Wednesday, tenth November 2021: The alternate price between the naira and the US greenback closed at N414.73/$1, on the Traders and Exporters window, the place foreign exchange is traded formally.
Naira beneficial properties in opposition to the US greenback to shut at N414.73/$1 on Wednesday tenth November 2021, representing a 0.08% appreciation in comparison with N415.07/$1 recorded on the shut of buying and selling actions on Tuesday, ninth November 2021.
Equally, naira gained massively on the parallel market to shut round N535/$1 on Wednesday, representing a 6.1% appreciation in comparison with N570/$1, which it had maintained for some days. That is in accordance with info obtained by Nairametrics from BDC operators in Lagos.
In line with the BDC, the achieve of the native forex is attributed to elevated foreign exchange liquidity within the nation, because the CBN continues to intervene available in the market. Notably, foreign exchange turnover surged by 231.51% to $306.24 million on Wednesday in comparison with $92.38 million recorded within the earlier buying and selling session.
Nigeria’s overseas reserve misplaced $19.44 million on Tuesday, ninth November 2021 to shut at $41.58 billion, representing a 0.05% decline.
Buying and selling on the official NAFEX window
The alternate price appreciated in opposition to the US greenback on Wednesday, tenth November 2021 to shut at N414.73/$1 in comparison with N415.07/$1 recorded within the earlier buying and selling session. This represents a 0.08% achieve within the nation’s alternate price.
- The opening indicative price closed at N413.89/$1 on Wednesday, indicating a 32 kobo depreciation in comparison with N413.57/$1 recorded within the earlier buying and selling session.
- An alternate price of N444 to a greenback was the best price recorded throughout intra-day buying and selling earlier than it settled at N414.73/$1, whereas it bought for as little as N404/$1 throughout intra-day buying and selling. The very best price recorded through the day has been the identical up to now two weeks.
- Foreign exchange turnover on the official window surged by 231.5% to $306.24 million on Wednesday.
- In line with information tracked by Nairametrics from FMDQ, foreign exchange turnover on the I&E window elevated from $92.38 million recorded on Tuesday ninth November 2021 to $306.24 million on Wednesday tenth November 2021.
Cryptocurrency watch
The crypto market traded bearish on Wednesday, declining by 3.56% to shut at $2.78 trillion. This suggests that the sector misplaced $102.51 billion in a day. In the identical vein, Bitcoin dipped 2.92% to shut at $64,987.79 as of 10:40 pm on Wednesday.
Ethereum additionally dipped 2.63% to shut at $4,608.54. In the meantime, Bitcoin had rallied to an all-time excessive earlier within the day as the newest United States Labor Division report reveals that within the 12 months by October the patron value index (CPI), elevated by 6.2%.
U.S. client costs elevated greater than anticipated in October as the price of gasoline and meals surged, resulting in the largest annual achieve since 1990. This additionally offers indicators that inflation might stay uncomfortably excessive nicely into subsequent yr amid grumbled world provide chains.
Crude oil value
Crude oil costs fell considerably on Wednesday after a latest report by the Vitality Data Administration indicated a list construct of 1 million barrels for the week ended November 5, 2021. Brent Crude dipped 2.54% on Wednesday to shut at $82.63 per barrel, whereas WTI closed at $81.32 per barrel, representing a decline of three.36%.
In the identical method, Pure fuel dipped marginally by 0.72% to commerce beneath the $5 mark because it closed at $4.943 on Wednesday. OPEC Basket recorded a 0.36% achieve to shut at $82.64 per barrel.
Nigeria’s crude, Bonny Mild gained 0.36% to shut at $83.74 per barrel on Wednesday, whereas Brass River and Qua Iboe however additionally each traded bullish with a achieve of two.23% to shut at $85.16 per barrel.
Exterior reserve
Nigeria’s overseas reserve declined by 0.05% to shut at $41.58 billion as of Tuesday, ninth November 2021 in comparison with $41.59 billion recorded as of the day gone by.
Nonetheless, the nation’s overseas reserve gained $5.04 billion within the month of October, because of the $4 billion raised by the federal authorities from the issuance of Eurobond within the worldwide debt market. The beneficial properties recorded within the earlier month is larger than the $2.76 billion achieve recorded within the month of September 2021, whereas the latest lower places the year-to-date achieve at $6.21 billion.
Up to now within the month of November, Nigeria’s reserve has misplaced $240.87 million.
