• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home highlights

Nigeria’s external reserve declines by $1 billion; exchange rate falls

4 years ago
in highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
66
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

The exchange rate between the naira and the US dollar closed at N412/$1 at the Investors and Exporters forex window.

The naira depreciated against the US dollar on Friday at the official NAFEX window to close at N412 to a dollar. This represents a 0.24% decline compared to N411/$1 recorded on Thursday, 27th May 2021.

Naira however remained stable on Friday at the parallel market to close at N495/$1 having depreciated from N493/$1 recorded on Thursday. Meanwhile, forex turnover declined by 55.5% to stand at $156.06 million on Friday.

Trading at the official NAFEX window

Naira depreciated against the US dollar at the Investors and Exporters window on Friday to close at N412/$1, representing a N1 decline when compared to the N411/$1 that was recorded the previous day.

  • The opening indicative rate delined by 7 kobo to close at N411.01 to a dollar on Friday, 28th May 2021, as against N411.08/$1 recorded on Thursday.
  • An exchange rate of N430 to a dollar was the highest rate recorded during intra-day trading before it settled at N412/$1. It also sold for as low as 400/$1 during intra-day trading.
  • Forex turnover at the Investors and Exporters (I&E) window decreased significantly by 55.5% on Friday, 28th May 2021.
  • Data tracked by Nairametrics from FMDQ revealed that forex turnover reduced from $350.65 million recorded on Thursday, 27th May 2021 to $156.06 million on Friday, 28th May 2021.
Cryptocurrency watch

The world’s most popular cryptocurrency recorded a 3.15% gain on Sunday 30th May 2021 to close at $35,727.42. This represents a $1,095.34 gain.

  • Ethereum also traded bullish on Sunday as it gained 5.69% as of 11:59 pm on Sunday night to close at $2,409.19.
  • Also, the total market capitalisation of the listed cryptocurrencies gained 4.22% on Sunday to close at $1.524 trillion.
  • However, the government of Dubai has issued a warning that it is not officially linked to the DubaiCoin, which gained about 1,000% in 24 hours, and explained that the coin may well be an elaborate scam.
  • Bitcoin, which enjoyed a bullish first quarter of the year leading to an all-time peak of $63,000 per unit in the middle of April, has since lost more than 40% of its value, now trading around $35,000.
  • Meanwhile a British bank, Natwest has launched an alert to urgently warn its customers of cryptocurrency scams, which have been on the rise lately. The bank also provided several tips for its customers who are thinking of investing in bitcoin or other crypto assets.
Crude oil posts marginal gain

The oil market remained relatively flat on Sunday as the price of Brent Crude gained marginally to close at $68.97, representing an increase of 0.36%.

  • WTI also gained marginally by 0.44% to close at $66.61 while natural gas closed at $3,034 representing a gain of 1.61%.
  • Meanwhile, the minister of Science and Technology, Ogbonnaya Onu has stated that Nigeria is implementing efforts to prepare its economy for a post-oil era.
  • To this end, the NNPC signed a deal with international oil majors Shell, Exxon, Total, and Eni to develop an offshore oil block that includes the deepwater Bonga field.
  • It is also worth noting that the NNPC has set plans in motion to acquire a 20% minority equity stake in Africa’s biggest oil refining facility, Dangote Refinery.
External reserve

Nigeria’s external reserve declined by 0.06% on Thursday, 27th May 2021 to stand at $34.26. This means that Nigeria has lost a total of over $1 billion in a little over a  month.

RelatedPosts

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

  • The Nigerian foreign reserve has recorded a persistent downtrend for 36 days, with the highest loss coming on 10th May 2021, when the reserves dipped $111.56 million.
  • Foreign reserve has continued to dip since April 2021 despite the bullish trend recorded in the global oil market. It could, however, be attributed to low sales of Nigerian crude due to the resurgence of the COVID-19 in India, one of the highest buyers of Nigerian crude.
  • Meanwhile, the CBN continues to intensify its effort in attracting foreign remittances into the country, which led to the indefinite extension of the “Naira4Dollar” scheme earlier in May.

Source: nairametrics
Via: norvanreports
Tags: Investors and Exporters forex windowNigeria’s external reserve dips $1 billionthe naira and the US dollar
No Result
View All Result

Highlights

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Tanzania Sink Burkina Faso to Delight Home Crowd In TotalEnergies CHAN 2024 Opener

Trending

Features

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

MTN Nigeria Now the Most Capitalized Stock in Nigeria MTN Nigeria has surged to become the most...

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

US Companies Cut Investments in China to Record Lows, Here’s Why

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.