Wed, July 24, 2024

Nigerian currency takes gain as forex supply falls further

Nigerian currency takes gain as forex supply falls further

At the Investors and Exporters (I&E) window, the exchange rate between the US dollar and the naira closed at N414.5/$1.

Last Friday, the Nigerian currency gained more against the US dollar, representing a 0.11% appreciation than N414.7/$1 recorded the day before. The rate also gained in the prior trading session compared to the session that ended last Wednesday at N415.1.2/$1.

On the other hand, the naira continued to be flat at the parallel market. It closed at N547/$1, the same as shown in the early trading session. 

On Thursday, Nigeria’s foreign reserve reported a marginal drop of 0.04% to close at $41.42 billion compared to $41.43 billion recorded a day before.


Trading at the NAFEX window

The exchange rate at the Investors and Exporters window increased 0.08% to close at N414.9/$1 from N415.2/$1 recorded in the prior trading session.

On Friday, the indicative opening rate closed at N414.56/$1, indicating a 37 kobo devaluation compared to N413.18/$1 recorded in the prior trading session.

An exchange rate of N445.76 to a dollar signified the highest rate recorded during the trading before it ended at N414.5/$1. It sold for N406/$1 during intra-day trading.

On Friday, the turnover of Forex at the official window fell further by 22.9% to $69.64 million.

According to data from FMDQ, forex turnover at the I&E window decreased from $90.19 million recorded to $69.64 million in a day.

Cryptocurrency watch

The crypto market remained bearish trades as the crypto market fell about 1.23% in market capitalization on Sunday, closing at $2.7 trillion. It was mainly because of the bearish performance of Bitcoin and Ethereum.

The largest crypto asset by market capitalization decreased by 1.1% on Sunday to close at $59,171.57, while Ethereum reported a 2.18% drop to close at $4,318.72. Currently, Bitcoin is trading around $57,355, while Ethereum is at $4,178.

In the meantime, on Saturday, the President of El Salvador, Nayib Bukele, announced that the country plans to build Bitcoin City. It would be a city entirely based on the crypto asset.

According to President, the new city will be near a volcano at the Gulf of Fonseca. He also stated that the government intends to place a power plant by the volcano to provide energy for the Bitcoin mining and the city. 

Crude oil price

On Sunday, the global crude oil market traded bearishly as Brent crude fell 2.88% to close at $78.88 per barrel after a set of downturns in the market.

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