Naira closes flat at official window despite significant drop in dollar supply

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Friday, twenty ninth October 2021: The alternate price between the naira and the US greenback closed at N415.1/$1, on the Buyers and Exporters window, the place foreign exchange is traded formally. Naira closed flat on Friday towards the US greenback to shut at N415.1/$1, the identical as recorded within the earlier buying and selling session and a 0.01% depreciation in comparison with N415.07/$1 recorded on Wednesday, twenty seventh October 2021.

On the flip aspect, naira gained towards the US greenback on the parallel market on Friday by 0.88% to shut at N565/$1 in comparison with N570/$1 recorded as of the shut of buying and selling actions on Thursday, twenty eighth October 2021. That is in line with data obtained by Nairametrics from BDC operators in Lagos.

Nigeria’s overseas reserve continues to file constructive positive aspects, closing at $41.83 billion on Friday, twenty ninth October 2021, representing a $22.2 million increase within the reserve place. The nation’s foreign exchange reserve elevated by 0.05% on Friday from $41.81 billion recorded as of yesterday.

Buying and selling on the official NAFEX window

The alternate price remained flat towards the US greenback on Friday, twenty ninth October 2021, averaging N415.088 for the week.

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The opening indicative price closed at N414.49/$1 on Friday, which represents a 36 kobo depreciation in comparison with N414.13/$1 recorded within the earlier buying and selling day.

An alternate price of N444 to a greenback was the best price recorded throughout intra-day buying and selling earlier than it settled at N415.1/$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 64.5% on Friday, twenty ninth October 2021.

In response to information tracked by Nairametrics from FMDQ, foreign exchange turnover on the I&E window decreased from $263.7 million recorded on Thursday to $93.71 million on Friday twenty ninth October 2021.

Cryptocurrency watch

The cryptocurrency market closed buying and selling actions on Sunday on a bearish word with a decline of 0.48% to shut at $2.61 trillion, indicating a lack of $83.37 billion to crypto traders, having loved a constructive rally in the course of the week.

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Bitcoin retreated in the identical method by 1.22% on Sunday to shut at $61,175.52 whereas Ethereum additionally declined by 1.08% to shut at $4,276.77. Then again, XRP gained 2.38% to shut at $1.11123 on Thursday, twenty first October 2021.

In the meantime, in line with the most recent Finder Cryptocurrency Adoption Index for the month of October 2021, Nigeria had the best price of cryptocurrency possession globally with 24.2%. Additionally, the survey discovered that males are 1.7 instances extra more likely to personal cryptocurrency than ladies. Equally, of those who personal crypto within the nation, roughly 66.5% of them personal Bitcoin.

Crude oil worth

Brent Crude oil gained marginally on Sunday, thirty first October 2021 to shut at $83.72 per barrel, indicating a 0.07% achieve in comparison with $83.66 recorded on the finish of the earlier buying and selling session. In the identical vein, West Texas Intermediate gained 0.92% to shut at $83.57 per barrel on Sunday.

Then again, Pure fuel dipped considerably by 6.16% to shut at $5.426, whereas heating oil additionally declined by 0.25% to shut at $2.479.

Nigeria’s crude, Bonny Gentle recorded a 0.54% achieve to shut $83.5 per barrel whereas Brass River and Qua Iboe each gained 0.68% every to shut at $83.43 per barrel.

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In the meantime, oil and fuel host communities in Ogoni, Rivers State wrote to the Federal Authorities to resettle all oil-impacted communities that have been displaced on account of the excessive stage of environmental degradation, earlier than any oil resumption actions can happen within the area.

Exterior reserve

Nigeria’s overseas reserve gained $22.23 million on Friday, twenty ninth October 2021 to shut at $41.83 billion in comparison with $41.81 billion recorded as of yesterday. The most recent enhance represents a 0.05% enhance within the nation’s overseas reserve place.

The nation’s overseas reserve gained $5.05 billion 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 positive aspects recorded within the month is larger than the $2.76 billion achieve recorded within the month of September 2021, whereas the current enhance places the year-to-date achieve at $6.46 billion.

Nigeria’s overseas reserve place is heading in direction of hitting $42 billion with its present steady positive aspects, indicating extra firepower to fulfill up with pent-up obligations of the federal authorities.

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