![]() ![]() Introductionįoreign exchange rates refer to the relative value of one currency compared to another. Impact on international trade and Investmentįactors Influencing Foreign Exchange Rates 1.The interconnectedness of global markets.Current account and balance of payments.Political stability and geopolitical factors.Economic indicators and market sentiment.In this article, we will explore the key factors that drive foreign exchange rates and their implications. Understanding the factors that influence these exchange rates is essential for businesses, investors, and individuals involved in international finance. $5 is 3820Naira How much is $10 in Nigeria black market?ġ0$ is 7640 naira How much is 20 dollars in Nigeria black market today?Ģ0$ is 15280 naira How much is 30 dollars in Nigeria black market?ģ0$ is 22920 naira How much is $40 in Nigeria black market?Ĥ0$ is 30560 naira How much is $100 in the black market?ġ00$ is 76400 naira How much is 50dollars in black market today?ĥ0$ is 38200 naira How much is $60 in Nigeria black market?Ħ0$ is 45840 naira How much is 80 dollar in Nigeria black market?Ĩ0 dollars is 61120 naira How much is $150 in Nigeria black market?ġ50 dollars is 114600 naira How much is 250 dollar in Nigeria black market?Ģ50 dollars is 191000 naira How much is 300 dollar in Nigeria black market today?ģ00 dollars is 229200 naira How much is $400 in Nigeria black market?Ĥ00 dollars is 305600 naira How much is 1000 dollars in black market?ġ000 dollars is 764000 naira How much is $2000 dollars in Nigeria?Ģ000 dollars is 1528000 naira How much is 5000 in Nigeria black market?įactors Influencing Foreign Exchange Ratesįoreign exchange rates play a crucial role in the global economy, impacting trade, investment, and international transactions. Hundred dollars to Naira now as today’s price is #755 pop,000. “We believe the devaluing of the naira yesterday could have a more limited impact on headline inflation given a substantial part of the informal economy accessed dollars at the much higher parallel market rate.”Īccording to JP Morgan, the new policies on both FX and petrol prices will need “some ironing out once a cabinet is announced, we believe there is room for more near-term reform execution surprises”.Dollar to Naira Rate for Past 7 Days Date, Day, and Year “Of course, a weaker exchange rate means the government would receive higher naira revenues from oil and gas exports. “However, fuel subsidies accounted for 1.7 percent of GDP in 2022 and a complete removal will be positive for the fiscal accounts, although we expect that some portion of the savings will be targeted towards social spending. “The near tripling of fuel prices could see headline inflation jump closer to the 25 percent mark in June and remain firmly above 20% for the rest of the year,” the bank said. JP Morgan said the surge in the country’s petrol price could culminate in a headline inflation increase from 22.41 percent in May 2023, to the 25 percent mark in June 2023. The Nigerian National Petroleum Company (NNPC) Limited immediately adjusted the pump price across its retail outlets nationwide. Meanwhile, President Bola Tinubu had pronounced that the petrol subsidy payments had stopped, while delivering his his inaugural speech on May 29. ![]() ‘HIGH PETROL PRICE COULD SPIKE HEADLINE INFLATION TO 20%’ We had high expectations for the new administrations reform agenda, however, the speed of execution has proven to be a positive surprise.” “We believe there is room for incremental positive surprises with respect to reform depth and execution speed. ![]() “We remain long USD/NGN via non-deliverable forwards (NDFs) as well as OW emerging markets bond index global diversified (EMBIGD) index as we expect further positive catalysts to materialise in the near-term. “While it will take a few days for USD/NGN spot to settle, we fully expect an initial overshoot towards the parallel market rate of -750 or higher, after which, we expect USD/NGN to settle in the high 600s over coming months,” the statement reads. The Central Bank must work towards a unified exchange rate”.Īnalysing the naira float, JP Morgan said although it would take a few days for the dollar/naira spot to stabilise, it fully anticipates an initial overshoot towards the parallel market rate of below 750 or higher. The apex bank’s new policy followed a declaration by President Bolu Tinubu that the “monetary policy needs thorough house cleaning. ![]()
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