The Federal government tried to hold Naira at N195-200 to Dollar. Still, the real price for Naira at the black market was about N300 to one dollar. It also created corruption schemes, where banks bought dollars for N200 and sold them at the black market (The Official and the unofficial or black market rate) Earlier in the week the Nigerian Central Bank spokesperson, Mr. Isaac Okorafor said the sustained intervention of dollars into the forex market would strengthen the naira against other international currencies particularly the dollar and pounds. Naira trades at N455 to a dollar at black market By NAN In other segments of the market, Deposit Money Banks (DMBs) and Travelex, an International Money Transfer Services Operator, sold the naira at N381 to a dollar. The Naira traded at N455 to a dollar amid liquidity boost in the Bureau de Change and…. This article contains the current exchange rate of the Nigerian Naira to American Dollars. Dollar to naira bank rate of different Nigerian banks today and the CBN exchange rate of the dollar to naira. The naira weakened by one per cent on the black market on Thursday to 370 against the United States dollar, its weakest since August 2017 Traders said some black market outlets were hoarding dollars, fearing a recent sharp fall in oil prices could lead to a shortage of the US currency, according to a report by Reuters on Thursday. The Nigerian naira continued to fall in value against the American dollar on February 17, Wednesday. Now it sells at N385 per dollar at the black market. READ ALSO: Naira falling against US Dollar again, hits N352 – USD1. Equilibrium analysis suggests that a clearing price is $140,000 to $180,000, before the April 2024 halvening," Fundstrat said.Meanwhile, the currency remained stable at the formal interbank foreign exchange market as the interbank rate is N199.34. The implied equilibrium price would need to rise so daily supply matches daily demand. "This would bring daily demand to $125 million, while daily supply is only $25 million. That increase, combined with the April 2024 halving set to slash daily mining rewards to $12 million, means the price of bitcoin would have to rise substantially to meet an equilibrium among buyers and sellers. The investment research firm said that while bitcoin's daily demand of about $25 million is equivalent to daily mining rewards of about $25 million, that could change with the potential launch of a bitcoin ETF.Ī bitcoin ETF could add an extra $100 million in incremental daily demand for bitcoin, according to the note.
The price of bitcoin could soar 521% from current levels to $180,000 before the cryptocurrency's scheduled halving in April 2024, according to a Monday note from Fundstrat.
0 kommentar(er)
