• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Currencies

Naira falls across forex markets as CBN suggests official rate has been adjusted

Chike Olisah by Chike Olisah
March 1, 2021
in Currencies, Spotlight
Naira-Dollars, Exchange rate falls at black market as forex liquidity declines by 89.8%

Naira-Dollars

Share on FacebookShare on TwitterShare on Linkedin

The exchange rate between the naira and the US Dollar depreciated to close at N410.25/$1 at the Investors and Exporters (NAFEX) window, where forex is traded officially. This is as the CBN Governor has suggested that the official exchange rate has been devalued.

Similarly, at the parallel market where forex is traded unofficially, the naira depreciated closing at N482/$1 on Friday, February 26. This represents 0.42% drop when compared to the N480/$1 that it closed on the previous trading day.

However, forex turnover at the Investor and Exporters (I&E) window decreased by 79.3% from $212.43 million recorded on Wednesday to $43.97 million on Thursday 25th February 2021.

RelatedStories

CBN, MPC

CBN opens application for Knowledge Acceleration Programme to shape future research priorities 

July 13, 2025
CBN, forex

June 2025 PMI: CBN warns of inflation as input costs outpace output prices

July 8, 2025

READ: Naira strengthens at NAFEX window despite 79.3% drop in dollar supply

Trading at the official NAFEX window

The Naira depreciated against the US Dollar at the Investors and Exporters window on Friday closing at N410.25/$1. This represents a 0.39% drop when compared to N408.67/$1 recorded on Thursday, February 25, 2021.

  • The opening indicative rate closed at N409.24 to a dollar on Friday. This represents an 8 kobo drop when compared to N409.16/$1 recorded on Thursday.
  • Also, an exchange rate of N415 to a dollar was the highest rate during intra-day trading before it closed at N410.25/$1. It also sold for as low as N392/$1 during intra-day trading.
  • Forex turnover at the Investor and Exporters (I&E) window dropped by 14.7% on Friday, February 26, 2021.
  • According to the data tracked by Nairametrics from FMDQ, forex turnover decreased from $43.97 million recorded on Thursday, February 25, 2021, to $37.49 million on Friday, February 26, 2021.

READ: World’s largest oil producer loses four million barrels per day

Cryptocurrency watch

The world’s largest cryptocurrency, Bitcoin, dropped 6.39% to close at $43,165.78 on Sunday, losing $2,944.20 from its previous close.

  • Bitcoin has lost 26% from the year’s high of $58,354.14 on February 21, when it went up amid increasing confidence that it will become a mainstream investment and payments vehicle.
  • A quick recap of bitcoin’s worst weekly performance since March 2020, shows that the week’s high volatility was not caused by one factor. It was largely triggered by an overheated derivatives market as traders rushed to exit leveraged bets that had accumulated.
  • Further drops had coincided with a sell-off in the broader stock market due to rising concerns over surging bond yields, which might reduce the attraction for riskier assets like cryptocurrencies.
  • Etherium dropped 8.88% to close at $1,329.46 on Sunday, losing $129.57 from its previous close.
  • Meanwhile, Nigeria’s Vice President, Yemi Osibanjo, while disagreeing with the CBN on its recent ban on cryptocurrencies, called for crypto regulation knowing fully well the role it plays in the global financial ecosystem. Osibanjo advised CBN and SEC to create a regulatory road map for cryptocurrencies.

READ: How Nigeria can make more money from Oil?

Oil price dip marginally on account of pullbacks

Brent crude oil price closed at $64.42 per barrel, dropping $1.69, the WTI Crude closed at $61.50 per barrel, dropping $2.03, OPEC Basket closed at $65.42, gaining $1.42 while the Bonny Light closed at $64.33 per barrel, dropping $1.20.

  • These forecasts have called for an increase in crude oil supply in response to prices climbing above the pre-pandemic level.
  • Analysts are also expecting that next week’s meeting of OPEC and its allies will result in more supply returning to the market.
  • U.S. crude oil production fell in December to an average 11.063 million barrels per day, when compared to the average of 12.8 million barrels per day that was achieved in December 2019, according to the Energy Information Administration’s latest monthly report.
  • U.S. crude oil production fell an average of 58,000 barrels per day, the EIA said on Friday.

The steady decline in external reserves

Nigeria’s external has declined by 0.15% to stand at $35.17 billion as of February 24th 2021 compared to $35.23 recorded as of 23rd February.

  • This indicates that Nigeria has lost a total of $1.13 billion in external reserve positive in the month of February.
  • According to data obtained from the Central Bank of Nigeria (CBN), external reserves declined from $36.3 billion as of 29th of January 2021 to $35.17 billion as of 24th of February.
  • It is however worth noting that the decline in Nigeria’s external reserve has persisted despite a sharp increase in global crude oil prices as it is currently over $64 per barrel from $55.04 recorded as at the end of January.

Follow us for Breaking News and Market Intelligence.
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.

Related Posts

CBN, MPC
Financial Services

CBN opens application for Knowledge Acceleration Programme to shape future research priorities 

July 13, 2025
CBN, forex
Economy

June 2025 PMI: CBN warns of inflation as input costs outpace output prices

July 8, 2025
CBN, forex
Financial Services

CBN clarifies NRBVN charges, says BVN enrolment remains free for Nigerians in Nigeria 

July 7, 2025
CBN, forex
Breaking News

Court upholds CBN-backed NIBSS Authority to manage BVN Database nationwide 

July 4, 2025
CBN, forex
Financial Services

Credit to Private sector slips marginally to N77.83 trillion in May 2025 despite surging money supply 

July 3, 2025
CBN, forex
Financial Services

Nigeria’s FDI drops by 19% to $250 million in Q1 2025 – CBN 

June 27, 2025
Next Post
Ecobank Nigeria, Global Finance Names Ecobank Most Innovative Bank in Africa

London Stock Exchange welcomes Ecobank Nigeria's US$300million Senior Bond Issuance

Comments 2

  1. Evelyn says:
    March 1, 2021 at 10:34 am

    Please what is responsible for the decline in Nigeria’s external reserves?

    Reply
  2. Olusola fakeye says:
    September 27, 2021 at 12:18 pm

    I want The First Covid 19 Test vaccinate

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Naira depreciates to N1,555/$1 ahead of 301st MPC meeting 
  • GTCO becomes first banking stock to cross N100 on NGX 
  • Analysts predict naira won’t drop beyond N1,600 in H2 2025, cite reasons 

Follow us on social media:

Recent News

Naira , dollar, exchange rate

Naira depreciates to N1,555/$1 ahead of 301st MPC meeting 

July 16, 2025
GTCO to write off Aiteo loan and switch to aggressive recovery plan

GTCO becomes first banking stock to cross N100 on NGX 

July 16, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics