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16
Thu, Sep

Naira Closes At N411.6/$1 As USD Supply Surges

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Naira has been reported to have gained against the US dollar to close at N411.6/$1, although, it depreciated significantly by 3.9% at the parallel market to close at N525/$1 and this was due to the ban on the sale of dollars to BDC operators in Nigeria by the Central Bank. N413/$1 was the all-time high recorded during intra-day trading, and N352.07/$1 was the all-time low during intra-day trading before finally settling at N411.6/$1.

Forex turnover at the Investors and Exporters (I&E) window increased significantly by 204.4% ($352.07 million). The significant increase in dollar supply is attributable to the allocation of $200 million by the CBN to commercial banks as part of efforts to meet the foreign exchange demand for legitimate users.

Nigeria’s external reserve gained $14.52 million making it a total of $241.8 million in the last 9 days, despite a significant decline across various weeks. Analysts are of the opinion that the bullish performance Oil prices boosted the country reserves.

Crude oil prices hit the $75 per barrel mark, WTI Crude gained 0.33% to trade at $72.63pB, Bonny Light dipped 0.12% to trade at $72.99, while natural gas gained 1.84% to trade at $4.044, while the OPEC Basket increased on Thursday morning to trade at $73.62pB representing a gain of 0.81%.

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