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You can access the black market Dollar to Naira exchange rate for today, 20th January on Investors King.
This online business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.
Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦744 and ₦746, and the price can change (high or low) within hours.
Dollar to naira exchange rate today black market (Aboki dollar rate):
Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N745 and sell at N747 as of the time of filing this report.
The local currency opened at N757.00 per $1 at the parallel market otherwise known as the black market today Friday, 20 January 2023, in Lagos Nigeria, after it closed at N746 per $1 on Thursday, 19 January 2023.
Even though the dollar to naira opened in the parallel market at N757 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
Investors King reports that in the black market, the players buy a dollar for N750 and sell for N757 on Friday morning, January 20, 2023, after they purchased N744 and sold for N746 on Thursday, 19 January 2023.
Meanwhile, Investors King reports that the USD started this week at ₦745 in Parallel Market also known as Black Market on Monday, January 16, 2023, in Lagos Nigeria, after it opened at ₦744 last week Monday, January 9, 2023.
Here are some of the causes of the dwindling dollar to naira exchange rate.
Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.
Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.
Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.
Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.
Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.
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Bankman-fried disclosed that FTX customers are owed between $181 million and $497 million on his best guess.
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Former CEO of bankrupt crypto exchange platform FTX, Sam Bankman-Fried has stated that the firm has more than enough money to repay its U.S customers.
Bankman-fried disclosed that FTX customers are owed between $181 million and $497 million on his best guess, while in a court hearing this month, revealed that millions of customers who lost money from the collapse of his company could get their money back.
He said that a substantial recovery remains possible and FTX U.S should be able to return all of its customers’ money, noting that FTX international has billions of Dollars in assets, and he is using almost all his assets to help customers.
He however pleaded not guilty to fraud charges and is scheduled to face trial in October.
Meanwhile, FTX has not provided an estimate of the amount it owed its U.S. customers and has failed to respond to the EX CEO’s claims of the amount owed.
However, the company’s newly appointed CEO John III while testifying to the U.S house committee, disclosed that U.S. customers are more likely than any other customers to get their money back.
He revealed that the company under Sam Bankman-fried failed to keep records, while he noted that U.S. customers recovering their funds was speculative, but the restructuring team at the company is doing everything possible to get customers’ funds back.
He further provided some additional details about the FTX’s recovery effort by disclosing that the firm has recovered $1.7 billion in cash, $3.5 billion in liquid cryptocurrency, and $300 million in liquid securities.
In his words,
“We are making progress in our efforts to maximize recoveries, and it has taken a herculean investigative effort from our team to uncover this preliminary information.
Investors King understands that FTX processed about $5 billion worth of withdrawals during its last few days of operating and still retained about $8 billion of assets of varying liquidity when it filed for chapter 11 bankruptcy in November last year.
Recall that the company which was once valued at $32 billion a year ago filed for bankruptcy on Nov 11 after it ran out of funds. Its collapse has caused a contagion in the crypto industry as the price of crypto assets has plummeted massively, while investors have expressed concerns as they pull out their funds.
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As economic headwinds continue to worsen, Singapore-based cryptocurrency platform Crypto.com has been forced to carry out a second major round of layoff.
The crypto-asset exchange is reducing its global workforce by about 20% after it disclosed that such move was necessitated to make additional reductions in order to position the company for long-term success.
The company’s CEO and co-founder Kris Marszalek via a blog post stated that even though the company grew ambitiously at the start of 2022, the trajectory changed rapidly with a confluence of negative economic development as it seeks to focus on prudent financial management.
The blog post reads, “Several factors played into our decision to reduce headcount. While we continue to perform well, growing to more than 70 million users worldwide and maintaining a strong balance sheet, we’ve had to navigate ongoing economic headwinds and unforeseeable industry events.
“We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry. That trajectory changed rapidly with a confluence of negative economic developments.
“The reductions we made last July positioned us to weather the macroeconomic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry.
“It’s for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success”.
Meanwhile, all affected members of the workforce have been notified.
Recall that last year, Crypto.com laid off 5% of its workforce which is about 260 employees, as it took the necessary decision to ensure continued and sustainable growth for the long term.
As economic headwinds continue to worsen, which has seen the prices of virtual assets decline, Crypto.com isn’t the only crypto company that has laid off part of its workforce.
Exchanges such as Coinbase, Huobi, and Genesis have all laid off part of their workforce as they also seek to navigate the economic downturn.
Investors King understands that the collapse of one of the world’s leading crypto exchange platform FTX, sent shocking waves to the crypto industry which has also dampened investors’ confidence.
Also, the prices of digital currencies have plummeted massively as the world’s biggest cryptocurrency Bitcoin, fell about 65% last year, which saw it trade at an all-time low of $16,500.
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The ongoing market conditions impacting the crypto industry have forced online crypto trying platform Coinbase to restructure.
This restructuring will see the company downsize its workforce, having announced plans to cut around 950 jobs.
This is coming after a similar round of job cuts it made last year, in which the crypto market was faced with a massive bloodbath.
In addition to the job cuts, the company will also discontinue several projects with a low probability of success.
The company’s CEO Brian Armstrong wrote in a memo, “ While it is always painful to part ways with our fellow colleagues, there was no way to reduce our expenses significantly enough, without considering changes to headcount.
“The FTX collapse and the resulting contagion had created a black eye for the industry, there is likely more to drop. We may not have seen the last of it, there will be increased scrutiny on various companies in the space to make sure that they are following the rule. Long term that’s a good thing, but short term, there’s still a lot of market fear”.
Coinbase also disclosed that the cost of its restructuring processes will cost between $149 million and $163 million, including cash charges of $58 million to $68 million related to employee severance
Investors King understands that coinbase began laying off part of its workforce in June last year. It laid off 18 percent of its workforce which is roughly 1,200 employees.
In another round of layoff, it eliminated 60 positions in November 2022, as the months-long slump in cryptocurrency deepened.
The current downturn in the crypto market has continued to put pressure on coinbase which went public in 2021 and expanded rapidly during the pandemic.
Meanwhile, Coinbase isn’t the only company that has laid off part of its workforce. Several tech companies like Meta, Amazon, Salesforce, etc have all announced layoffs as they are faced with higher interest rates, inflation, and several other macroeconomic factors that have slowed the economy.
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