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Home Markets Currencies

Exchange rate sells for N423/$1 during trading day at NAFEX despite oil prices crossing $64 mark

Chike Olisah by Chike Olisah
February 18, 2021
in Currencies, Spotlight
Dollar, Exchange rate, FOREX, NAFEX market turnover drop by 59%, Naira crashes to N470/$1 as currency uncertainty worsens 
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Wednesday 17th February 2021: The exchange rate between the naira and the dollar depreciated slightly closing at N410/$1 at the NAFEX (I&E Window) where forex is traded officially. This is as the naira hit N423.15/$1 during the trading day despite the global oil prices crossing the $64 mark.

Naira closed against the US Dollar at N410/$1, representing a 0.08% drop when compared to the N409.67/$1 recorded at the end of trade on Tuesday, February 16, 2021. This also represents a seventh straight trading day the Naira closed in the N400/$1 region.

At the parallel market where forex is traded unofficially, the naira depreciated closing at N478/$1 on Wednesday, February 17, representing a 1.06% drop when compared to the N473/$1 that it closed at the previous trading day

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Also, Nigeria’s external reserves lost $124 million in 3 days as it fell to $35.633 billion as of February 15, 2021, from $35.757 billion as of February 12, 2021, according to data from CBN.

READ: Exchange Rate: CBN agrees to settle February NDF at N412/$1

Trading at the official NAFEX window

The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Wednesday, closing at N410/$1. This represents a 33 kobo drop when compared with the N409.67/$1 that it closed on the previous trading day.

  • The opening indicative rate closed at N406.76 to a dollar on Wednesday. This represents a 22 kobo drop when compared to N406.54 to a dollar that was recorded the previous trading day on Tuesday, February 16, 2021.
  • An exchange rate of N423.15 to a dollar was the highest rate during intra-day trading before it closed at N410 to a dollar. It also sold for as low as N390/$1 during intra-day trading.
  • Forex turnover at the Investor and Exporters (I&E) window rose by 34% on Wednesday, February 17, 2021.
  • According to the data tracked by Nairametrics from FMDQ, forex turnover increased from $30.44 million on Tuesday, February 16, 2021, to $40.79 million on Wednesday, February 17, 2021.

READ: Naira falls at NAFEX window as lower dollar supply piles more pressure on forex market

Cryptocurrency Watch

The world’s largest cryptocurrency, Bitcoin, reached a new record high as it surges past the $51,000 mark for the first time, as the cryptocurrency gets acceptance among mainstream investors. Some analysts expect it to get as high as $70,000

  • This was just a day after bitcoin topped $50,000. It went as high as $51,140, before trading at $50,828.83 as of 8.20 am in London.
  • The new high extends a bull run for bitcoin that began last October.
  • The rally has coincided with increased institutional adoption. PayPal said last year it would allow customers to handle the token through its platform and Mastercard followed suit last week.
  • BNY Mellon, America’s oldest bank, said it too would handle bitcoin on behalf of clients, paving the way for more money to flow into the market.
  • A single bitcoin now trades for N20.84 million up 10.3% while Etherum trades for N700k up 5.1%.

READ: Naira gains at NAFEX window as Oil prices approach $60 mark

Oil price crosses the $64 mark

Brent crude oil price hit $64.27, on Wednesday evening, the highest price since January last year as it goes past the $64 mark.

  • This is as the world’s largest oil exporter, Saudi Arabia, announced it is set to raise oil output in the coming months amid a recovery in prices, while OPEC+ is likely to roll over its output curbs.
  • The oil prices continue to head higher with the Texas arctic blast becoming a global oil market crisis as millions are still without power.
  • The massive supply disruption is coming at a time when US inventories are shrinking at an accelerated pace and the Organization of the Petroleum Exporting Countries are holding millions of barrels a day off the market.
  • The International Energy Agency (IEA) expects that a recovery in global oil demand would outstrip production in the second half of the year, prompting even quicker inventory draws
  • Meanwhile, WTI Crude closed at $61.08 (+1.03), Bonny Light $61.86 (-0.65), and OPEC Basket $62.60 (+2.06).

Nigeria’s external reserve dips despite rallying oil prices

  • The external reserve dipped further to $35.580 billion as of February 16, 2021.
  • This represents a decline of 0.15% compared to $35.633 billion as of 15th February 2021.
  • The foreign reserve has been on a steady decline since the 25th of January 2021, losing a total of $941 million to date.
  • Meanwhile, this is still an improvement on the $35.37 billion that it was as of December 31, 2020.

 


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Tags: Black MarketCBNforexNAFEX
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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