The Nigerian currency, the Naira, has gained massively at official windows.
At the official Investors and Exporters (I&E) window, the naira and the US dollar exchange rate closed at N414.8/$1.
On Monday, the Naira gained 0.07 percent against the US dollar, closing at N414.8/$1, up from N415.07/$1 in the previous trading sessions. The official market’s forex turnover increased by 138.5 percent to $360.18 million from $151.03 million the previous trading session.
The naira, on the other hand, remained unchanged against the US dollar on Monday, closing at N573/$1, the same level as the previous week. According to data gathered from BDC operators obtained by Ejes Gist Naira.
Nigeria’s foreign reserve fell by 0.05 percent on Friday, December 17th, to close at $40.67 billion, down from $40.69 billion the day before. The apex bank’s intervention in the official forex market is blamed for the country’s continuous decline in external reserves.
Trading at the NAFEX official window
On Monday, the Investors and Exporters window exchange rate increased by 0.07 percent to close at N414.8/$1, up from N415.07/$1 on Friday, December 17th, 2021.
On Monday, the opening indicative rate closed at N413.84/$1, down 1 kobo from the previous trading session’s N413.83/$1.
During intra-day trading, the highest rate was N444/$1 before it settled at N414.8/$1, and it sold for as low as N405/$1 before settling at N414.8/$1.
On Monday, the official forex window’s turnover increased by 138.5 percent to $360.18 million.
Forex turnover at the I&E window increased from $151.03 million on Friday 17th December 2021 to $360.18 million on Monday 20th December 2021, according to data tracked by Ejes Gist Naira from FMDQ.
Keep an eye on cryptocurrency.
The cryptocurrency market recovered from a bearish start, with a 0.53 percent gain in market capitalization to close at $2.197 trillion. Similarly, bitcoin gained 0.96 percent to close at $47,152, and Ethereum gained 0.19 percent to close at $3,929.71.
Solana fell 2.67 percent to $175.135, while Luna gained 1.58 percent and closed at $79.4507982. Bullish sentiments are wreaking havoc on the crypto market, with massive selloffs leading up to the holiday season keeping prices in the red.
Meanwhile, the Russian Central Bank has reiterated its opposition to cryptocurrency investment, citing the digital assets’ high volatility as a reason.
The price of crude oil
Brent crude closed on the downside with a 2.04 percent decline to $72.02 per barrel, while West Texas Intermediate closed at $68.66 per barrel, representing a 3.1 percent decline.
At the same time, the OPEC Basket fell 0.58 percent to $74.23 per barrel, while Bonny Light fell 5.06 percent to $69.54 per barrel.
Nigerian crude oil, Brass River crude oil, and Qua Iboe crude oil all began the week with a 4.69 percent loss, closing at $71.58 per barrel.
The Nigerian External Reserves
Nigeria’s external reserve fell by 0.05 percent on Friday, December 17th, 2021, to close at $40.67 billion, a decrease of $21.4 million from the previous day’s figure of $40.69 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 four 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.
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 level has dropped $517.48 million so far in December, while the year-to-date reserve gain has been reduced to $5.29 billion.
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