Naira Remains Stable At Official, Parallel Markets

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Naira
Naira Crashes To Dollars Again

The exchange rate between the naira and the US dollar closed at N415.07/$1, at the official Investors and Exporters (I&E) window.

Naira closed flat against the US dollar on Friday at N415.07/$1, the same as recorded in the past two trading sessions. FOREX liquidity at the official market surged by 119.7% to $215.47 million from $98.07 million recorded in the previous day.

Similarly, naira remained flat at the parallel market, as it closed at N560/$1 on Friday, the rate that was recorded in the previous trading session. This is according to information obtained from BDC operators.

Nigeria’s foreign reserve dropped yet again by 0.06% on Thursday, 25th November to close at $41.3 billion compared to $41.33 billion recorded as of the previous day. The recent decline in the nation’s external reserve is attributed to the intervention by the apex bank in the official forex market.

Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window closed flat on Friday at N415.07/$1, the same as recorded in the past two days. Meanwhile, it had depreciated earlier in the week from N414.8/$1 recorded on Tuesday to close at N415.07/$1.

The opening indicative rate closed at N413.71/$1 on Friday, which represents a 13 kobo fall compared to N413.58/$1 recorded in the previous trading session.

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An exchange rate of N444 to a dollar was the highest rate recorded during intra-day trading before it settled at N415.07/$1, while it sold for as low as N404/$1 during intra-day trading.

Forex turnover at the official window increased by 119.7% to $215.47 million on Friday.
According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window surged from $98.07 million recorded on Thursday 25th November 2021 to $215.47 million on Friday 26th November 2021.

Cryptocurrency

The cryptocurrency market started the week on a positive note after enduring multiple declines in the previous week as financial markets all over the world sold off, as a result of panic selling by investors, caused by fear of a new COVID-19 strain, which has been found to be vaccine-resistant.

As of the early hours of Monday, the crypto market capitalisation had gained marginally by 0.37% to stand at $2.537 trillion, triggered by the positive movement in the two most capitalised crypto assets.

As of press time, Bitcoin had gained 0.14% to trade at $57,418.64, while Ethereum gained 0.78% to trade at $4,334.57. In the same vein, Solana gained 2.8% to trade at $206.55 while Terra dipped 3.52% to trade at $48.34.