Friday, 18th June 2021: The exchange rate between the naira and the US dollar closed at N411/$1 at the official Investors and Exporters window.
Naira appreciated on Friday against the US dollar to close at N411 to a dollar compared to N411.5/$1 recorded on Thursday, 17th June, 2021.
Also, the exchange rate depreciated at the parallel market to close at N498/$1 compared to N493/$1 recorded on Thursday. This represents a N5 drop after the previous trading day’s significant gain.
The naira fell at the parallel market after the previous trading day’s significant increase due to improved forex supply with speculators losing big as ABCON had warned against hoarding and speculative behaviour by dealers, which they said would result in heavy collateral losses.
The CBN, as a fallout of its meeting with ABCON, has moved to increase forex allocation to BDCs and sustain the funding for about 5,000 members of the association.
Naira appreciated against the US dollar at the Investors and Exporters window on Friday to close at N411/$1, representing a 50 kobo gain when compared to the N411.5/$1 that was recorded the previous day.
The world’s largest and most popular cryptocurrency, Bitcoin, continued in its bearish trend as it declined by a further 0.20% to close at $35,659.54 on Sunday evening as the total crypto market value decreased to $1.4 trillion in the last 24 hours, losing nearly 8%.
Crude oil prices rose on Friday after the previous trading day’s drop as Brent Crude closed at $73.51 per barrel as sources from OPEC said that US shale producers were not expected to significantly raise crude production this year, despite higher oil prices.
Nigeria’s external reserve continued its slide on Thursday, 17th June 2021 as it dropped by $30 million to close at $33.794 billion.
What is the Dollar to Naira Exchange rate at the black market also known as…
The Federal Government has approved a substantial increase in salary ranging from 25% to 35%…
Naira lost 5.8% value against the US Dollar in April 2024 despite raising hopes. …
Governor Ademola Adeleke of Osun State says he has not taken any loan since he…
Happy New Month! Inspiring Messages, Wishes, and Quotes for May 2024 can be accessed below…
Gunmen suspected to be kidnappers have abducted four residents in the Bmuko community, Dutse Baupma…