Greenback
Naira stable at parallel, official market
Nigeria’s naira remained stable against the U.S. dollar at the unofficial market on Friday, data posted on abokiFX .com, a website that collates parallel market rates in Lagos showed. The data posted showed that the naira closed at N485.00 at the black market, the same rate it exchanged hands with the greenback in the previous session on Thursday. Similarly, the local unit remained stable at the official market. Data posted on the FMDQ Security Exchange window where forex is officially traded showed that the domestic unit again closed at N410.00 at the trading session of the NAFEX window on Friday. Friday’s performance came to be as forex supply slumped significantly. The naira experienced an intraday high of N394.00 and a low of N436.40 before closing at N410.00 on Friday, the same rate i...
US Democrat Senate wins push stocks higher despite Capitol chaos
Clean sweep by Democrats allows them to enact big-spending policies likely to benefit the economy, investors say. Global stock markets rose and bonds nursed losses on Thursday in anticipation of a big-borrowing and big-spending Democratic administration driving growth, following runoff elections that gave the party control of both houses of the United States Congress. On Wednesday, US Treasury bonds had suffered their steepest selloff in months after Democratic Party victories in two races in the state of Georgia handed them narrow control of the Senate and the power to pass their agenda. US S&P 500 futures rose 0.6 percent and Nasdaq 100 futures rose 0.9 percent as markets seemed to shake off a late fade that pulled Wall Street indexes back from fresh record peaks when chaotic protest...
