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Despite Significant Drop In Forex, #Naira Gains Massively At Black Market

Despite Significant Drop In Forex, #Naira Gains Massively At Black Market

Despite Significant Drop In Forex, #Naira Gains Massively At Black Market—-The exchange rate between the naira and the US dollar closed at N414.8/$1, at the official Investors and Exporters window. Naira gained against the US dollar on Thursday after maintaining a rate of N415.1 in the previous trading session. The exchange rate on Thursday gained 0.07% to close at N414.8/$1 from N415.1/$1 recorded on Wednesday, 17th November 2021.

At the parallel market, naira also depreciated slightly to close at N546/$1 from N545/$1 recorded in the previous trading session. This is according to information obtained from BDC operators interviewed by Nairametrics.

On the other hand, Nigeria’s foreign reserve recorded a marginal decline of 0.03% on Wednesday, 17th November to close at $41.42 billion compared to $41.43 billion recorded as of the previous day.

Despite Significant Drop In Forex, #Naira Gains Massively At Black Market

Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window gained 0.07% to close at N414.8/$1 on Thursday, 18th November 2021 from N415.1/$1 recorded in the previous trading session.

The opening indicative rate closed at N413.19/$1 on Thursday, indicating a 55 kobo appreciation compared to N413.74/$1 recorded in the previous trading session.

An exchange rate of N444 to a dollar was the highest rate recorded during intra-day trading before it settled at N414.8/$1, while it sold for as low as N404/$1 during intra-day trading.

Forex turnover at the official window dropped by 69.8% to $90.18 million on Thursday.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window decreased from $298.88 million recorded on Wednesday 17th November 2021 to $90.18 million on Thursday 18th November 2021.

Cryptocurrency watch

Bitcoin continues with bearish trades, dropping by 4.6% on Thursday to close at $57,596.83 as of 11pm. The decline in flagship crypto asset, triggered a 4.11% dip in the cryptocurrency market as the market capitalisation closed at $2.479 trillion. This implies that $106.18 billion was lost in the market.

Also, Ethereum dipped 6.31% on Thursday to close at $4,020.98, while XRP lost 4.61% to close at $1.04551.

The crypto market has also started on a bearish note on Friday as bitcoin has fallen below $57k due to a 1.41% drop in the price.

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