Indeed You alone know Yourself by Your internal potency O Supreme Person Origin of all Lord of all beings God of Gods Lord of the universe The Supersoul You are the Supreme Primal Objective You are the ultimate resting place of the universe You are inexhaustible and You are the oldest You are the maintainer of the eternal religion, the Personality of Godhead Oh master of the senses Oh Primal Lord O Limitless One God of Gods Refuge of the universe You are the invincible source The cause of all causes You are the knower of everything and all that is knowable You are the supreme refuge above the material modes O limitless form This whole cosmic manifestation is pervaded by You O unbounded power You are the master of limitless might You are all-pervading and thus You are everything Omniscient The ancient The Ruler of the whole world Minuter than the atom The supporter of all Of form inconceivable Effulgent like the Sun and Beyond the darkness There is nothing whatsoever higher than you You are the Sapidity in Water The Light in the Moon and the Sun You are the syllable OM in all the Vedas Sound in ether You are the Virility in men You are the sweet fragrance in earth and the brilliance in fire You are the life in all beings The austerity in the austere You are the eternal seed of all beings The intelligence of the intelligent You are the Splendor of the Splendid You are the Strength of the Strong Guest
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CURRENCIES U.S Dollar Set For Weekly Losses, Currency Traders Buy Euro, British Pound


SEARCHNairametricsCURRENCIESU.S Dollar Set For Weekly Losses, Currency Traders Buy Euro, British Pound

Currency Traders’ Recent M


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CURRENCIES U.S Dollar Set For Weekly Losses, Currency Traders Buy Euro, British Pound
~13.4 mins read
nairametrics
Nairametrics

Nairametrics

CURRENCIES

U.S dollar set for weekly losses, currency traders buy Euro, British Pound

Currency traders’ recent moves in the money market will continue to put the U.S dollar under pressure in the short term.

Published

 7 hours ago 
on
 November 27, 2020

By

  

The US dollar remains king, U.S dollar gains against major currencies, America threatens China with sanctions., U.S dollar slumps against major currencies, investors become optimistic about global demand, U.S Dollar Stands Firm, Foreign Exchange Traders Remain Neutral 

The U.S dollar is set for weekly losses against a basket of major global currencies amid a relatively calm trading session prevailing at the currency market

  • At the time of writing, the U.S. dollarindex was stable around the 91.88 price band; still, it’s critical to note it’s not far from its three-month low of 91.84 it hit overnight.
  • Currency traders are moving in droves to riskier currencies amid the significant improving risk urge seen around global investors, which has helped triggered the prices of global equities, energy commodities to go up.
  • The U.S currency market was closed on Thursday as it observed the Thanksgiving holiday.
    • What this means: The greenback has been under increased pressure, taking into consideration global investors, increased their buying pressure on riskier currencies on the bias that a string of COVID-19 vaccines news reports and hopes for a more stable period at the world’s largest economy, had no pressing need to keep their investments in the safe-haven currency.
    Quick fact: The U.S. Dollar Index tracks the greenback against a basket of major global currencies such as the Japanese yen, British pound sterling, Swedish Krona, Euro, etc. Individuals hoping to meet foreign exchange payment obligations via dollar transactions to countries like Europe, and Japan, would need to pay more dollars in fulfilling such payment obligations.

    Stephen Innes, Chief Global Market Strategist at Axi in an explanatory note to Nairametrics, spoke on the market conditions the U.S dollar arch-rival (Euro) is facing right now, taking into account that the prevailing odds are still weighing against the Euro despite its recent demand from traders;
    “Just like mice and men, the best-laid plans of forex traders often go awry. Just as the street was making a good argument to “sell the buck” into year-end, the ECB minutes said, please pull in the bullish Euro reigns.
    “Dovish headlines from the ECB account of the October meeting, together with a dovish speech from ECB chief economist, seem to be weighing on the euro.
    “There is now an interesting dynamic between Lane and ECB board member Schnabel, who, earlier this week, gave a decidedly hawkish speech (emphasizing side effects of non-conventional measures and the need to stretch out the ‘medium-term’).”
    Bottom-line: Currency traders’ recent moves in the money market will continue to put the U.S dollar under pressure in the short term amid prolonged risk-on bias currently in play, triggered by COVID-19 vaccine hopes
    Naira Falls Across Exchange Rate At The Black Market.


    SEARCHNairametricsfalls Across Forex Markets As CBN Moves Against IMTOs

    The Exchange Rate At The Black Market Where Forex Traded Un


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    Naira Falls Across Exchange Rate At The Black Market.
    ~14.6 mins read
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    The exchange rate at the black market where forex traded unofficially depreciated at N477/$1.

    Published

     6 hours ago
    on
     January 25, 2021

    By

      

    Naira falls across forex markets as businesses resume after public holidays

    On January 22, 2021, the exchange rate between the naira and the dollar depreciated closing at N394.17/$1 at the NAFEX (I&E Window) where forex is traded officially.

    Forex turnover, however, dropped by about 42.2% as pressure on the foreign exchange market continues.
    The Central Bank of Nigeria (CBN) in a new circular, read the riot act to the International Money Transfer Operators (IMTOs) as they have threatened to sanction some of them who still facilitate diaspora remittances in naira, contrary to its earlier directive that it must be in foreign currency.

    Also, the exchange rate at the black market where forex traded unofficially depreciated at N477/$1. The exchange rate at the parallel market closed at N475/$1 on the previous trading day of January 21, 2021, representing a N2 drop.
    The exchange rate disparity between the parallel market and the official market is about N82.83, representing a 17.36% devaluation differential.
    The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Friday, closing at N394.17/$1. This represents a 17 kobo drop when compared to the N394/$1 that it closed on the previous trading day.
  • The opening indicative rate was N393.15 to a dollar on Friday, this represents a N1.01 gain when compared with the N394.16 to a dollar that was recorded on Thursday, January 21, 2021.
  • The N395 to a dollar was the highest rate during intra-day trading before it closed at N394.17 to a dollar. It also sold for as low as N390/$1 during intra-day trading.
  • Forex turnover at the Investor and Exporters (I&E) window dropped by 42.2% on Friday, January 22, 2021.
  • According to the data tracked by Nairametrics from FMDQ, forex turnover declined from $77.04 million on Thursday, January 21, 2021, to $44.51 million on Friday, January 22, 2021.
  • The exchange rate is still being affected by low oil prices, dollar scarcity, a backlog of forex demand, and a shaky economy that has been hit by the coronavirus pandemic.
  • There are fears that the exchange rate at the black market might be under pressure in the coming weeks as importers scramble for dollars to meet their demands.

    • Oil price steady rise

    Brent crude oil price is at about $55.34 per barrel as of Monday morning, as it moves towards the $60 mark, a strong sign that global demand could sustain price increases in 2021.
  • This appears as a boost to Nigeria as the country’s crude oil price benchmark for 2020 was $40 while it projected an oil production output of 1.8 million barrels per day.
  • Nigeria has a production capacity of 2.5 million barrels per day but is subject to OPEC’s crude oil production cuts, which are expected to help sustain higher oil prices.
  • The higher oil prices and steady production output have positively impacted Nigeria’s external reserves, rising sharply to $36.304 million according to central bank data dated January 14, 2020.
  • This is the highest level since July 2020 and a sign that higher oil prices and steady output levels may be contributing significantly to Nigeria’s foreign exchange position.

    • Nigeria rising external reserves

  • The external reserve has risen to $36.508 billion as of January 21, 2021.
  • Nairametrics had earlier reported that the government may have taken receipt of the $1-1.5 billion World Bank loan.
  • The external reserves have increased by $1.135 billion since December 31, 2020, when it closed the year at $35.3 billion.
  • Nigeria also needs the external reserves to hit $40 billion if it is to adequately meet some of the pent up demand that has piled up since 2020 when oil prices crashed and the pandemic caused major economic lockdowns.

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