Exchange fee weakens at NAFEX window as oil value hit $67

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Monday twenty second February 2021: The trade fee between the Naira and the US Dollar closed at N410/$1 on the Investors and Exporters window, the place foreign exchange is traded formally.

Naira remained steady on the NAFEX window to face at N470 to a greenback on Monday, which is similar fee it closed on the earlier buying and selling day.

Also, Naira depreciated on the parallel market to shut at N480/$1 on Monday, twenty second February 2021. This represents a N2 drop when in comparison with N478/$1 recorded on Friday, nineteenth February 2021.

Brent Crude oil value hit a file excessive because it closed at $65.24 per barrel as Goldman Sach’s projection signifies bullish trades in Q2 2020.

Trading on the official NAFEX window

The trade fee between the Naira and Dollar on the Investors and Exporters (I&E) window maintained the identical fee as recorded on Friday final week to shut at N410/$1 on Monday, twenty second February 2021.

  • The opening indicative fee closed at N408.04 to a greenback on Monday. This represents a 43 kobo drop when in comparison with N407.61 to a greenback that was recorded the earlier buying and selling day on Friday, February 19, 2021.
  • An trade fee of N412 to a greenback was the very best fee throughout intra-day buying and selling earlier than it closed at N410/$1. It additionally offered for as little as N389.75/$1 throughout intra-day buying and selling.
  • Forex turnover on the Investor and Exporters (I&E) window declined by 20.8% on Monday, February 22, 2021.
  • According to the information tracked by Nairametrics from FMDQ, foreign exchange turnover decreased from $66.41 million recorded on Friday, February 19, 2021, to $52.58 million on Monday, February 22, 2021.

READ: Industrial index down by 5.7%, as shares of BUA, Lafarge, Dangote, others decline

Cryptocurrency Watch

  • The largest cryptocurrency on the planet, Bitcoin dipped by 4.76% on Monday to face $54,753.48 as of 11:10pm.
  • This got here after the world’s richest man, Elon Musk disclosed that the value of bitcoin and Ethereum appears to be excessive.
  • Meanwhile, three days in the past, the world’s most demanded crypto-asset breached the $1 trillion market capitalisation to develop into the sixth most-valuable asset worldwide.
  • It is price noting that, following the directive of the CBN prohibiting regulated monetary establishments from coping with Cryptos, Nigerians have moved in the direction of peer-to-peer transactions buying and selling straight with out a third social gathering.
  • According to a current research seen by Nairametrics, using Bitcoin for peer-to-peer lending in Nigeria surged by 16% for the reason that CBN directive took impact about 18 days in the past

Crude oil costs high $64 per barrel

Crude oil costs picked up once more on Monday as Brent Crude gained an extra $2.33 to shut at $65.24 per barrel.

  • The enhance represents a 3.7% enhance when in comparison with $62.91 per barrel recorded on the earlier buying and selling day.
  • The value enhance got here shortly after Goldman Sach forecasted that oil costs would climb round $70 per barrel within the second quarter of the yr.
  • It may be attributed to the belief that U.S oil manufacturing and refineries will take a little bit of time to renew their regular degree of output after the Texas Freeze knocked out oil refineries.
  • The oil market rallied regardless of the information that Saudi Arabia and Russia could be on the verge of a disagreement once more over output settlement, which the group will deliberate on in March.
  • Meanwhile, Brent closed at $65.24 (+3.7%), WTI closed at $61.49 (+3.8%), Bonny Light at $62.09 (-1.16%), and Natural Gas closed at $2.946 (-0.24%).

READ: Oil traders go wary on energy demand, mutant strains of COVID-19

Declining exterior reserve regardless of bullish oil costs

Nigeria’s exterior reserve dipped additional on Thursday, 18th February 2021, to face at $35.47 billion.

  • This represents a decline of 0.15% in comparison with $35.53 billion recorded as of Wednesday, seventeenth February 2021.
  • Despite rallying oil costs, Nigeria’s exterior reserve has recorded a gentle decline for the reason that twenty fifth of January 2021, dropping a sum of $958.1 million in lower than a month.
  • It is price noting that regardless of the numerous enhance recorded earlier in January, the present reserve optimistic is simply $99.9 million greater than $35.37 billion recorded as of thirty first December 2020.

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