A bunch of bullish and bearish patterns AUDUSD is creating a rare combination of bullish and bearish patterns at the same time. As you can see, we have two completed Head & Shoulders and Two Potential Head and shoulders patterns. All of these are created within a larger pattern. These are very rare situations and these formations are created when the… 💶💵This post is a direct continuation of my previous post in which I predicted a fall in price. 💶💵As you can see the price is still struggling around the recent peaks.
With that development, the Nigeria Customs Service was directed to effect an increase in duty payable on cargoes imported through the ports. The Central Bank of Nigeria , in its quest to stabilize Naira injected funds to the currency market through the Wholesale Secondary Market Interventions. Transaction success in this market is based on bids with those who bid higher than the floor as they are often in an advantageous position to secure forex. To that end, the CBN directed banks to submit the names, addresses, and Bank Verification Numbers of all the exporters who had failed to repatriate their export proceeds. Necessary ‘action’ would be taken against such defaulters, the CBN said in a statement.
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According to the National Bureau of Statistics , Nigeria’s inflation rate hit an over 5-year high of 18.6% in June 2022, from 17.71% recorded in the previous month, mainly due to the surge in energy prices and transportation costs. The Monetary Policy Committee of the Central Bank of Nigeria , in its last meeting for the year, has voted to increase the benchmark interest rate by 100 basis points to 16.5%, its highest level since 2001. Don’t miss out on what thousands of traders worldwide are using to improve their trading performance. https://pledgeit.org/investing-in-renewable-energies "Successful traders know that a consistent and systematic review of their daily trading activities is the direct path to growing and improving." Because you are buying one currency while selling another at the same time, you can speculate on both upward and downward market moves. However, global forex trading is dominated by just ten banks, who are responsible for around two-thirds of the world’s volume. Currency markets never decline in absolute terms – for one currency to go up, there will be others weakening against it.
The exchange rate between the naira and the US Dollar depreciated to close at N410.25/$1 at the Investors and Exporters window, where forex is traded officially. This is as the CBN Governor has suggested that the official exchange rate has been devalued. The apex bank said it is investigating forex tracker “illegal foreign exchange trading” by the fintech companies. It sought the court injunction to freeze their account details for 180 days pending the completion of investigations. Since the first quarter of 2020, Nigeria has faced an exchange rate crisis triggered by the drop in oil prices.
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The Central Bank of Nigeria fined Bureau De Change operators over various infractions in the foreign exchange market. The apex bank explained that the move to stop the sale of dollars was in line with its commitment to improving foreign exchange supply to the economy as the impact of the novel Coronavirus (COVID-19) pandemic bit harder on the economy. Similarly, at the parallel market forex tracker where forex is traded unofficially, the naira depreciated closing at N482/$1 on Friday, February 26. This represents 0.42% drop when compared to the N480/$1 that it closed on the previous trading day. According to the governor, Mr. Olumide Oniwinde started AbokiFX operation in 2015 and has since milked the economy by taking a position, while manipulating the exchange rate.
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- The apex bank reflected this change on its website, signaling a confirmation.
- The launch followed yesterday’s disclosure by the Central Bank of Nigeria that the president would launch the new banknotes today.
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- But the rest of them we’ll take a shot at in upcoming blogs.
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For more information, you can check the image below. The Central Bank of Nigeria tasked industrial conglomerates operating in the country to support efforts of the government to grow the nation’s economy and return it to its green days. The apex bank allegedly informed banks that they would only accept bids from N380/$1 and above, and no longer N360/$1 meaning those who bid lower will not get any forex allocation. It suggested the CBN might have unified the exchange rate in line with the promise made by the Governor of the Central Bank of Nigeria. Central Bank of Nigeria issued a circular removing buying agents/companies or any third party from accessing its SMIS forex window through FORM M forex purchases. Nigeria’s Central Bank issued a circular authorizing and instructing dealers to sell forex to end users at N386/$1. BDC operatorsurged the apex bank to reconsider the margin allowed for the currency traders, as it was inadequate to meet their expenses.
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The Central Bank of Nigeria vowed to go tough on exporters who were guilty of forex non-repatriation. It was part of the CBN’s ongoing efforts to resolve the prevalent forex crisis in the country by increasing forex liquidity.
CBN’s hawkish move is targeted at curbing the rising inflation rate in the country while still cautiously ensuring economic growth. This is also a massive reversal from CBN’s earlier stand that raising rates will not positively impact inflation. The bank said, “The Central Bank of Nigeria is empowered by Section 8 of the Banks and Other Financial Institutions Act to mandate foreign banks to seek prior approval of the CBN before they can operate in Nigeria. The MPC, during the meeting, considered that the further tightening stance will help restore investor sentiment while curbing the rising rate of inflation. The warning is contained in a circular signed by the CBN’s Director, Payments System Management Department, Musa Jimoh, and issued to all banks, switching companies, and others.
It started after two of the world’s largest oil producers, Saudi Arabia and Russia, disagreed on how to proceed concerning oil supply cuts, which triggered a price war that pushed oil prices to crash to as low as under zero dollars. According to a statement, the apex bank blamed “unscrupulous players in the foreign exchange market” for spreading the rumour.
So gradually I went back to other things, other databases and my hobbies. Anyway, https://www.forbes.com/advisor/investing/what-is-forex-trading/ if AUDJPY goes DOWNSIDE again, VIX should go up, JPY should go up,…