and continuous partnerships between the apex bank and BDCs, all led to the current exchange rate stability enjoyed in the country.”

     

  • Dollar keeps to tight ranges as investors brace for U.S. elections

    The dollar stuck to tight ranges against its major rivals on Tuesday as investors favoured caution ahead of U.S. mid-term elections later in the day.

    The U.S. congressional election is widely expected to boost the Democratic Party which has a strong chance of winning control of the House of Representatives, with Republicans seen likely to keep the Senate.

    “Markets are increasingly pricing in the possibility of a victory for the Republicans – even in the House,” said Masafumi Yamamoto, Chief Currency Strategist at Mizuho Securities.

    A Republican victory in both chambers was likely to boost the U.S. dollar, Yamamoto said. But a sharp rise in U.S. Treasury yields following the elections might lead to selling of U.S. equities.

    “If there will be another big round of sell-offs in the U.S. equity market, then I think that’s not necessarily positive for the dollar,” he said.

    The dollar index .DXY, which measures the performance of the greenback against six key rivals, was basically flat at 96.319, moving in a range between 96.315 and 96.334. It hit a 16-month high of 97.20 last week.

    The euro was slightly higher at $1.1411, about one per cent above this year’s trough of $1.1301 touched on Aug. 15.

    Euro zone finance ministers called on Italy overnight to change its 2019 budget to conform with European Union rules before a deadline set for next week, but Rome dug in its heels saying its disputed deficit plan would not change.

    Against the yen the dollar changed hands 0.1 per cent higher at 113.27 yen, close to a four-week high of 113.385 yen reached last week.

    The Australian dollar held steady at $0.7211 as traders awaited a monetary policy decision from Australia’s central bank due at 0330 GMT.

    The Aussie traded 2.7 per cent above a more than two-and-a-half-year low of $0.7021 touched on Oct. 26.

    The Reserve Bank of Australia is expected to extend its record spell of steady rates well into next year, according to a Reuters poll published on Monday.

    All but one of the 39 analysts polled expected the RBA to hold rates at 1.50 per cent at Tuesday’s policy meeting, the poll found.

    Stocks rally peters out as trade, Fed worries dominate

    The pound rose 0.1 per cent to $1.3063, trading just off a two-week high of $1.3070 hit earlier in the session after a media report suggested the E.U. and Britain may be inching closer to an orderly Brexit.

  • The Dollar is thicker than blood – Owei Lakemfa

    By Owei Lakemfa.
    As we struggle to survive raging floods, the White House was this week busy, not with helping humans fight them, but employing intercontinental ballistic missiles to shoot down the United Nations Report that humans are a major contributory factor.
    The UN Report written by ninety-one authors and review editors from 40 countries, and, using more than 6,000 scientific references, had a total of 42,001 expert and government review comments before its release on October 8. It warned that the world has just twelve years to avert climate change catastrophe which would include massive flooding, wildfires and food shortages. The UN which says every extra bit of warming matters, called for limiting global warming to 1.5°C compared to 2°C, or more. It argued that if this achieved, by 2100, global sea level rise would be 10 cm lower, the likelihood of an Arctic Ocean free of sea ice in summer would be once per century, and coral reefs would decline by 70-90 percent rather than 99 percent.
    However, American President Donald Trump who had once called climate change a hoax, dismissed the warnings saying: “You’d have to show me the scientists because they have a very big political agenda.” Andrew Emory Dessler, climate scientist and Professor of Atmospheric Sciences at Texas A&M University responded to Trump’s accusation: “At its heart, this is just a wacky conspiracy theory. It’s important to realize that there’s never been a conspiracy by a huge field of science. And this would have to be an extremely massive conspiracy, considering the thousands of scientists working on this. On the other hand, there have been many examples where political advocates have tried to cast doubt on science that is extremely solid. That’s what’s going on here.”
    Professor Katharine Anne Scott Hayhoe, climate scientist at Texas Tech University, also responded to Trump: “A thermometer isn’t Democrat or Republican. It doesn’t give us a different answer depending on how we vote.”
    Trump’s top White House Economic Adviser, Larry Kudlow also attacked the UN Report as overestimate. “I don’t think we should panic…I don’t think there’s an imminent disaster coming, but I think we should look at this in a level-headed and analytic way.”
    As for the human element in climate change, he said: “I’m just saying do we know precisely…how much of it is man-made, how much of it is solar, how much of it is oceanic, how much of it is rainforest and other issues”
    As this diversionary Trump war rages, I have become a daily monitor as the floods rise in my ancestral home in the Niger Delta. In the last few weeks some relatives and friends have had to relocate. Schools were closed in in many parts. But we continue to hope it will not get to the 2012 levels when whole towns and villages evacuated. That year, 363 Nigerians were killed in the floods with 2.1 million displaced. In the current floods, we have lost 141 persons. In the three East African countries of Kenya, Rwanda and Somalia, 300 lives have been lost to rains and floods this year.
    In the last two weeks, floods killed at least 12 in southwestFrance, and another dozen on the Spanish island of Mallorca.Perhaps the most tragic of these disasters occurred on Sulawesi Island, Eastern Indonesia on September 28 when a combined 7.5-magnitude earthquake followed by a tsunami, killed more than 1,700 persons. An unknown number were buried under soil or swept away by waves. So overwhelming was this disaster that the government decided the best option was simply to turn some villages into mass graves since there was little chance of exhuming most of those buried in the soil.
    If there is a country where a general agreement has been reached that the climate has gone bunkers, it is Japan. This year, it has been hit by a combination of earthquakes, typhoons, landslides, floods and heat waves!
    Trump who had last year, pulled the United States (US) out of the Paris Climate Change Accord, is not positing a counter scientific research or argument to that of the UN. His thoughts and policies are ruled by monetary, rather than human considerations or the future of the universe. This week while touring Florida where Hurricane Michael had made a landfall killing at least 31 with several people still missing, the American President revealed why he is opposed to curbing gas emissions and checking climate change: “I will say this. I don’t want to give trillions and trillions of dollars. I don’t want to lose millions and millions of jobs. I don’t want to be put at a disadvantage.”
    Trump consistently rates money above human lives. In the on-going case of the suspected murder of Saudi journalist Jamal Khashoggi in the Saudi embassy in Turkey, lots of Americans have argued that their country which claims to be a champion of fundamental human rights and press freedom, should take a stand against Saudi gross violations of human rights. Senator Rand Paul, Republican of Kentucky for instance, argues that: “The Saudis will keep killing civilians and journalists as long as we keep arming and assisting them. The President should immediately halt arms sales and military support to Saudi Arabia.” Trump retorted: “What good does that do us? I would not be in favor of stopping a country from spending $110 billion — which is an all-time record — and letting Russia have that money and letting China have that money,” His reference is to the 2017 arms deal with the Saudi monarchy.
    On the UN Report, it is not Trump alone that sees it from the prism of the dollar. Florida Senator Marco Rubio, also has money, not human lives on his mind. Rubio who is witness to the Hurricane Michael catastrophe in his constituency, said although he recognises that human activity is the main cause of climate change, but policies that would be suggested to check this will need to be weighed against “the public interest and other topics.” He added: “If we’re going to have that debate about whether certain laws should be passed in order to alleviate what some scientists or a lot of scientists are saying is the cause of this, that has to be balanced with the public interest and other topics like the economy and the like.”
    It is amazing that the US with a huge body of knowledge and knowledgeable people can be led by an administration which displays so much contempt for knowledge and universal wellbeing: the beautiful thing is that the rest of humanity is marching on.
     

  • Naira depreciates against Dollar

    The Naira on Monday depreciated against the American Dollar at both the interbank and I&E windows of the foreign exchange (forex) market.

    The Naira, which traded at N306 to the Dollar last Friday, closed on Monday at N306.05, indicating a decline of 5 kobo.

    Also, the local currency, which was exchanged at N362 per Dollar during the last trading session, was transacted at N360.20 yesterday.

    However, the local currency closed flat at both the parallel and SMIS retail markets.

    While the Nigerian Naira was traded against the Dollar at N360, it went for N352 at the SMIS retail market.

    Also at the parallel market, the Naira remained unchanged yesterday against the Pound Sterling, trading at N474 at the close of business.

    However, the local currency appreciated by N3 against the Euro at the same market segment.

     

  • Naira gains against dollar at parallel market

    Naira gains against dollar at parallel market

    The Naira on Friday firmed up against the dollar at the parallel market, gaining 20 kobo to exchange at N359 to the dollar, the News Agency of Nigeria (NAN) reports.

    The Nigerian currency traded at N359.20 at the market on Thursday, while the Pound Sterling and the Euro closed at N485 and N417, respectively.

    Trading at the Bureau De Change (BDC) window saw the naira close at N360 to the dollar, while the Pound Sterling and the Euro remained at N485 and N417, respectively.

    At the investors’ window, the naira was sold at N362.58, while it exchanged at N305.70 to the dollar at the Central Bank of Nigeria (CBN) window.

    NAN reports that the naira had remained stable at the market, hovering between N360 and N359 to the dollar.

    Meanwhile, the apex bank had begun sensitisation workshops for importers on the effective implementation of the Naira-Yuan exchange modalities.

    Experts were of the view that the China-Nigeria currency swap deal would lead to a further appreciation of the naira against the dollar across the entire segments of the market.

     

  • Naira depreciates against dollar at parallel market

    Naira depreciates against dollar at parallel market

    The Naira on Friday depreciated against the dollar at the parallel market in Lagos.

    The Nigerian currency lost one point to exchange at N363, weaker than N362 posted on Thursday, while the Pound Sterling and the Euro closed at N496 and N429, respectively.

    At the Bureau De Change segment, the naira closed at N361.50 to the dollar, while it exchanged at N502 and N428 to the Pound Sterling and Euro, respectively.

    Trading at the investors’ window showed that the naira closed at N360.85 and had a turnover of 202.47 in the transaction.

    At the official CBN window, the currency closed at N305.85 to the dollar, and at N412.6 and N360.4 to the Pound Sterling and the Euro.

    Currency traders said that though the naira depreciated marginally, it had remained stable at the foreign exchange market.

     

  • Naira drops marginally against dollar

    Naira drops marginally against dollar

    The Naira on Tuesday depreciated marginally against the dollar at the parallel market, exchanging at N361.20 to the dollar.

    The News Agency of Nigeria (NAN) reports that the Nigerian currency lost 20 kobo from N361 earlier traded before the Easter break.

    The naira also closed at N508 and N444 respectively against the Pound Sterling and the Euro.

    At the Bureau De Change (BDC) window, the naira traded at N362 to the dollar, Central Bank of Nigeria (CBN) controlled rate, while the Pound Sterling and the Euro closed at N508 and N444 respectively.

    The Nigerian currency closed at N361.35 to the dollar at the investors’ window, while it traded at N305.65 at the interbank window.

    Traders at the currency market expressed anxiety over the likelihood of a slight change in policy as the CBN Monetary Policy Committee (MPC) holds at the nation’ capital, Abuja.

    NAN reports that the first MPC meeting in 2018, which began on Tuesday, would be concluded by Wednesday.

    Meanwhile, the naira had remained very stable at the foreign exchange market as the apex bank had remained committed in boosting liquidity at the FOREX market.

  • Naira stabilizes against dollar, exchanges for N360/$1

    The Naira on Tuesday exchanged at N360.30 to the dollar at the investors’ window, the News Agency of Nigeria (NAN) reports.

    At the parallel market, the naira traded at N360.20 to the dollar, while the Pound Sterling and the Euro closed at N502 and N404, respectively.

    At the Bureau De Change window, the naira exchanged at N362 to the dollar, Central Bank of Nigeria (CBN) approved rate, while Pound Sterling and the Euro closed at N502 and N404 to the dollar.

    At the official interbank window, the Nigerian currency traded at N305.7, N426.92, N376.81 to the dollar, Pound Sterling and the Euro, respectively.

    Traders at the market expressed satisfaction at the stability of the naira.

    NAN reports that the naira had remained stable since the third quarter of 2017, due largely to the aggressive interventions of the CBN at the foreign exchange market.

    The introduction of the investor’s window in April 2017, had also contributed to a greater stability in the exchange rate with a trade volume of over six billion dollars.

  • Naira remains stable against dollar, euro

    Naira remains stable against dollar, euro

    …exchanges for N362, N481

    The Naira on Monday remained stable as it traded at N362 to the dollar at the parallel market, same amount it was sold last Friday.

    The Naira also closed against the euro at N481 at same market in Lagos.

    At the Bureau De Change (BDCs) window, the Naira also recorded same stability.

    It traded at N362 to the dollar, while the euro was sold at N482 since last week.

    Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E was at N360.15 per dollar.

    The exchange was an appreciation of 0.01 percent from N360.19 per dollar recorded last Friday.

    The Central Bank Of Nigeria (CBN) rate closed at N305.95 to the dollar.

    Some of black market operators and BDCs said that there was no figure for pounds.

    They were skeptical about trading naira for the currency because of the banknote changes by Bank of England.

    The old £10 note is set to go out of circulation on March 1, 2018.

    However, old notes can still be spent ahead of the cut-off date or exchanged at the bank once the point has passed.

    The old paper fivers went out of circulation on May 5, 2017.