Thursday, twenty first October 2021: The change price between the naira and the US greenback closed at N415.07/$1 on the Traders and Exporters window, the place foreign exchange is traded formally.
Naira depreciated on Thursday towards the US greenback to shut at N415.07/$1, representing a 0.24% fall in comparison with N414.07/$1 recorded on Wednesday, twentieth October 2021.
Additionally, naira depreciated towards the US greenback on Wednesday by 0.35% to shut at N575/$1 in comparison with N573/$1 recorded as of the shut of buying and selling actions on Wednesday, twentieth October 2021. That is based on data obtained by Nairametrics from BDC operators in Lagos. Nigeria’s overseas reserve closed at $40.76 billion on Wednesday, twentieth October 2021, representing a $377.04 million increase within the reserve place. The nation’s foreign exchange reserve elevated by 0.93% on Wednesday from $40.39 billion recorded as of the day past.
Buying and selling on the official NAFEX window
The change price fell towards the US greenback on Thursday, twenty first October 2021 after three consecutive beneficial properties to shut the day at N415.07 to a greenback, representing a 0.24% depreciation in comparison with N414.07/$1 recorded on Wednesday, twentieth October 2021.
The opening indicative price closed at N413.94/$1 on Thursday, representing a 24 kobo appreciation in comparison with N414.18/$1 recorded within the earlier buying and selling day. This additionally represents a optimistic motion in three consecutive buying and selling days.
An change price of N424.45 to a greenback was the very best price recorded throughout intra-day buying and selling earlier than it settled at N415.07/$1, whereas it bought for as little as N405/$1 throughout intra-day buying and selling.
In the meantime, foreign exchange turnover on the official window dropped by 69.2% on Thursday, twenty first October 2021.
Based on information tracked by Nairametrics from FMDQ, foreign exchange turnover on the I&E window decreased from $334.97 million recorded on Wednesday to $103.16 million on Thursday twenty first October 2021.
The cryptocurrency market closed buying and selling actions on Thursday on a bearish word with a decline of three.14% to shut at $2.57 trillion, indicating a lack of $83.37 billion to crypto traders. The bearish motion was largely pushed by the decline recorded within the largest crypto by market capitalisation.
Bitcoin retreated by 4.66% on Thursday to shut at $62,912.84 whereas Ethereum additionally declined by 1.48% to shut commerce at $4,101.78. XRP dipped 3.85% to shut at $1.10176 on Thursday, twenty first October 2021.
In the meantime, the Bitcoin Technique ETF, a brand new exchange-traded fund linked to Bitcoin futures slightly than on to the foreign money was listed on Tuesday and rose practically 5% on its first day of buying and selling.
Crude oil worth
The crude oil market was dominated by bearish sentiments on Thursday as most crude merchandise recorded a decline of their costs. Notably, Brent Crude dipped 1.19% to shut at $84.8 per barrel, regardless of surpassing $86 earlier within the day.
In the identical vein, West Texas Intermediate (WTI) Crude recorded a decline of 1.1% in worth to shut at $82.5 per barrel whereas pure fuel dipped 1.06% to shut at $5.115. Equally, the OPEC Basket misplaced 0.22% to shut at $83.3 per barrel.
However, Nigeria’s crude product, Bonny Gentle gained 0.37% to shut at $84.67 per barrel. Different crude merchandise (Brass River and Qua Iboe) each gained 0.48% to shut at $84.4 per barrel.
In the meantime, the market has witnessed important bullish trades in latest instances owing to the stunning drop in crude oil stock. Based on the report from the US Vitality Info Administration (EIA), that whole crude oil and petroleum merchandise (ex. SPR) shares slumped 9.81 mmb to 1,228.91 mmb within the week ended October 15. Crude oil stock slipped 0.43 mmb to 426.54 mmb, in contrast with a consensus of a +1.86 mmb improve.
Nigeria’s overseas reserve gained $377.04 million on Wednesday, twentieth October 2021 to shut at $40.76 billion in comparison with $40.39 billion recorded as of the day past. The most recent improve represents a 0.93% improve within the nation’s overseas reserve place.
The nation’s overseas reserve has gained $3.98 billion to date in October, on the again of the $4 billion raised by the federal authorities from the issuance of Eurobond within the worldwide debt market. The beneficial properties recorded to date within the month is greater than the $2.76 billion acquire recorded within the month of September 2021, whereas the latest improve places the year-to-date acquire at $5.39 billion.