In the Importers and Exporters window on Friday, April 23rd, 2021, the exchange rate between the naira and the US dollar closed at N410/$1. On Friday, the Naira remained stable at the Nigerian Autonomous Foreign Exchange (NAFEX) window, closing at N410 to the dollar, the same rate as on Thursday, April 22nd, 2021. On Friday, the naira stayed steady on the parallel market, closing at N485/$1. According to a research paper released by the CBN, Nigerians are shunning the naira and acquiring foreign currencies to shield their savings from naira fluctuations and inflation. On Friday, April 23, 2021, the price of the world’s most common digital instrument fell, although Nigeria’s external reserve continued to fall.

Nafex Trading

At the Investors and Exporters window on Friday, the naira stayed steady against the US dollar, closing at N410/$1, the same as on Thursday. The changes happen not only within days but minutes and sometimes even the most successful forex traders are in trouble to analyze the situation properly and act accordingly. Sometimes the losses are inevitable due to this kind of volatility and fluctuations.

 

  • On Friday, April 23rd, 2021, the opening indicative cost was N412.25 per dollar. When compared to the N409.68/$1 reported on Thursday, this represents an N2.57 decline.
  • Also, during intra-day trade, the highest rate of N436.4 to a dollar was posted before it settled at N410/$1. During intra-day trade, it was also traded for as low as N394/$1.
  • On Friday, April 23, 2021, forex turnover at the Investor and Exporters (I&E) window fell by 70.4 percent.
  • Nairametrics’ analysis of FMDQ data revealed that forex turnover fell from $108.04 million on Thursday, April 22nd, to $32.01 million on Friday.

Crypto-Watch

On Sunday evening, the world’s most expensive digital commodity fell 6.23 percent to $47,768.

  • It fell below $50,000 for the first time since March, as investor sell-offs placed downward pressure on the world’s most valuable cryptocurrency.
  • Bitcoin and other cryptocurrencies have lost a lot of money due to concerns that US President Joe Biden’s decision to lift capital gains taxes would discourage people from investing in digital assets.
  • Bitcoin’s price has dropped $15,000 from its all-time peak. In order not to lose the clients that were attracted by the profitableness of bitcoin, people are offered many other opportunities, such as no deposit bonus campaign by XM, for example and companies are trying their best to maintain the stability in the number of clients.
  • Other big cryptocurrencies have also suffered huge losses in recent days, according to the official sources, with over N500 billion wiped from the market.
  • Bitcoin has a history of not staying down for long periods of time, and it is considered to be very unpredictable, swinging rapidly and randomly. As a result, it is hoped that the digital instrument will resume trade in the near future.

Oil Price

On Sunday, April 25th, 2021, the price of crude oil increased in a favorable direction.
  • Brent Crude rose by 0.76 percent to $66.11, an increase of $0.50 from the previous day’s close to $65.61.
  • WTI Crude gained 1.16 percent to $62.14, Bonny light gained 0.60 percent to $64.21, and Natural Gas is actually selling for $2.730 on average.
  • Oil demand is finally recovering, but a recent surge in Covid-19 infections in India can jeopardize the recovery.
  • Meanwhile, Libyan crude oil production has plummeted after a firm announced that it would have to cut supply by 100,000 barrels per day.
  • Remember that, according to Nairametrics, Libya’s National Corporation imposed force majeure on exports from the port of Hariga due to a shortage of maintenance funds, shutting down many fields and reducing the country’s output to less than one million barrel.

Reserve

Nigeria’s foreign reserve status fell by 0.08 percent to $35.123 billion on Thursday, April 22nd, 2021.

  • Nigeria’s foreign reserve fell from $35.152 billion on April 21, 2021 to $35.123 billion on April 22, 2021, according to data collected from the Central Bank of Nigeria (CBN).
  • Nigeria’s foreign balance has now declined for the fourth week in a row after 19 straight gains.
  • Increased global oil prices, as well as 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.