• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Sunday, September 24, 2023
NewsOnline Nigeria
  • Latest Posts
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Education
  • Sports
  • Lifestyle
  • TV Station
No Result
View All Result
  • Latest Posts
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Education
  • Sports
  • Lifestyle
  • TV Station
No Result
View All Result
NewsOnline Nigeria
No Result
View All Result
  • Latest Posts
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Education
  • Sports
  • Lifestyle
  • TV Station

BREAKING: Naira Crashes At Official Market, See New Exchange Rate

by Justice Winner
December 22, 2021
in Economy And Business, Headline
Dollar

Dollar

Naira has crashed at the official market, See New Exchange Rate below.

 

 

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

 

BREAKING: NGX Lists 91 Million Units Of Ronchess Global Resources Shares

 

Naira depreciated by 0.07% against the US dollar on Tuesday to close at N415.1/$1 compared to N414.8/$1 recorded in the previous trading session. Meanwhile, forex turnover at the official market recorded a marginal decline of 10.2% to $323.56 million from $360.18 million recorded in the previous trading session.

READ ALSO

Mike Adenuga In Spotlight Over $260 Million Debt, Bribery Allegations

BREAKING: Explosion Kills 34 At Illegal Fuel Depot In Benin Republic

APC Forum Warns Wike Against Actions Inimical To Party, Region’s Interests

Tony Elumelu Expresses Confidence In Naira Stability Amid CBN Leadership Change

 

On the other hand, naira depreciated against the US dollar on Tuesday to close at N575/$1, from an average of N573/$1 recorded in the previous day. This is according to information obtained from BDC operators interviewed by NewsOnline Nigeria in Ogba, Lagos Nigeria.

 

Nigeria’s foreign reserve reduced by 0.12% on Monday, 20th December to close at $40.32 billion compared to $40.67 billion recorded as of the previous day. The continuous 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 depreciated by 0.07% to close at N415.1/$1 on Tuesday, compared to N414.8/$1 recorded on Monday, 20th December 2021.

The opening indicative rate closed at N414.11/$1 on Tuesday, which represents a 27 kobo depreciation compared to N413.84/$1 recorded in the previous trading session.

An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N415.1/$1, while it sold for as low as N404/$1 during intra-day trading.

Forex turnover at the official window reduced marginally by 10.2% to $323.56 million on Tuesday, 21st December 2021.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window decreased from $360.18 million recorded on Monday 20th December 2021 to $323.56 million on Tuesday 21st December 2021.

Cryptocurrency watch

The cryptocurrency market closed bullish on Tuesday, after enduring a series of bearish trade in recent times. The industry market capitalisation gained grounds with 3.78% appreciation to close at $2.276 trillion, representing a gain of $82.81 billion in a single day.

The movement in the market was triggered by the buy interest in the flagship cryptocurrency after bitcoin gained 4.49% on Tuesday to close at $49,020.37. In the same vein, Ethereum also gained 2.14% to close at $4,030.47.

Solana, Luna, and Uniswap all recorded positive growth in their prices as they gained 2.9%, 5.9%, and 3.17% to close at $179.0575, $86.8279, and $14.98 respectively.

Meanwhile, former U.S. President Donald Trump has said that crypto is “a very dangerous thing.” Commenting on cryptocurrencies, he warned of “an explosion someday” that will “make the big tech explosion look like baby stuff.” He also talked about his new social media platform, Truth Social, and his wife’s non-fungible token (NFT) venture

Crude oil price

The crude oil market also traded bullish on Tuesday as Brent Crude gained 3.54% to close at $74.05 per barrel as supply issues in Libya and falling U.S. oil inventories pushed prices higher. In the same vein, West Texas Intermediate gained 3.98% to close at $71.34 per barrel.

Also, the price of natural gas increased marginally by 0.86% to close at $3.867 per barrel while heating oil gained 3.99% to close at $2.26 per barrel. At the same time, the OPEC Basket closed flat at $74.23 per barrel while Bonny Light recorded a 5.06% decline to close at $69.54 per barrel.

Nigerian crude oil, Brass RIver and Qua Iboe also closed positive with 2.05% loss to close at $73.05 per barrel.

The American Petroleum Institute (API) estimated the inventory draw for the previous week to be 3.670 million barrels, taking the year-to-date drawback to 65 million barrels for the U.S.

External reserve

Nigeria’s external reserve dipped by 0.12% on Monday, 20th December 2021 to close at $40.6 billion, which represents a decline of 49.32 million compared to $40.67 billion recorded as of the previous trading 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.

In the month of November, Nigeria’s external reserve lost $633.47 million in value as against a gain of $5.99 million recorded in the previous month and $2.76 million gain in September 2021. So far in the month of December, the reserve level has lost $566.8 million, while on a year-to-date basis, the reserve gain has reduced to $5.25 billion.

Previous Post

Black Market Dollar To Naira Exchange Rate Today 22nd December 2021

Next Post

BREAKING: FG Declares Three Days Public Holiday For Christmas Celebrations

Justice Winner

Justice Winner

Justice Winner is a Veteran Nigerian Journalist With Expertise in Writing Nigeria News, Entertainment and Politics. He has a degree in Journalism/Mass Communication Studies. Justice is a dedicated and talented writer committed to producing high-quality content that is authoritative, informative, entertaining, and engaging. Connect with Him on Instagram , Facebook, Twitter, and LinkedIn.

Related Posts

Mike Adenuga
Crime Watch

Mike Adenuga In Spotlight Over $260 Million Debt, Bribery Allegations

Fuel Depot In Benin Republic
Crime Watch

BREAKING: Explosion Kills 34 At Illegal Fuel Depot In Benin Republic

APC Forum
Headline

APC Forum Warns Wike Against Actions Inimical To Party, Region’s Interests

Next Post
Merry Christmas Messages

BREAKING: FG Declares Three Days Public Holiday For Christmas Celebrations

Trending Posts

All Progressives Congress Women Leader Is Dead

BREAKING: All Progressives Congress Women Leader Is Dead (PHOTO)

NLC

BREAKING: NLC Speaks On Commencing Nationwide Indefinite Strike

Lagos-Abuja Super Highway

BREAKING: FG Announces Date To Complete Lagos-Abuja Super Highway

CBT For WASSCE

BREAKING: WAEC Set To Introduce CBT For WASSCE

Mike Adenuga

Mike Adenuga In Spotlight Over $260 Million Debt, Bribery Allegations

Fuel Subsidy

BREAKING: FG Begins Payment of Fuel Subsidy, May Pay N1.68tn By December

Governor Alia's Election

BREAKING: Benue Tribunal Delivers Judgment On Governor Alia’s Election

Tony Elumelu

Tony Elumelu Expresses Confidence In Naira Stability Amid CBN Leadership Change

Naira

Black Market Dollar To Naira Today, 23 September 2023 In Lagos & Abuja

APC Forum

APC Forum Warns Wike Against Actions Inimical To Party, Region’s Interests

ADVERTISEMENT

ABOUT US

NewsOnline Nigeria is Nigeria’s fastest growing trusted independent online newspaper covering Africa’s socio-economic issues, trades and investments; it provides informed perspectives on economic and political events in Nigeria and Africa at large.

Relevant Pages

  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

Reach Us

6th Avenue, Festac Town, Lagos

+234 816 184 6326

[email protected]

Alert Us

Important Press Releases, Breaking Stories, Special Investigations: [email protected]

Copyright © 2023 Newsonline Nigeria

No Result
View All Result
  • Latest Posts
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Education
  • Sports
  • Lifestyle
  • TV Station

Copyright © 2023 Newsonline Nigeria