Monday, April 26th, 2021 In the Importers and Exporters window, the Naira and the US dollar exchange rate closed at N410/$1. On Monday, the Naira stayed unchanged at the Nigerian Autonomous Foreign Exchange (NAFEX) window, closing at N410 to the dollar, the same rate as on Friday, April 23rd, 2021. On Monday, the Naira stayed steady on the parallel market, closing at N485/$1. This was the same pace as the previous day, when the global cryptocurrency market rose by more than 8%, with bitcoin up by more than 7%.

 

On Friday, April 23, 2021, the price of the world’s most common digital instrument fell, although Nigeria’s external reserve continued to fall.

Trading at the NAFEX window

On Monday, the naira held steady against the US dollar in the Investors and Exporters slot, closing at N410/$1, the same as on Friday. On Monday, April 26th, 2021, the opening indicative rate was N410.06 per dollar. When compared to the N412.25/$1 reported on Friday, this represents an N2.19 benefit. In the case of an existing special system that would help to analyze the price changes and use in the case of the NAFEX window, as it is for example in the case of Forex robot trading, the decision-making process would have been way easier. Moreover, the rapid changes in even three days may change the reality completely.

 
  • On Monday, April 26th, 2021, the opening indicative rate was N410.06 per dollar. When compared to the N412.25/$1 reported on Friday, this represents an N2.19 benefit.
  • Also, during intra-day trade, the highest rate of N436.55 to a dollar was posted before it settled at N410/$1. During intra-day trade, it was also exchanged for as little as N402/$1.
  • On Monday, April 26th, 2021, forex turnover at the Investor and Exporters (I&E) window increased by 48.2 percent.
  • Nairametrics’ analysis of FMDQ data revealed that forex turnover rose from $32.01 million on Friday, April 23, 2021, to $47.45 million on Monday.

Crypto-watch

Since reaching a low point in March, the world’s most valuable and biggest digital asset rebounded past $53,000. There are some most important cases of the recent events in the industry:

  • Investors took advantage of the lowest amount in about seven weeks, and Bitcoin bounced up to $54,081 on Monday evening.
  • According to reports from various outlets, the global cryptocurrency demand has increased by over 8% in the last 24 hours, with bitcoin leading the way with a gain of over 7%.
  • After a week of sharp price drops, the turnaround came as a welcome relief. Cryptocurrencies sell-off in a “positive” reversal to the market’s exuberance after late last year, according to some experts.
  • On Monday, the price of Ethereum, the world’s second-largest cryptocurrency, soared by as much as 13% to $2,489, just missing all-time highs.
  • JP Morgan Chase and Co. is planning to deliver a Bitcoin fund to high-net-worth individuals, the newest indication that Wall Street is turning to the world’s biggest cryptocurrency after its recent surge.

Oil Prices

Oil prices are controlled and observed from many different industries as it has the influence on the many other markets, for example, crypto or forex, observed by the HotForex broker and many other brokerage companies. It may not have a direct correlation on either forex or stock for example,  but the impact is very vivid in many cases.

  • On Monday, April 26, 2021, the price of crude oil fell due to an increase in coronavirus cases in India, the world’s third-largest oil importer. This comes less than a week before the OPEC+ coalition plans to boost global oil production.
  • Brent Crude fell 0.62 percent to $65.70 per barrel, a $0.41 decrease from the previous day’s close to $66.11.
  • WTI Crude fell 0.32 percent to $61.94, Bonny Light gained 0.60 percent to $64.21, and Natural Gas is reportedly selling for $2.790 a thousand cubic feet.
  • The death toll from the coronavirus disease continues to rise in India, and the record number of Covid-19 cases has resulted in tightening restrictions.

Reserves

Nigeria’s foreign reserve status fell by 0.08 percent to $35.094 billion on Friday, April 23, 2021. Nigeria’s foreign reserve fell from $35.123 billion on April 22, 2021, to $35.094 billion on April 23, 2021, according to data gathered from the Central Bank of Nigeria (CBN). Nigeria’s foreign balance has now declined for the fifth week in a row after 19 straight gains. Increased global oil prices and some of the CBN’s interventions to raise dollar inflows in the country’s forex market, such as the naira 4-dollar system, were credited with the increase.