A cash-driven society with little banking infrastructure raises problems that Paga’s founder and chief executive officer Tayo Oviosu hoes to resolve.
According to data from OANDA, a foreign exchange brokerage, for the period 1 December to 5 December 2020, the Nigeria price of the US dollar fell 0.060% from 378.373 NGN to 378.145 NGN. The Nigeria price for the euro, British pound, and the yuan saw increases, however. The Nigeria price of the euro increased from 453.889 NGN to 458.285 NGN (0.969%) while the Nigeria price of the British pound increased from 506.130 NGN to 507.890 NGN (0.348%)
During the same period, the Nigeria price of the China’s yuan increased from 57.6594 NGN to 58.0075 NGN (0.604%).
As of 3 December 2020, the Bank of Nigeria reported that its interbank mid-range foreign exchange rate for the U.S dollar was 379.50 NGN while the interbank exchange rate for the euro came in at 460.375 NGN and the price for the British pound was 509.9342 NGN. Meanwhile the interbank foreign exchange rate for the Chinese yuan came in at 57.9137 NGN.
Nigeria’s interbank interest rate as of 2 December 2020 is .50.
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As of 11:11 am EST, 9 November 2020:
How to read the chart:
CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .76559 USD.
USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.30530 CAD
CNH/USD= 0.15166 USD/CNH=6.58901
EUR/USD= 1.18728 USD/EUR=0.84194
DKK/USD =0.15925 USD/DKK=6.27257
NGN/USD= 0.00261 USD/NGN=381.500
GYD/USD=0.00478 USD/GYD= 209.215
GHS/USD=0.17141 USD/GHS= 5.82600
XCD/USD=0.37037 USD/XCD= 2.70
KES/USD = 0.00909 USD/KES= 108.121
Major political/legal event in the United States:
Presumptive president-elect Joseph R. Biden has launched a transition website that describes his initial initiatives he plans to address upon taking office in January 2021. Mr Biden appears prepared to engage in a level of spending to address faults and inequities in the American economic infrastructure that were in place prior to the Covid pandemic. Spending initiatives include:
- Providing state, local, and tribal governments with financial assistance;
- Extending Covid crisis unemployment insurance to people out of work;
- Provide a financial package for small businesses and entrepreneurs;
- Creation of a public health corps that puts the unemployed to work fighting the pandemic.
No discussion has been provided by the transition team yet on the costs of these packages and the impact they may have on money supply expansion/contraction, trade, or foreign exchange rates.
As of 11:27 am EST, 5 November 2020:
How to read the chart:
CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .75872 USD.
USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.31781 CAD
CNH/USD= 0.14978 USD/CNH=6.67451
EUR/USD= 1.16944 USD/EUR=0.85500
DKK/USD =0.15704 USD/DKK=6.36610
NGN/USD= 0.00261 USD/NGN=382.732
GYD/USD=0.00478 USD/GYD= 209.165
GHC/USD=0.00002 USD/GHC= 58,333.7
Major political/legal event in the United States: Ballot counting is continuing in the U.S. presidential elections. Democratic presidential candidate Joseph R. Biden reportedly has 264 unofficial Electoral College votes while Republican candidate Donald J. Trump has 214 unofficial Electoral College votes.
The official declaration of President-Elect is scheduled for 14 December 2020.
Today, the Board of Governors of the Federal Reserve System concludes their Federal Open Market Committee meeting. The Board will report its fed funds rate decision at 2:00 pm EST.
Source: Bloomberg, Federal Reserve