The Nigerian currency Naira has gained more with the US dollar falling at the black market.
Ejes Gist News reports that the exchange rate between the Nigerian Naira and the US dollar opened on Monday at 413.75/$ and closed at 415.07/$1, at the official Investors and Exporters (I & E) window, gaining 1.2 from the previous week.
Black Market Exchange Rate Today
The Nigerian currency are being sold for ₦558/$ after it closed at ₦560/$ on Monday, November 29th at the Nigerian Black Market. The players currently buying dollar for ₦552/$
Nigeria External reserve
Nigeria’s external reserve fell by 0.06 per cent on Thursday, November 25th, 2021, to $41.3 billion, a decrease of $24.77 million from the previous day’s total of $41.33 billion.
The apex bank’s continuous intervention in ensuring the exchange rate’s stability is to blame for the country’s declining reserve level. In the last three trading sessions, the official window exchange rate has remained stable.
It’s worth noting that the country’s foreign reserve increased by $5.99 billion in October as a result of the federal government raising $4 billion through the issuance of Eurobonds on the international debt market.
The previous month’s gains were higher than the $2.76 billion gain in September 2021. Meanwhile, Nigeria’s reserves have fallen by $519.39 million so far in November, despite a year-to-date gain of $5.93 billion.
Price of crude oil
The crude oil market was bearish in the previous week as a result of the new variant of the covid disease, trading in the region of $70 per barrel, its lowest level since September 2021. However, in the early hours of Monday, the market saw a rebound, with Brent crude rising 3.78 per cent to $75.47 per barrel.
Additionally, West Texas Intermediate rose 4.53 per cent to $71.24 per barrel. Natural gas, on the other hand, fell 6.87 per cent to $5.101.
The market had been unresponsive to the US government’s announcement that it would release 50 million barrels of oil from its strategic reserve to lower the soaring price of gasoline. Crude prices fell sharply in the previous week as a result of a new strain of the virus that has proven to be vaccine-resistant.
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