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Home Markets Currencies

Naira gains at NAFEX window as dollar supply improves by 305%

Samuel Oyekanmi by Samuel Oyekanmi
May 6, 2021
in Currencies, Markets, Spotlight
Naira falls across forex markets as businesses resume after public holidays
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Wednesday, 5th May 2021: The exchange rate between the naira and the US dollar closed at N410.5/$1 at the Importers and Exporters window, where forex is traded officially.

Naira appreciated marginally against the US dollar on Wednesday, 5th May 2021 to close at N410.5 to a dollar. This represents a 50 kobo gain when compared to N411/$1 recorded on Tuesday 4th May 2021.

Meanwhile, the naira maintained stability at the parallel market as it closed at N485/$1, while Nigeria’s external reserve plunged $94.84 million to close at $34.79 billion on Tuesday, 4th May 2021.

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Trading at the official NAFEX window

The naira appreciated against the US dollar at the Investors and Exporters window on Wednesday to close at N410.5/$1, representing a 50 kobo gain when compared to the N411/$1 that was recorded at Tuesday’s session.

  • The opening indicative rate closed at N410.25 to a dollar on Wednesday, 5th May 2021, representing a 25 kobo appreciation when compared to the N410.5/$1 recorded on Tuesday.
  • Also, an exchange rate of N420.5 to a dollar was the highest rate recorded during intra-day trading before it settled at N410.5/$1. It, however, sold for as low as N400/$1 during intra-day trading, a decline of N5 compared to N395/$1 recorded in the previous day.
  • Forex turnover at the Investor and Exporters (I&E) window spiked by 305.1% on Wednesday 5th, May 2021.
  • A cursory look at the data tracked by Nairametrics from FMDQ showed that forex turnover increased from $42.59 million recorded on Tuesday, 4th May 2021 to $172.52 million on Wednesday, 5th May 2021.

Cryptocurrency watch

Bitcoin, the world’s most popular cryptocurrency, made a rebound on Wednesday, as the digital asset gained 7.48% to trade at $57,220.46.

  • As of 11:59 pm on Wednesday, the highly valued cryptocurrency had recovered from the loss of 5.46% it recorded a day before.
  • Also, Ethereum recorded a 9.1% growth on Wednesday to close at $3,533.11. This represents a $3,533.11 appreciation when compared to the previous day’s trading.
  • In the same vein, the total crypto market capitalisation appreciated by 9.44% to close at $2.34 trillion on Tuesday.
  • Meanwhile, according to Paxful, a peer-to-peer trading platform, Nigeria’s cryptocurrency traded volumes on the platform topped $1.5 billion in the first four months of the year 2021.

Crude oil price

Brent Crude oil on Tuesday gained marginally by 0.12% to sell for an average of $68.96 compared to the previous day.

  • The increase in crude oil price was triggered by sustained confidence in the market as a result of the easing of lockdown in the United States, and other European countries.
  • This came on the back of the expected economic and oil demand recovery, owing to the easing of lockdown restrictions by the U.S. towards a full reopening of the economy.
  • The bullish run in the global oil market is in line with Goldman Sachs’ prediction that oil prices will rise to $80 per barrel this summer.

External reserve

Nigeria’s external reserve plunged for the 11th consecutive day on Tuesday, 4th May 2021 as it dipped $94.84 million to close at $34.79 billion.

  • The nation’s foreign reserve declined from $34.88 billion recorded as of Friday, 30th April 2021 to $34.79 billion on Tuesday, representing a 0.27% decline.
  • Nigeria’s foreign reserve has dipped $439.87 million since 16th April 2021 to date.

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Tags: BitcoinBrent Crudecrude oilDollarExchange RateExternal ReserveI&E windowNAFEX windowNaira
Samuel Oyekanmi

Samuel Oyekanmi

For further inquiries about this article, contact: Email: samuel.oyekanmi@nairametrics.com Twitter: @OYEKANMISAMUEL Linkedln: Samuel Oyekanmi

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