NAFEX Exchange rate settles above N400/$1 for one week for the first time

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On Friday which happens to be the 12th day of February 2021, there was a depreciation in the exchange rate between the naira and the dollar at the NAFEX (I&E Window) where forex is officially traded.

The depreciation in the exchange rate between naira and the dollar was at 1.17% at the closing of N404.67/$1 liken to  N400/$1 which was recorded after the close of trade on the 11th of February 2021.

According to estimation, the Naira closed in the N400/$1 for four days.

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After the 11th February 2021 which was on Thursday, the exchange rate NAFEX (I&E) Window closed and remain at N400/$1 for five days and it is on record that this is the first time that it has settled at N400/$1 for five days.

Naira appreciated on the parallel market where forex is traded unofficially and closed at the rate of N473/$1 on the 12th of February 2021.

The appreciation of the naira on the parallel market has represented a gain of around N2 liken to N475/$1 which was the case of the preview closing trading day.

However, According to the Central Bank of Nigeria, Nigeria’s external reserves experience a loss in the last 7 days because they fell from $36.116 billion to $35.804 billion on the 11 of February 2021.

The dropped experienced by Nigeria External Reserve represents a decline of about 0.12%.

However, the has been a steady decline in Foreign Reserve which had made them lose about $717.3 million in just 15 days.

On the other hand, looking at the cryptocurrency market, Bitcoin which is known to be the largest cryptocurrency broke a new record as it hits about $49,694 on Sunday which is close to the $50,000 mark.

This happened after all bank account linked with any cryptocurrency website were closed by their respective banks as directed by the Central Bank of Nigeria which because it prohibited banks from participating or transacting in any cryptocurrency-related transaction.

In the oil sector, it was noticed that on Sunday, the price for the Brent crude oil hits a new record which is said to be the highest for this year as it hits about $63.58, which made it pass its mark of $63.

Conclusion

NAFEX Exchange rate settles above N400/$1 for one week and according to record, this has been the first time.

However, there was also an appreciation of the naira on the parallel market which led to a gain of about N2.

And Bitcoin experiences a big hit on Sunday as it almost reached the $50,000 mark.

 

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