• 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

Exchange rate depreciates as forex turnover records marginal drop

Samuel Oyekanmi by Samuel Oyekanmi
November 5, 2021
in Currencies, Spotlight
Naira and dollar held by in the hand of a person

Naira and dollar held by in the hand of a person

Share on FacebookShare on TwitterShare on Linkedin

Thursday, 4th November 2021: The exchange rate between the naira and the US dollar closed at N415.1/$1, at the official Investors and Exporters window. The Naira depreciated against the US dollar to close at N415.1/$1 on Thursday 4th November 2021, representing a 0.07% decline compared to N414.8/$1 recorded at the close of trading activities on Wednesday.

On the other hand, the naira remained flat against the US dollar at the parallel market on Thursday to close at N570/$1, the same as recorded at the close of trading activities on Wednesday, 3rd November 2021. This is according to information obtained by Nairametrics from BDC operators in Lagos.

Nigeria’s foreign reserve continued on a decline on Wednesday with a 0.05% drop to close at $41.76 billion on 3rd November 2021. This represents a $19.32 million decline compared to $41.78 billion recorded as of Tuesday, 2nd November 2021.

RelatedStories

Naira , dollar, exchange rate

Exchange rate disparity returns as Naira appreciates to N1,545/$ officially, depreciates to N1,605/$ on parallel market 

June 21, 2025
SEC warns Nigerians against unregistered trading platform CMTrading 

SEC warns Nigerians against unregistered trading platform CMTrading 

June 21, 2025

Trading at the official NAFEX window

The exchange rate depreciated against the US dollar on Thursday, 4th November 2021, to close at N415.1/$1 compared to N414.8/$ recorded in the previous trading session. This represents a 0.07% decline in the country’s exchange rate.

The opening indicative rate closed at N414.49/$1 on Tuesday. This represents a 73 kobo depreciation compared to N413.76/$1 recorded in the previous trading day.

An exchange rate of N444 to a dollar was the highest rate recorded during intra-day trading before it settled at N415.1/$1, while it sold for as low as N404/$1 during intra-day trading. The highest rate recorded during the day has been the same in the past seven trading sessions.

Forex turnover at the official window reduced marginally by 239% to $129.54 million on Thursday.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window decreased from $133.37 million recorded on Wednesday 3rd November 2021 to $129.54 million on Thursday 4th November 2021.

Cryptocurrency watch

The cryptocurrency market also traded bearish on Thursday, as the total industry market capitalisation dipped by 1.86% as of 10:48 pm on Thursday to stand at $2.694 trillion, representing a $50.62 billion loss to crypto investors.

The general downturn was driven by the bearish trade in Bitcoin, which dipped 2.36% to trade at $61,442.52, while Ethereum lost 1.76% to trade at $4,525.87.

Avalanche Foundation, the organization behind the Avalanche chain, has announced the launch of Blizzard, a fund that will entice development and innovation on the Avalanche ecosystem. The Fund, which has $200 million available for its task, is composed of contributions coming from Avalanche Foundation, Ava Labs, Polychain Capital, Three Arrows Capital, among other participants.

Meanwhile, Goldman Sachs has reportedly explained in a research note circulated by the bank’s managing director of Global Markets, Bernhard Rzymelka, that the price of Ether (ETH) could hit $8,000 by year-end. The note details that, cryptocurrencies have traded in line with inflation breakevens since 2019, according to Zerohedge.

Crude oil price

The crude oil market extended its bearish run, on Thursday as Brent Crude dipped 1.34% to close at $80.89 per barrel as OPEC+ decided to continue easing their collective crude oil production cuts by 400,000 barrels per day in the coming months.

West Texas Intermediate also closed in the red with 1.89% decline to close at $78.87 per barrel, OPEC Basket dropped 2.15% to close at $81.58 per barrel. However, Natural Gas gained marginally by 0.81% to close at $5.716.

Nigeria’s crude, Bonny Light dipped 2.91% to close at $81.85 per barrel on Thursday, while Brass River and Qua Iboe lost 4.11% to close at $81.28 per barrel.

The OPEC+ meeting which was unable to address concerns of countries like Nigeria and Angola who are struggling to meet their quota reiterated the commitment of the group in ensuring a stable and balanced oil market, the efficient and secure supply to consumers and to provide clarity to the market at times when other parts of the energy complex outside the boundaries of oil markets are experiencing extreme volatility and instability.

External reserve

Nigeria’s foreign reserve declined for the fourth consecutive day, having recorded continuous positive growth in the past two months. The reserve level dipped marginally by 0.05% to close at $41.76 billion as of 3rd November 2021, compared to $41.78 recorded the previous day.

Meanwhile, the nation’s foreign reserve gained $5.04 billion in the month of October, on the back of the $4 billion raised by the federal government from the issuance of Eurobond in the international debt market. The gains recorded in the previous month were higher than the $2.76 billion gain recorded in the month of September 2021, while the recent decrease puts the year-to-date gain at $6.38 billion.

So far in the month of November, Nigeria’s reserve has lost $64.21 million. While the reason for the recent decline still remains unclear, oil prices have been trading bearish in the past three days as WTI closed below $80 per barrel on Thursday.

Tags: BitcoinCrude oil priceCryptocurrencyEthereumExchange RateExternal Reserve
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

Exchange rate disparity returns as Naira appreciates to N1,545/$ officially, depreciates to N1,605/$ on parallel market 

June 21, 2025
SEC warns Nigerians against unregistered trading platform CMTrading 
Cryptos

SEC warns Nigerians against unregistered trading platform CMTrading 

June 21, 2025
Bitcoin
Cryptos

Hawkish Fed, Israel–Iran conflict cage Bitcoin

June 19, 2025
Nigeria’s Justice System is Ruining Investment Confidence – Johnson Chukwu Shares His Story On Talknomics
Digital Media

Nigeria’s Justice System is Ruining Investment Confidence – Johnson Chukwu Shares His Story On Talknomics

June 14, 2025
Naira , dollar, exchange rate
Currencies

Naira holds below N1,600/$ in the holidays

June 10, 2025
Bitcoin is now a ‘safe-haven coin’ of the crypto market, Octa broker says 
Companies

Bitcoin is now a ‘safe-haven coin’ of the crypto market, Octa broker says 

May 29, 2025
Next Post
unfit banknotes

CBN disposed N698,480.00 million worth of unfit banknotes in 2020

Leave a Reply Cancel reply

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

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Nigeria Immigration Service receives tech tools from Dutch Government to boost migration control 
  • Most expensive African countries to rent a home in 2025 
  • Jigawa Govt approves N19.6 billion for construction of 560 housing units 

Follow us on social media:

Recent News

Nigeria Immigration Service receives tech tools from Dutch Government to boost migration control 

Nigeria Immigration Service receives tech tools from Dutch Government to boost migration control 

June 24, 2025
Lagos emerges the world’s fastest-growing tech city in 2025 

Most expensive African countries to rent a home in 2025 

June 24, 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