• 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 strengthens across FX markets as speculators reacts to reports of CBN funding to BDCs

Samuel Oyekanmi by Samuel Oyekanmi
June 18, 2021
in Currencies, Spotlight
Forex, Nafex, parallel market, exchange rate, Naira, Dollar
Share on FacebookShare on TwitterShare on Linkedin

Thursday, 17th June 2021: The exchange rate between the naira and the US dollar closed at N411.5/$1 at the official Investors and Exporters window.

Naira appreciated on Thursday against the US dollar to close at N411.5 to a dollar compared to N412/$1 recorded on Wednesday, 16th June 2021.

Also, the exchange rate gained at the parallel market to close at N493/$1 compared to N502/$1 recorded on Wednesday. This represents a N9 gain in a single day, and it traded for as much as N485/$1 during intra-day trading.

RelatedStories

Naira , dollar, exchange rate

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

July 16, 2025
Naira , dollar, exchange rate

Naira surges to 4-month high, breaks N1,520/$ barrier

July 16, 2025

The rebound of the naira against the U.S. dollar at the parallel market was attributed to worries that the CBN might be ready to pump forex into the market with the aim of boosting liquidity. Recall that Nairametrics had reported that forex speculators could lose over N100 billion as the CBN continues massive funding to BDC operators.

Trading at the official NAFEX window

Naira appreciated against the US dollar at the Investors and Exporters window on Thursday to close at N411.5/$1, representing a 50 kobo gain when compared to the N412/$1 that was recorded the previous day.

  • The opening indicative rate closed at N411.54 to a dollar on Thursday, 17th June 2021, representing a 52 kobo depreciation when compared to the N411.02/$1 recorded on Wednesday, 16th June 2021.
  • Also, an exchange rate of N412/$1 was the highest rate recorded during intra-day trading, before it settled at N411.5/$1. It also sold for as low as N400/$1 during intra-day trading.
  • Forex turnover at the Investors and Exporters (I&E) window increased marginally by 4.8% on Thursday, 17th June 2021.
  • Data tracked by Nairametrics from FMDQ showed that forex turnover increased from $131.86 million recorded on Wednesday, 16th June 2021 to $138.2 million on Thursday, 17th June 2021.

Cryptocurrency watch

The cryptocurrency market continued in its bearish trend as investors lost about $17.72 billion to sell-offs in the market. The total market capitalisation dipped by 1.13% to close at $1.55 trillion.

  • Bitcoin also ended on a bearish note, recording a 1.68% decline to close at $37,683.9 while Ethereum dipped by 1.17% to close at $2,338.47.
  • This came on the back of the refusal of the World Bank to assist El Salvador with the integration of Bitcoin into its society. The World Bank stated concerns related to environmental and transparency issues.
  • Meanwhile, a recent survey by Intertrust reveals that Hedge funds plan to significantly increase their exposure to cryptocurrencies by 2026. Notably, executives expect to hold an average of 7.2% of their assets in cryptocurrencies in 5 years’ time.

Crude oil

Crude oil prices fell on Thursday having recorded a streak of positive performances in recent times as Brent Crude fell below the $74 per barrel mark it attained earlier in the week.

  • Brent crude oil lost 1.71% on Thursday, 17th June 2021 to close at $73.12 per barrel.
  • The decline was attributed to the increased dollar rate during intra-day trading, which makes commodity prices in the dollar now more pricey for those holding other currencies.
  • Note that, the ICE U.S. Dollar Index (DXY), which measures the dollar against a basket of six rivals was up by 0.9% on Thursday, during the day.
  • Also, the US Federal Reserve said it may lift rates as early as 2023, which is a year earlier than the previous expectation.
  • Meanwhile, WTI Crude lost 1.51% to close at $71.06, Bonny Light gained 1.94% to close at $74.68 per barrel, OPEC Basket 1.63% growth to close at $73.16 while Natural Gas dipped 1.17% to close at 3.213.

External reserve

Nigeria’s external reserve plunged further on Wednesday, 16th June 2021 as it dipped by $25.17 million to close at $33.8 billion.

  • This represents a 0.07% decline compared to $33.85 billion recorded on Tuesday, 15th June 2021.
  • A total of $1.55 billion has been lost in reserves year-to-date, while month-to-date loss stands at $405.3 million.
  • Nigeria’s forex reserve continues to trend downwards despite the positive rally recorded in the global crude oil market, with Bonny Light currently trading over $74 per barrel.
  • It is worth noting that India’s oil imports have started recovering after months of lessened activities due to the covid-19 pandemic on the country’s economy.

Follow us for Breaking News and Market Intelligence.
Tags: Bitcoinbrentcrude oilDollarEthereumExternal ReserveI&E windowNAFEXNaira
Samuel Oyekanmi

Samuel Oyekanmi

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

Related Posts

Naira , dollar, exchange rate
Currencies

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

July 16, 2025
Naira , dollar, exchange rate
Currencies

Naira surges to 4-month high, breaks N1,520/$ barrier

July 16, 2025
Bitcoin
Cryptos

Bitcoin soars past $121K, smashing records with no end in sight

July 14, 2025
Naira , dollar, exchange rate
Currencies

Naira strengthens to N1,550/$ in parallel market; here’s why it’s gaining 

July 12, 2025
Crypto is now legit — Will Nigeria’s financial institutions adapt or burn? | Drinks & Mics ft Buchi Okoro
Digital Media

Crypto is now legit — Will Nigeria’s financial institutions adapt or burn? | Drinks & Mics ft Buchi Okoro

July 12, 2025
Bitcoin
Cryptos

Bitcoin blasts past $118K, short sellers lose $1.25 billion   

July 11, 2025
Next Post
mutual fund fees

Are investors falling out of love with Nigerian Mutual Funds?

Comments 1

  1. Hassan says:
    June 22, 2021 at 2:06 pm

    hassanibb1010@gmail.com

    Reply

Leave a Reply Cancel reply

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

first bank








DUNS

Recent News

  • Nigeria, Egypt target $500 billion intra-block trade goal by 2030, push for stronger economic ties 
  • ABU Zaria secures €5 million EU grant to develop AI microscope for diagnosing parasitic diseases  
  • Trade between Nigeria and Egypt hits $315 million in 2024 – Egyptian Foreign Minister 

Follow us on social media:

Recent News

Nigeria, Egypt target $500 billion intra-block trade goal by 2030, push for stronger economic ties 

Nigeria, Egypt target $500 billion intra-block trade goal by 2030, push for stronger economic ties 

July 21, 2025
ABU Zaria secures €5 million EU grant to develop AI microscope for diagnosing parasitic diseases  

ABU Zaria secures €5 million EU grant to develop AI microscope for diagnosing parasitic diseases  

July 21, 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