Friday,fifth November 2021: The trade charge between the Naira and the US greenback closed at N414.30/$1, on the official Buyers and Exporters window.
The Naira appreciated towards the US greenback to shut at N414.30/$1 on Friday fifth November 2021, representing a 0.2% acquire in comparison with N415.10/$1 recorded on the shut of buying and selling actions on Thursday.
Alternatively, the Naira remained flat towards the US greenback on the parallel market on Friday to shut at N570/$1, the identical as recorded on the shut of buying and selling actions on Thursday, 4th November 2021. That is based on info obtained by Nairametrics from BDC operators in Lagos.
The native foreign money gained on the official market because the exterior reserve makes a rebound after 4 consecutive days of decline to shut at $41.82 billion.
Nigeria’s international reserve continued on a decline on Wednesday with a 0.05% drop to shut at $41.76 billion on third November 2021. This represents a $19.32 million decline in comparison with $41.78 billion recorded as of Tuesday, 2nd November 2021.
Buying and selling on the official NAFEX window
The trade charge appreciated towards the US greenback on Friday, fifth November 2021, to shut at N414.30/$1 in comparison with N415.10/$ recorded within the earlier buying and selling session. This represents an 80 kobo acquire within the nation’s trade charge.
The opening indicative charge closed at N414.13/$1 on Friday. This represents a 36 kobo acquire when in comparison with N414.49/$1 recorded within the earlier buying and selling day.
An trade charge of N444 to a greenback was the very best charge recorded throughout intra-day buying and selling earlier than it settled at N414.30/$1, whereas it bought for as little as N409.61/$1 throughout intra-day buying and selling. The best charge recorded throughout the day has been the identical up to now eight buying and selling classes.
Foreign exchange turnover on the official window dropped by 23.5% on Friday, November fifth 2021.
In keeping with knowledge tracked by Nairametrics from FMDQ, foreign exchange turnover on the I&E window decreased from $129.54 million recorded on Thursday 4th November 2021 to $99.14 million on Friday fifth November 2021.
The world’s largest and hottest cryptocurrency, Bitcoin, was up by 5.24% to commerce at $65,334.90, rising to a two-and-a-half-peak with cryptocurrencies driving greater on a wave of momentum, flows, beneficial information and inflation fears.
Ether is up 57% for the reason that begin of October and bitcoin about 50% as buyers have cheered final month’s launch of a U.S. futures-based bitcoin exchange-traded fund and sought publicity to an asset class typically considered an inflation hedge.
In latest weeks Australia’s largest financial institution has stated it should provide crypto buying and selling to retail prospects, Singaporean authorities have sounded optimistic on the asset class and spillover from a optimistic temper in shares has additionally leant help.
The worth of the general crypto market surpassed $2.8 trillion because the US Home of Representatives handed the $1.2 trillion Infrastructure Invoice which is nearly the identical worth as your complete market cap of Bitcoin.
Additionally, the world’s second largest cryptocurrency by market capitalization, Ethereum, was up by 3.66% to commerce at $4,721.96
Crude oil value
The crude oil market ended the day bullish with the Brent crude going up by 2.73% on Sunday night to commerce at $82.74 per barrel as OPEC stay cautious on oil output regardless of rising costs.
Saudi Arabia’s larger-than-expected rise in oil costs is a sign it should resist U.S. strain to pump extra crude, based on Vitol Group.
On Friday, a day after OPEC+ caught to its plan to spice up output solely at a gradual tempo, Saudi Aramco hiked December costs for purchasers in Asia, the U.S. and Europe.
U.S. President Joe Biden put strain on OPEC+ to hurry up the easing of provide curbs that started in early 2020 with the onset of the coronavirus pandemic.
Oil has climbed round 60% this yr to maneuver than $80 a barrel due to the worldwide financial restoration and OPEC+’s cuts.
West Texas Intermediate was additionally up by 3.12% decline to commerce at $81.27 per barrel, OPEC Basket dropped 0.2% to commerce at $81.42 per barrel. Pure Gasoline was down by 3.50% to commerce at $5.516.
Nigeria’s crude, Bonny Gentle went up by 1.30% to commerce at $82.59 per barrel on Sunday.
Nigeria’s international reserve rose by $93 million after 4 consecutive days of decline to shut at $41.82 billion on November 4th 2021. This represents a 0.2% acquire when in comparison with the $41.727 billion that was recorded the day prior to this.
In the meantime, the nation’s international reserve gained $5.04 billion within the month of October, on the again of the $4 billion raised by the federal authorities from the issuance of Eurobond within the worldwide debt market. The good points recorded within the earlier month had been greater than the $2.76 billion acquire recorded within the month of September 2021, whereas the latest enhance places the year-to-date acquire at roughly $6.47 billion.
Thus far within the month of November, Nigeria’s reserve has gained $29 million.