Naira Gains Massively As Dollar Crashes at Official Window

Naira to Dollar

The Nigerian currency, the Naira, has gained massively. At the official window.

Ejes Gist News has obtained the CBN official USD to naira exchange rate in Nigeria today, including the Black Market () rates, Bureau De Change (BDC) rates, and CBN rates.

The Nigerian Naira has gained ₦1.38 against the US dollar at the official Investors and Exporters (I & E) market, currently trading at ₦413.69/$ after closing on Thursday at ₦415.07/$.


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On Thursday, December 9th, 2021, the official Investors and Exporters (I&E) window closed with the naira and the US dollar at ₦415.07/$1.

On Thursday, the naira held steady against the dollar, closing at ₦415.07/$1. This was the same rate as in previous trading sessions, as the country’s external reserves continue to decline, with a $20 million drop.

The naira, on the other hand, depreciated against the dollar on Thursday, closing at ₦570/$1. When compared to the ₦568/$1 recorded in the previous trading session, this represents a N2 decrease. According to data gathered from BDC operators obtained by Ejes Gist News

The official market kept the local currency stable, as forex turnover increased by 100.6 percent during Thursday’s trading session.

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Trading at the NAFEX official window
The Investors and Exporters window exchange rate remained stable on Wednesday, closing at ₦415.07/$1, the same rate as the previous trading session.

On Thursday, the opening indicative rate remained stable, closing at ₦413.71/$1, which was the same rate as the previous trading session.

During intra-day trading, the highest rate recorded was ₦444/$1 before settling at ₦415.07/$1, and it sold for as low as ₦404/$1 before settling at ₦415.07/$1.

On Thursday, forex turnover at the official window increased by 100.62 percent to $453.38 million.

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Forex turnover at the I&E window increased from $225.99 million on Wednesday 8th December 2021 to $453.38 million on Thursday 9th December 2021, according to data tracked by Ejes Gist News from FMDQ official Website

Keep an eye on .

Bitcoin, the world’s largest and most popular , fell 2.92 percent to $48,316.64, with losses accelerating after it failed to maintain the positive momentum seen after the flash crash last weekend.

On Thursday, most cryptocurrencies fell after Fitch Ratings designated China’s Evergrande Group as an official defaulter. Equities also fell as traders appeared concerned about the possibility of a global recession as a result of China’s credit woes.

Cryptocurrencies have experienced wild swings in recent sessions, most notably over the weekend, when many were caught up in a broader risk-off wave that also hit U.S. stocks. It happened at a time when rising inflation is forcing central banks to tighten monetary policy, potentially reducing the liquidity tailwind that has been lifting a wide range of assets.

Ethereum, the world’s second most valuable cryptocurrency by market capitalization, fell 5.66 percent to $4,119.87.

The price of crude oil

The rally in oil prices came to an end on Thursday, with Brent crude falling 0.31 percent to $74.19 per barrel ahead of higher-risk events on Friday.

The market reassessed the potential demand hit from the omicron variant after a hot start to the week.

Brent crude had risen above $75 earlier on Thursday, boosting OPEC+’s confidence that they had made the right decision by increasing production by 400,000 bpd in January.

Additional Covid-19 measures, which could dampen oil demand, are causing some concern in the market. On Thursday, however, traders’ appetite for crude oil was dampened by high-risk releases scheduled for Friday, with traders focusing on U.S. inflation data in particular.

After jumping more than 9% in the first three days of the week, crude is still on track for its biggest weekly gain since August. It’s a remarkable recovery after oil fell into a bear market after a multi-week decline.

The West Texas Intermediate crude oil price fell 0.25 percent to $70.76 per barrel. Natural gas rose 0.16 percent to $3,820 per barrel, while the OPEC Basket rose 5.15 percent to $75.09 per barrel.

Nigerian crude Bonny Light, on the other hand, fell by 0.47 percent to $74.83 per barrel.

Reserves held outside the country
Nigeria’s external reserve fell by 0.05 percent to $40.931 billion on Wednesday, December 8, 2021. This represents a $20 million decrease from the previous day’s total of $40.951 billion.

The apex bank’s continuous intervention in ensuring the exchange rate’s stability can be attributed to the country’s reserve level’s consistent decline.

It’s worth noting that the country’s foreign reserve increased by $5.99 billion in October as a result of the federal raising $4 billion through the issuance of Eurobonds on the international debt market.

Nigeria’s external reserve fell by $633.47 million in November, compared to a gain of $5.99 million the previous month and a gain of $2.76 million in September 2021. The reserve gain for the year to date has dropped to $5.74 billion.

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