8/9/2023 0 Comments Ngn to usd![]() ![]() “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”. “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. More Nigerian Naira info USD - US Dollar Our currency rankings show that the most popular US Dollar exchange rate is the USD to USD rate. ![]() 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 currency code for Nigerian Nairas is NGN. The writing is ok, and the story is at least intriguing, the characters are somewhat cookie-cutter at this point, but hey Sally Fields is in it playing Sally Fields again, so there's that.The apex bank’s new policy followed a declaration by President Bolu Tinubu that the “monetary policy needs thorough house cleaning. I can't decide if that's a good thing or a bad thing just yet. It kind of reminds me of movies like The Imaginarium of Doctor Parnassus, Brazil, and maybe even a little bit like a modern take of Alice in Wonderland thrown in. More US Dollar info NGN - Nigerian Naira Our currency rankings show that the most popular Nigerian Naira exchange rate is the NGN to USD rate. If you like off-beat fantasy type stuff you might like this one. Currency Information USD - US Dollar Our currency rankings show that the most popular US Dollar exchange rate is the USD to USD rate. But I'll watch the next episode and see where that leads. If the story delivers, or doesn't, I'll re-edit this review. Convert Nigerian Naira to United States Dollar using the free Paytm currency converter tool to know the real time. I think I'll keep going a bit further and see where this leads. 1000 NGN to USD Exchange Rate - USD 2.16. Do I turn back, or do I keep going? That's sort of how I feel after watching the first episode. Naira wont be making making a recovery above previous high of 0. With how the Nigerian economy is, a currency like Naira only seeks to stabilize rather than hope on recovery. Watching this, for me, is like making a wrong turn down a road I've never been and seeing some interesting things that are a bit off and make absolutely no sense. Naira One thing to know about naira to USD is that after every consolidation, theres always an historic fall. I hope it turns into something interesting and different, but I don't know right now. As to what star rating I'd give this, my place holder is a 7. ![]() So as of yet, I don't know what to think of this one. ![]()
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