Exchange rate stays at N410/$1 as oil price sells above $65 per barrel

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Exchange rate stays at N410/$1
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Naira which is the currency of Nigeria closed at N410/$1 with the US dollars at the Investors and Exporters window where forex is officially traded.

The closing of the Naira to the US dollars at N410/$1 was recorded on Monday which was the 22nd of February 2021.

However, they have been stability in the exchange rate at N470 to the dollar on Monday the 22nd of February 2021 on the NAFEX window which represents the same rate at the closure of the previous trade.

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On the parallel market, the Naira currency depreciated to close at the rate of N480/$1 on the 22nd of February, this report represents that the Naira has experienced a drop by N2 considering the N478/$1 that was recorded on the 19th of February 2021 Friday.

On the Brent Crude oil section, it has set a new record as it hits a closure of $65.24 per barrel.

Trading at NAFEX Window

Investors and Exporters (I&E) window exchange rate has remained stable at N410/$1 which is what was also recorded on Friday.

The following information below was gotten from Nairametrics

  • The opening indicative rate closed at N408.04 to a dollar on Monday. This represents a 43 kobo drop when compared to N407.61 to a dollar that was recorded the previous trading day on Friday, February 19, 2021.
  • An exchange rate of N412 to a dollar was the highest rate during intra-day trading before it closed at N410/$1. It also sold for as low as N389.75/$1 during intra-day trading.
  • Forex turnover at the Investor and Exporters (I&E) window declined by 20.8% on Monday, February 22, 2021.
  • According to the data tracked by Nairametrics from FMDQ, forex turnover decreased from $66.41 million recorded on Friday, February 19, 2021, to $52.58 million on Monday, February 22, 2021

On the cryptocurrency sector, the world’s most valuable cryptocurrency which is bitcoin has experienced a drop of about  4.76% giving its new price  $54,753.48 on Monday as of 11:10 pm.

The drip in the price of bitcoin happened after Elon Musk who is presently the world’s richest man tweeted on Twitter that the price of bitcoin and Ethereum seems to be high.

However, before this event, bitcoin three days ago did hit a new record of about $1 trillion in market capitalization which made it the sixth most valuable asset in the world.

In the crude oil sector, they have been an increase in Crude oil price as Brent Crude also increase by $2.33 to close at $65.24 per barrel.

The increase in the price of crude oil represents an increase of about 3.7% considering the $62.91 which was recorded in the previous day’s trading.

Conclusion

The Nigeria Naria currency closed at N410/$1 with the Us dollars on Monday the 22nd of February 2021.

Bitcoin on the other hand experienced a decrease in its price value by about 4.76% which gives it a new price of $54,753.48 on Monday as of 11:10.

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