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Home Markets Currencies

Exchange rate closes at N400/$1 for second consecutive day

Samuel Oyekanmi by Samuel Oyekanmi
February 12, 2021
in Currencies, Spotlight
Central Bank of Nigeria, Foreign exchange market, Naira vs dollas, IMF, Foreign Reserves, External reserves, CBN, Why do we all love the dollar? 
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Thursday 11th February 2021: The exchange rate between the Naira and the US Dollar closed at N400/$1 at the Investors and Exporters window same as recorded on Wednesday. 

Forex turnover increased by 55.8% from $50.74 million recorded on Wednesday 10th February 2021 to stand at $79.07 million on Thursday. 

The Naira also strengthened against the US Dollar in the parallel market to close at N470/$1 compared to N472/$1 recorded on the previous day.

READ: Warning signs as Nigeria’s external reserve drops to 6 month’s low.

Trading at the official NAFEX window 

The exchange rate between the naira and dollar at the Investors and Exporters (I&E) window closed at N400/$1 on Thursday, 11th February 2021.  

  • The opening indicative rate was N401.75/$1 to a dollar on Thursday, 0.18% depreciation compared to N401.04/$1 recorded the previous day  
  • The dollar sold for as high as N422.59 to a dollar during intra-day trading, the highest recorded year-to-date before retreating to close at N400 to a dollar. 
  • It also sold for as low as N380.35/$1 during intra-day trading.    
  • Forex turnover increased by 55.8% at the Investor and Exporters (I&E) window to stand at $79.07 million from $50.74 million recorded on Wednesday, 9th February 2021. 

READ: Naira falls at black market despite over 100% improvement in dollar supply

Cryptocurrency Watch  

The price of bitcoin soared during the day, trading at $47,844.37 as of 8:55 pm on Thursday, indicating a gain of 6.56% for the day. 

  • Meanwhile, reports indicate that a number of bank accounts linked to crypto have been allegedly closed by their respective banks as a result of the CBN’s directive prohibiting banks and other financial institutions from dealing in crypto-related transactions. 
  • The CEO of Bitfxt a digital currency company, Franklin Peters also revealed through his twitter handle that the business accounts of the company were allegedly closed and its fund wiped off. 
  • However, Bank of New York Mellon Corp disclosed that it will now hold, transfer and issue bitcoin and other digital assets on behalf of its asset-management customers. 
  • The banking giant joins the likes of Mastercard, Tesla, and MicroStrategy Incorporated to have shown support behind the popular cryptocurrency. 

READ: Nigeria’s external reserve drop by $261 million in 15 days, oil firms to sell forex to CBN 

Crude oil markets stalled on Thursday 

Crude oil prices recorded a marginal decline on Thursday as Brent Crude lost 0.19% to stand at $61.44. 

  • Also, WTI closed at $58.54 (-0.07%), OPEC Basket at $28 (+0.28%) while Bonny Light closed at $61.52 (-1.39%).   
  • However, the oil market has enjoyed a run of bullish trades in recent time, attributable to the supply curbs from OPEC+ and Saudi Arabia as well as the recent drop in inventories. 
  • Meanwhile, OPEC has revised its projected global oil demand for 2020 to rise by 5.8 million barrels per day, down by 100,000 bpd from last month’s projection. 

External reserve dipped further  

  • Nigeria’s external reserve stood at $35.85 billion as of Wednesday 10th February 2021, indicating a 0.12% decline when compared to $35.89 billion recorded as of Tuesday 9th February 2021.  
  • Nigeria has lost a total of $674.7 million in foreign reserve since 25th of January 2021, when it started recording a downturn in its reserve. 
  • Meanwhile, at $35.85 billion, Nigeria’s external reserve is currently 1.34% higher than $35.4 billion recorded as of December 31st 2020. 

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