Glamtush
No Result
View All Result
  • Home
  • News
    • Education
    • Health
    • Metro/Crime
    • Nigeria News
    • Photo News
    • World News
  • Politics
  • Business & Brands
  • Entertainment
    • Celebrities
    • Movies
    • Music
    • Telemundo
  • Sports
  • Fashion
    • Accessories
    • Celeb Style
    • Designers
    • Lookbook
    • Style Crush
    • Trends
    • Who Wore It Better
  • Features
    • Dear Angie
    • Interviews
    • Opinions
  • Beauty
    • Hair
    • Skin
    • Nails
  • Lifestyle
    • Career
    • Food & Drinks
    • Fitness
    • Travels
    • Events
    • Weddings
  • Relationship
  • Telenovelas
    • Celebs Lifestyle
    • Series
    • Series Update
    • Teasers
      • Star Life
      • Telemundo
      • Zee World
  • Home
  • News
    • Education
    • Health
    • Metro/Crime
    • Nigeria News
    • Photo News
    • World News
  • Politics
  • Business & Brands
  • Entertainment
    • Celebrities
    • Movies
    • Music
    • Telemundo
  • Sports
  • Fashion
    • Accessories
    • Celeb Style
    • Designers
    • Lookbook
    • Style Crush
    • Trends
    • Who Wore It Better
  • Features
    • Dear Angie
    • Interviews
    • Opinions
  • Beauty
    • Hair
    • Skin
    • Nails
  • Lifestyle
    • Career
    • Food & Drinks
    • Fitness
    • Travels
    • Events
    • Weddings
  • Relationship
  • Telenovelas
    • Celebs Lifestyle
    • Series
    • Series Update
    • Teasers
      • Star Life
      • Telemundo
      • Zee World
No Result
View All Result
Glamtush
No Result
View All Result
Home Business & Brands

BREAKING: Naira Settles Flat At Official Window, See New Exchange Rate

byAngela Davies
November 30, 2021
in Business & Brands
Reading Time: 4 mins read
Bureau De Change Operators
Share on FacebookShare on TwitterShare on PinterestShare on WhatsappShare on LinkedinShare on Telegram

READ ALSO

Union Bank Unveils Annual CSI Report: Driving Inclusive Growth, Impacting Lives, Enabling Success

CBN Introduces Online Platform For Microfinance Bank Licence Applications

Naira has settled flat at the official window despite trading at N456.9/$1 during intra-day.

Glamtush reports that the exchange rate between the naira and the US dollar closed at N415.07/$1, at the official Investors and Exporters (I&E) window. 

This online newspaper understands that the Naira closed flat against the US dollar on Monday at N415.07/$1, the same as recorded in the past three trading sessions. This is despite trading as high as N456.97 during intra-day session. FOREX liquidity at the official market continues to improve as it increased by 19.1% to $256.69 million from $215.47 million recorded in the previous day. 

Meanwhile, the naira depreciated against the US dollar on Monday to close at N569/$1 from N560/$1 that was recorded in the previous trading session. This is according to information obtained from BDC operators.

Nigeria’s foreign reserve dropped yet again by 0.05% on Friday, 26th November to close at $41.28 billion compared to $41.3 billion recorded as of the previous day. The recent decline in the nation’s external reserve is attributed to the intervention by the apex bank in the official forex market. 

 

Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window closed flat on Monday at N415.07/$1, the same as recorded in the past three days. Meanwhile, it had depreciated earlier in the previous week from N414.8/$1 recorded on Tuesday to close at N415.07/$1 but has since maintained the same rate.

  • The opening indicative rate closed at N413.75/$1 on Monday, which represents a 4 kobo fall compared to N413.71/$1 recorded in the previous trading session. 
  • An exchange rate of N456 to a dollar was the highest rate recorded during intra-day trading before it settled at N415.07/$1, while it sold for as low as N404/$1 during intra-day trading. It is worth noting that the N456.97/$1 is the highest rate on record at the Investors and Exporters window.
  • Forex turnover at the official window increased by 19.1% to $256.69 million on Monday. 
  • According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window increased from $215.47 million recorded on Friday 26th November 2021 to $256.69 million on Monday 27th November 2021. 
READ ALSO  Black Market Dollar To Naira Exchange Rate Today 14th January 2022

Cryptocurrency watch

Bearish sentiments continue to affect the cryptocurrency market, as the market capitalisation has lost 1.75% to stand at $2.533 trillion as of 7:10 am on Tuesday. This was triggered by large sell-offs in bitcoins, which had dipped 2.21% to trade at $56,567.

Similarly, Ethereum dipped 0.63% to trade at $4,420.49, while Solana recorded a dip of 0.5% to trade at $203.1375.

Crude oil price falls to record low

The crude oil market is affected by the new strain of the covid-19 disease has recorded significant bearish trades as Brent dipped by 2.49% in the early hours of Tuesday, 30th November 2021 to trade at $71.01 per barrel as of the time of writing this article.

In a similar manner, West Texas Intermediate dipped by 3.39% to trade by $67.58 per barrel, falling from its highs that have been around the $80 per barrel in the past month. The price of Natural gas also plummeted to $4.716, representing a decline of 2.84%.

The market, which had been non-reactive to the announcement by the US government to release 50 million barrels of oil from its strategic reserve, in a bid to drive the surging price of gasoline down.  However, with the new strain of the virus that has proven to be vaccine resistant, crude prices saw significant downturn in the previous week.

The global market now turns to the OPEC+ meeting to see if the cartel will continue with its planned 400,000 supply increase into the market or react based on Joe Biden’s crude release or the new strain of the covid.

READ ALSO  Black Market Dollar To Naira Exchange Rate Today 16 March 2022

OPEC basket has also contracted by 6.42% to trade at $76.09, while Nigerian crude Bonny Crude which currently trades at $73.52 per barrel gained 2.04% as of press time. On the other hand, Brass River and Qua Iboe both lost 5.73% to trade at $74.84 per barrel. 

External reserve 

Nigeria’s external reserve dipped by 0.05% on Friday, 26th November 2021 to close at $41.28 billion, which represents a decline of $21.28 million compared to $41.3 billion recorded as of the previous day. 

 The decline in the country’s reserve level can be attributed to the continuous intervention of the apex bank in ensuring the stability of the exchange rate. The exchange rate at the official window as remained stable in the past four trading sessions. 

It is worth noting that the nation’s foreign reserve had gained $5.99 billion in the month of October, as a result of the $4 billion raised by the federal government from the issuance of Eurobond in the international debt market.  

The gains recorded in the previous month is higher than the $2.76 billion gain recorded in the month of September 2021. Meanwhile, Nigeria’s reserve has now recorded a decline of $549.5 million so far in the month of November, while on a year-to-date basis, the reserves have gained $5.91 billion. 

Related

Related Posts

Union Bank
Business & Brands

Union Bank Unveils Annual CSI Report: Driving Inclusive Growth, Impacting Lives, Enabling Success

September 26, 2023
Microfinance Bank Licence Applications
Business & Brands

CBN Introduces Online Platform For Microfinance Bank Licence Applications

September 20, 2023
WhatsApp Business
Business & Brands

Meta To Commence WhatsApp Business Owners’ Verification

September 20, 2023
Tastes Of Africa Food Festival
Business & Brands

UBA Preaches Connectivity With ‘Tastes Of Africa Food Festival,’ Celebrates Diversity, Culture At UNGA

September 20, 2023
FITCC
Business & Brands

Mayor Of Houston Texas Endorses Fidelity Bank’s Trade Expo (FITCC)

September 20, 2023
Hackaholics Digital Summit 2023
Business & Brands

Hackaholics Digital Summit 2023: Wema Bank Launches Africa’s Largest Gathering Of Innovators, Disruptors, Regulators, Policymakers, Investors & Customers In The Digital Space

September 20, 2023
Next Post
Dollar to Naira Exchange Rate

Black Market Dollar To Naira Exchange Rate Today 30th November 2021

Zenith Beta Life

Fidelity Bank

E-Magazine Covers

GTCO Fashion Weekend
Lace Styles
Union Bank

Union Bank Unveils Annual CSI Report: Driving Inclusive Growth, Impacting Lives, Enabling Success

September 26, 2023
Agoro

Sanwo-Olu Appoints Agoro As New Lagos Head Of Service

September 23, 2023
Mohbad

Mohbad’s Body In Mortuary – Says Police

September 22, 2023
Olusegun Obasanjo

Olusegun Obasanjo Greatest Impostor Of All Time – Taiwo

September 22, 2023
Caleb Mutfwang

VIDEO: How Primate Ayodele Helped Plateau Governor, Caleb Mutfwang Win Election Tribunal 

September 22, 2023
Nasdaq Closing Bell

Tinubu Not The First African President To Ring Nasdaq Closing Bell

September 22, 2023
CBN

CBN Confirms Emefiele’s Resignation As Cardoso Assumes Office

September 22, 2023
Adebola Akin-Bright

Adebola Akin-Bright: Lagos Assembly Reveals More About Doctor Who Performed Surgery

September 22, 2023
Federal University Gusau

Bandits Kidnap Scores Of Federal University Gusau Students

September 22, 2023
Mohbad

VIDEO: Mohbad Celebrated At Times Square, New York

September 21, 2023

Glamtush is a fashion, beauty and lifestyle online magazine. We bring to you latest trends in fashion, beauty and lifestyle as well as those making the fashion world interesting and adorable.

  • About Us
  • Advertise
  • Terms And Conditions
  • Write for Us

© 2022 Glamtush

No Result
View All Result
  • Home
  • News
    • Education
    • Health
    • Metro/Crime
    • Nigeria News
    • Photo News
    • World News
  • Politics
  • Business & Brands
  • Entertainment
    • Celebrities
    • Movies
    • Music
    • Telemundo
  • Sports
  • Fashion
    • Accessories
    • Celeb Style
    • Designers
    • Lookbook
    • Style Crush
    • Trends
    • Who Wore It Better
  • Features
    • Dear Angie
    • Interviews
    • Opinions
  • Beauty
    • Hair
    • Skin
    • Nails
  • Lifestyle
    • Career
    • Food & Drinks
    • Fitness
    • Travels
    • Events
    • Weddings
  • Relationship
  • Telenovelas
    • Celebs Lifestyle
    • Series
    • Series Update
    • Teasers
      • Star Life
      • Telemundo
      • Zee World

© 2022 Glamtush