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Home Markets Currencies

Naira maintains stability at official market as forex turnover surged by over 300%

Samuel Oyekanmi by Samuel Oyekanmi
November 18, 2021
in Currencies, Spotlight
Naira and dollar
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Wednesday, 17th November 2021: The exchange rate between the naira and the US dollar closed at N415.1/$1, at the Investors and Exporters window, where forex is traded officially. Naira maintained N415.1/$1 for the fourth day in a row at the Investors and Exporters window.

At the parallel market, naira also closed flat at N545/$1 on Wednesday, the same as recorded on Tuesday, 16th November 2021. The exchange rate had gained massively in the previous week to N535 to a dollar from N570/$1. This is according to information obtained from BDC operators interviewed by Nairametrics.

On the other hand, Nigeria’s foreign reserve declined by 0.06% on Tuesday, 16th November 2021 to close at $41.43 billion, representing a $23.92 million drop compared to $41.46 billion recorded as of the previous day.

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Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window remained flat against the US dollar on Wednesday, 17th November 2021 to close at N415.1/$1, the same as recorded in the past three days.

The opening indicative rate closed at N413.74/$1 on Wednesday, indicating an 81 kobo appreciation compared to N414.55/$1 recorded in the previous trading session.

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 N386/$1 during intra-day trading.

Forex turnover at the official window jumped significantly by 378% to $298.88 million on Wednesday.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window increased from $62.53 million recorded on Tuesday 16th November 2021 to $298.88 million on Wednesday 17th November 2021.

Bitcoin price falls below $60k

Bitcoin price dipped significantly on Wednesday to huge selloffs as the flagship crypto asset lost 0.29% to close at $59,970.52 as of 10:45pm. The decline triggered a 1.8% decrease in the industry’s market capitalisation to close at $2.564 trillion, indicating a $27.84 billion loss.

The downturn in the market came after it lost over $150 billion in the previous trading session. Meanwhile, Ethereum gained 0.62% on Wednesday to close at $4,236.06.

The bearish trade has caused a liquidation event in which $971.5 million worth of leveraged longs have been liquidated from their positions in the past two days. Data from Coinglass which formerly went by the name Bybt, revealed that a total of $971.5 million leveraged longs got liquidated in the past 48 hours.

Crude oil price falls below $80 per barrel

Crude oil prices have fallen below $80 per barrel at the global crude oil market, following recurrent bearish trades. Brent Crude dipped 2.79% on Wednesday to close at $80.13 per barrel, while a 0.42% early Thursday dip has seen the price of the crude product fall below $80 per barrel.

West Texas Intermediate in the same manner declined by 2.47% on Wednesday to close at $77.85 per barrel and currently trades on the red at $77.72 as of 7am on Thursday.

Similarly, Natural gas lost 5.47% to close at $4.894, while Nigeria’s crude, Bonny Light gained 1.26% to trade at $81.69 per barrel, Brass River and Qua Iboe both declined by 1.2% to close at $81.43 per barrel.

External reserve

Nigeria’s foreign reserve declined yet again by 0.06% to close at $41.43 billion as of Tuesday, 16th November 2021 compared to $41.46 billion recorded as of the previous day.

The nation’s foreign reserve had gained $5.04 billion in the month of October, as a result 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 is higher than the $2.76 billion gain recorded in the month of September 2021. Meanwhile, Nigeria’s reserve has declined by $388.93 million so far in the month of November. On a year-to-date basis, the reserves have gained $6.06 billion.

Tags: Crude oil priceCryptocurrencyExcange rateExternal Reserve
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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