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Home Markets Currencies

Naira remains stable at the black market, Brent crude moves past $40 per barrel

Olumide Adesina by Olumide Adesina
June 9, 2020
in Currencies
Naira remains stable at the black market, Brent crude moves past $40 per barrel, Where to invest N500,000 right now, Naira crashes to new record low at black market as businesses divert export proceeds,Naira crashes to N500/$1 at black market as CBN adjusts exchange rates
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The Naira has been stable for three working days running at the parallel segment of the foreign exchange market against the United States dollar. It sold at N450 to $1 on Friday and has remained at that rate so far.

The stability of the naira was strengthened as the commodity-based currency’s (naira) major earnings, crude oil, remained above the $40 dollar mark, thereby increasing foreign exchange inflows to the country’s foreign exchange reserves.

READ ALSO: Precious metals slump, investors focus on Central Bank’s intervention

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“Commodities and emerging market currencies are clearly finding it easier to rise against the dollar on hopes of economic recovery, but it is a different story when it comes to the yen,” said Junichi Ishikawa, senior foreign exchange strategist at IG Securities in Tokyo.

Correlation between crude oil and the naira: The crude oil sector provides around 90% of Nigeria’s foreign exchange earnings and around 70% of its budgetary revenues, thereby helping to boost Nigeria’s monetary assets and providing the needed ammunition to stabilize the naira. 

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READ MORE: Nigeria’s foreign reserves hit $36.57 billion; Emefiele keeps his word on defending the naira

The macro fundamentals surrounding Nigeria’s major export, including the recent surge in crude oil prices to about $41, seem to have helped stabilize the naira in recent days.

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Brent crude drops to $25, oil demand drops by about 10% of world’s consumption, Brent Crude Oil hits $26, as Nigeria's Sweet Crude demand falls, Oil price pushes up before OPEC meeting, Asian equity markets mixed, NIGERIA OIL: Darker days ahead as Brent falls below production cost, Brent crude drops, as oil traders focus on OPEC+ meeting, Naira remains stable at the black market, Brent crude moves past $40 per barrel

READ ALSO: Despite COVID-19, Lagos State Government says Q1 budget performance rose to N163.2 billion

In addition, Nigeria’s central bank had stated that it would use all the monetary tools it had to rescue the Nigerian economy from the fallouts of the COVID-19 induced global economic strain and stabilize the naira with some concrete steps it had taken to tackle currency speculators.

Some weeks ago, Nigeria’s central bank resumed the weekly dollar sales of $100 million for small businesses and individuals who are in genuine need of Foreign exchange.

 

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