Economy
Asian stocks jump as Trump postpones painful tariffs
Stocks rocketed Thursday as a relief rally spread through markets after Donald Trump paused crippling tariffs on US partners, with Chinese markets even brushing off his decision to ramp up duties on Beijing to 125 percent.
The across-the-board gains tracked a blistering performance on Wall Street as the US president said he would delay for 90 days measures announced last week that set off a firestorm on trading floors and sparked global recession fears.
Trump said he would keep in place a basic levy of 10 percent on dozens of countries but upped the ante in his brutal trade war with superpower rival China by hitting it even harder after it retaliated.
China’s own 84 percent retaliatory measures kicked in at 0401 GMT Thursday, later saying that US tariffs would “severely impact the stability of the global economic order”.
Trump made the decision because he said investors were “jumping a little bit out of line” as markets collapsed and US Treasuries — considered the safest option in times of crisis — were also showing signs of cracking on concerns about the world’s top economy.
People “were getting yippy, a little bit afraid”, he added, referring to a term in sports to describe a loss of nerves.
The extra tariffs on Beijing, however, were “based on the lack of respect that China has shown to the world’s markets”, Trump said.
The president denied he had made a U-turn, telling reporters that “you have to be flexible”.
And his top trade advisor, Peter Navarro, said, “This will go down in American history as the greatest trade negotiating day we have ever had.
“We’re in a beautiful position for the next 90 days, we’ve got over 75 countries that are going to come in and negotiate with us and what they’re going to have to do, without fail, is they’re going to have to lower their non-tariff barriers.”
Trump’s shock announcement on his Truth Social network sparked a buying frenzy as Asian and European investors chased beaten-down stocks.
“Asia markets are flipping the switch — from fear to euphoria — as Trump throws a 90-day lifeline, pausing the reciprocal tariff barrage,” said Stephen Innes at SPI Asset Management.
“The president’s post nodded to the ‘yippy’ reaction to his historic hikes, and honestly, that sums it up.
“We just witnessed one of the all-time bouncebacks — and now, we look for Asia investors, much like their North American counterparts, to step in and buy the ‘yips’.”
Hong Kong rallied more than two percent — a third day of gains after collapsing more than 13 percent on Monday in its worst day since 1997 during the Asian financial crisis. Shanghai gained more than one percent.
The two markets have been given extra support by optimism that China will unveil fresh stimulus to support its economy in light of the tariff measures. Official data showing another drop in consumer prices last month added to those hopes.
– ‘Fear to euphoria’ –
Tokyo’s Nikkei surged more than nine percent, while Taipei’s 9.3 percent gain was its best rise on record — after Monday’s 9.7 percent drop represented its worst fall.
Seoul, Singapore, Jakarta, Sydney, Saigon and Bangkok climbed between four and 6.6 percent. Manila and Wellington were also well in the positive territory.
London, Paris and Frankfurt soared at the open.
Tech firms were the standout performers, with Sony, Sharp, Panasonic and SoftBank chalking up double-digit gains, while airlines, car makers and casinos also enjoyed strong buying.
Apple suppliers posted strong rallies — Hong Kong-listed AAC Technologies surged 5.6 percent and in Taiwan, Hon Hai added almost 10 percent.
Gold surged almost three percent to around $3,120 — around $50 short of its record touched last month — thanks to the weaker dollar and as the uncertainty saw investors rush into the safe haven.
Chihiro Ota, at SMBC Nikko Securities, said: “What happens now? If the US takes a hardline stance (in negotiations), then the market would be disappointed. If it turns out that they can engage in talks, then it may create a room for (an upswing).”
US Treasury yields also edged down after a successful auction of $38 billion in notes, said Briefing.com.
That eased pressure on the bond market, which had fanned worries that investors were losing confidence in the United States.
However, observers warn that the China-US standoff could be another step towards a disengagement from the world’s top two economies.
“The escalation of the trade war between the US and China suggests that a full trade decoupling is increasingly likely,” said Mali Chivakul, emerging markets economist at J. Safra Sarasin bank.
“Even if we may see a de-escalation later, a decoupling could still be the result.”
Trump’s trade war is also causing a headache for the US Federal Reserve as it weighs whether to cut interest rates to protect the economy, or keep them elevated to ward off the inflation many say tariffs will fuel.
Minutes from its March meeting, released Wednesday, showed members felt they “may face difficult tradeoffs if inflation proved to be more persistent while the outlook for growth and employment weakened”.
Oil prices edged down after bouncing more than four percent Wednesday, though they remain under pressure amid concerns about the global economy and its impact on demand.
– Key figures around 0715 GMT –
Tokyo – Nikkei 225: 9.1 percent at 34,609.00 (close)
Hong Kong – Hang Seng Index: UP 2.7 percent at 20,804.08
Shanghai – Composite: UP 1.2 percent at 3,223.64 (close)
London – FTSE 100: UP 6.1 percent at 8,145.26
Dollar/yen: DOWN at 147.05 yen from 147.82 yen on Wednesday
Euro/dollar: UP at $1.0968 from $1.0948
Pound/dollar: UP at $1.2875 from $1.2810
Euro/pound: DOWN at 85.20 pence from 85.45 pence
West Texas Intermediate: DOWN 0.6 percent at $62.00 per barrel
Brent North Sea Crude: DOWN 0.7 percent at $65.04 per barrel
New York – Dow: UP 7.9 percent at 40,608.45 (close)
AFP
The dollar to naira rate keeps making headlines, and if you’re here, chances are you’re looking for today’s black market exchange rate – Wednesday, 7th May 2025. Whether you need to exchange dollars for business, personal use, or just want to stay updated, this post gives you the most accurate and up-to-date info on the dollar to naira rate in the parallel (Aboki) market.
We understand how quickly things can change in Nigeria’s forex market, so we’re committed to bringing you real-time figures and what’s influencing them.
What is the dollar-to-naira exchange rate on the black market, like the Aboki Fx?
The exchange rate for the US dollar (USD) to Nigerian Naira (NGN) in the parallel market, also known as black market, as of 7th May 2025, is N1,610 for 1 USD.
This rate is often sourced from the latest data provided by Bureau De Change (BDC) operators.
How much is a Dollar to Naira today in the Black Market?
What is the Dollar to Naira Exchange Rate at the Black Market, especially the Aboki Fx?
Because of the dynamics of supply and demand in the informal foreign exchange market, the Central Bank of Nigeria (CBN) official rates often differ significantly from those in the black market.
As of today, 7th May 2025, the black market buying rate for the US dollar is N1,600 while the selling rate is N1,610.
These rates change from time to time during the day, influenced by various factors including economic conditions, market speculation, and government policies.
The dollar-to-naira exchange rate in the black market has continued to fluctuate, reflecting the economic challenges and forex shortages in Nigeria.
In contrast to the black market, the Central Bank of Nigeria (CBN) maintains an official exchange rate. Today, the CBN rate for one dollar is N1,606.64.
The disparity between the official and black market rates highlights the pressure on the naira and the challenges in the country’s forex market.
Black Market Exchange Rate Today
Foreign Currency Buying rate Selling rate
DOLLAR ($USD) N1,600 N1,610
POUNDS STERLING (GBP) N2,120 N2,140
EURO (EUR) N1,780 1,800
CBN Exchange Rate Today
Foreign Currency Buying rate Selling rate
DOLLAR ($USD) N1,605.64 N1,606.64
POUNDS STERLING (GBP) N2,150.27 N2,151.61
EURO (EUR)
N1,823.68
N1,824.82
YUAN (CNY)
N222.49
N222.63
SAUDI RIYAL (SAR)
N428.07
N428.34
CRYPTOCURRENCY
At the time of posting
BITCOIN
1 BTC: NGN153M
1 NGN = 0.000000078BTC
ETHEREUM
1 ETH: NGN 2.9M
1 NGN: 0.00000034ETH
Variations in Forex Rates
Forex rates in Nigeria vary across different markets and platforms. The black market, official CBN rates, and rates offered by commercial banks and international money transfer operators all differ.
This discrepancy creates arbitrage opportunities and poses challenges for businesses and individuals needing foreign currency for legitimate transactions.
50 Dollars to Naira Today Black Market
For people looking to exchange 50 US dollars today, the rate in the black market will be approximately N80,000 if obtained at the buying rate of N1,600 per dollar.
For those buying from retailers, it would cost N80,500 at the selling rate of N1,610 per dollar.
100 Dollars to Naira Today Black Market
Exchanging 100 US dollars today in the black market will get you N160,000 if sold at the current buying rate.
For those purchasing dollars, it will cost them N161,000. This rate of increase no doubt affects businesses, travelers, and others who need dollars and other foreign currencies for overseas transactions.
500 Dollars to Naira Today Black Market
A larger transaction of 500 US dollars will result in N800,000 at the buying rate and N805,000 at the selling rate in the black market today.
The higher volumes reflect the ongoing need for dollars in the business community.
1,000 Dollars to Naira Today Black Market
For those who need up to 1000 US dollars, the black market will offer N1,600,000 at the buying rate and N1,610,000 at the selling rate.
The World Bank has disclosed that a staggering 75.5 per cent of rural Nigerians are now living below the poverty line, reflecting deepening hardship in the country’s hinterlands.
This was revealed in the Bank’s April 2025 Poverty and Equity Brief for Nigeria, which paints a grim picture of worsening economic hardship, widening inequality, and persistent underdevelopment across much of the nation.
While poverty is widespread among urban populations, the report emphasised that the situation is significantly worse in rural areas, where economic stagnation, high inflation, and insecurity have exacerbated living conditions.
“Based on the most recent official household survey data from Nigeria’s National Bureau of Statistics, 30.9 per cent of Nigerians lived below the international extreme poverty line of $2.15 per person per day in 2018/19 before the COVID-19 pandemic,” the report stated.
The report also highlighted Nigeria’s enduring regional disparities. “Nigeria remains spatially unequal. The poverty rate in northern geopolitical zones was 46.5 per cent in 2018/19, compared with 13.5 per cent for southern ones. Inequality measured by the Gini index was estimated at 35.1 in 2018/19.
“Nigeria’s Prosperity Gap — the average factor by which individuals’ incomes must be multiplied to attain a prosperity standard of $25 per day for all — is estimated at 10.2, higher than most peers.”
Despite successive policy interventions, these figures underscore a persistent economic divide across the country.
The report’s demographic analysis found that children aged 0 to 14 years had a poverty rate of 72.5 per cent, reflecting the scale of deprivation among the youngest segment of the population.
Gender disparities were also observed, with 63.9 per cent of females and 63.1 per cent of males classified as poor under the $3.65 per day lower-middle-income threshold.
Education emerged as a significant determinant of poverty, with Nigerians lacking formal education experiencing a poverty rate of 79.5 per cent. This contrasts with 61.9 per cent for those with primary education and 50.0 per cent for secondary school graduates. Only 25.4 per cent of those with tertiary education were considered poor.
The report also drew attention to multidimensional poverty indicators, which further reflect widespread deprivation.
According to the World Bank, about 30.9 per cent of Nigerians live on less than $2.15 daily, 32.6 per cent lack access to limited-standard drinking water, 45.1 per cent do not have limited-standard sanitation, and 39.4 per cent have no electricity.
Education access remains a challenge, with 17.6 per cent of adults yet to complete primary education, and 9.0 per cent of households reporting at least one school-aged child not enrolled in school.
The report noted that even before the COVID-19 pandemic, efforts to reduce extreme poverty had largely stalled.
“Before COVID-19, extreme poverty reduction had almost stagnated, dropping by only half a percentage point annually since 2010. Living standards of the urban poor are hardly improving, and jobs that would allow households to escape poverty are lacking,” the report read.
Although the World Bank acknowledged recent economic reforms aimed at stabilising Nigeria’s macroeconomic outlook, it warned that persistently high inflation continues to undermine household purchasing power, particularly in urban areas where incomes have not kept pace with rising costs.
In light of the worsening situation, the Bank called for urgent policy action to shield vulnerable groups from inflationary shocks and to drive job creation through more productive economic activities.
The Nigerian naira experienced a mild drop in value on Friday, closing at ₦1,602.18 per dollar in the official foreign exchange market, based on figures released by the Central Bank of Nigeria (CBN).
This marks a decrease of ₦5.49 from the rate of ₦1,596.69 recorded on April 30, the last trading day before the May 1 Workers’ Day holiday—indicating a depreciation of approximately 0.34%.
Earlier in the week, from Monday to Wednesday, the naira remained relatively stable, exchanging at ₦1,599.95, ₦1,599.71, and ₦1,596.69 respectively.
Although the local currency showed some consistency mid-week, it wrapped up the week with a loss, following a sligh dip of 0.02% at the beginning of the week
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