• 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 rises 1.69% in I&E Window as global crude prices approach $80 

Izuchukwu Okoye by Izuchukwu Okoye
October 5, 2024
in Currencies, Markets
Naira

A bound N500 note.

Share on FacebookShare on TwitterShare on Linkedin

On October 4, 2024, the naira gained against the U.S. dollar, closing at N1,631.21 in the official Investor and Exporter (I&E) window, as global crude oil prices eye $80 per barrel.

This marked a modest 1.69% appreciation compared to the previous day’s exchange rate of N1,659.26, despite a sharp decrease in market turnover.

The naira’s slight improvement came as trading volume in the I&E window dropped to $238.36 million, reflecting a significant 47% decline from the $450.39 million registered the previous day.

RelatedStories

Naira , dollar, exchange rate

Naira set to break below N1,500/$ resistance 

July 5, 2025

IMF commendation sparks strong gains for Naira across parallel, official markets 

July 3, 2025

Key Data Points 

Closing Exchange Rate: On October 4, the naira settled at N1,631.21 per dollar, up 1.69% from the prior close of N1,659.26.

Intra-Day Highs and Lows: Throughout the trading session, the naira fluctuated, reaching a high of N1,679.00 and a low of N1,580.00 before ending at its final rate of N1,631.21.

Market Turnover: The day’s total turnover in the I&E window fell to $238.36 million, a stark drop from the previous day’s figure of $450.39 million. For context, September’s cumulative turnover amounted to $3.3 billion.

Parallel Market Rates: In the parallel market, the naira opened at N1,669.49 per dollar, fluctuating between a peak of N1,673.34 and a low of N1,618.00, before closing at N1,618.75.

Market Trends 

Throughout September, the naira experienced sluggish movement as it struggled to stabilize amid volatile market conditions.

After trading at N1,300 per dollar in March, the currency has faced increasing pressure, particularly in August, when it hovered around the N1,500 mark. By September, the naira experienced further depreciation.

Year to date, the currency has lost approximately 75% of its value, driven largely by rising inflation and growing demand for foreign exchange.

Nigeria’s external reserves increased yet again, reaching $39.07 billion as of September 19, 2024. This upward movement in reserves offers a glimmer of hope for stabilizing the currency in the near term.

What to know 

Crude oil, a crucial driver of Nigeria’s economy, showed signs of recovery in October after rebounding from September lows.

In October, Brent and Nigerian oil blends have stabilized around $77 per barrel, as tensions in the Middle East raised concerns over potential supply disruptions.

As Iran, a major oil producer, faces escalating tensions with Israel, crude oil futures have strengthened due to supply disruption fears, adding upward pressure on global prices.

 What to expect 

  •  If oil prices continue their upward trend, OPEC member countries like Nigeria could benefit from increased revenue, potentially easing economic pressures and supporting the naira’s value.
  • Higher oil earnings would bolster the country’s foreign exchange reserves, likely improving market sentiment towards the naira.
  • In addition, favorable macroeconomic policies could position the currency for further appreciation, especially if the U.S. dollar weakens in the global market.

Follow us for Breaking News and Market Intelligence.
Tags: I&E windowNairaoil price
Izuchukwu Okoye

Izuchukwu Okoye

Okoye Izuchukwu is a financial market writer and trader with extensive expertise in both Nigerian and international markets. With a keen eye for market trends and a passion for insightful analysis, he translates complex financial concepts into engaging content. By combining practical trading experience with thorough research, Okoye offers valuable perspectives that empower readers to make informed decisions in the ever-evolving world of finance.

Related Posts

Naira , dollar, exchange rate
Currencies

Naira set to break below N1,500/$ resistance 

July 5, 2025
Currencies

IMF commendation sparks strong gains for Naira across parallel, official markets 

July 3, 2025
British pound, Naira
Currencies

Naira stuck at N2,200/£ as British pound faces correction  

July 3, 2025
Naira , dollar, exchange rate
Currencies

Naira gains big in official market as dollar sinks globally

July 2, 2025
Oil Down, Dollar Weak, Naira Up: Why Nigeria’s Markets Are Defying the Odds – Drinks & Mics Ft. Chika Mbonu
Digital Media

Oil Down, Dollar Weak, Naira Up: Why Nigeria’s Markets Are Defying the Odds – Drinks & Mics Ft. Chika Mbonu

June 28, 2025
Currency volatility: Intra-day high records N1755/$1 on sustained demand pressure  
Currencies

Naira falls N2,200 against British Pound Sterling 

June 21, 2025
Next Post
How to start investing – tips from Warren Buffett

Warren Buffet sells Bank of America Shares worth $10 billion

Leave a Reply Cancel reply

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

Emple
nlng
first bank








DUNS

Recent News

  • JAMB releases 2025 UTME mop-up results across Nigeria 
  • Nigeria placed 3rd in Africa for highest Air Ticket charges in 2024 – New Report
  • Nigeria Customs warns public against fake July CBT recruitment shortlist, vows actions against fraudsters 

Follow us on social media:

Recent News

2025 UTME: JAMB to investigate mass complaints over low scores and technical issues 

JAMB releases 2025 UTME mop-up results across Nigeria 

July 6, 2025
Airlines, African airlines

Nigeria placed 3rd in Africa for highest Air Ticket charges in 2024 – New Report

July 6, 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