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.
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.
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.
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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