• 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

Naira gains at official market as CBN moves to launch digital currency in October

4 years ago
in highlights, Home, home-news, latest News, Markets
3 min read
0 0
0
42
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Naira gains at official market as CBN moves to launch digital currency in October

The exchange rate between the naira and the US dollar closed at N411.63/$1 at the official forex market.

Naira appreciated against the US dollar on Thursday, 22nd July 2021 to close at N411.63/$1. This represents a 4 kobo gain when compared to N411.67/$1 that was recorded on Monday, 19th July 2021.

At the parallel market, however, the naira remained stable against the US dollar at an exchange rate of N503/$1, the same rate that was recorded on Monday 19th July 2021.

However, the dollar supply at the official forex market dropped by 18.1% on Thursday to stand at $137.83 million as external reserve continues its rebound.

Also, an earlier report from Nairametrics suggests that the apex bank has concluded plans to launch the pilot scheme of its digital currency by October 1, 2021.

Trading at the official NAFEX window

Naira appreciated against the US dollar at the Investors and Exporters window on Thursday to close at N411.63/$1 as against the N411.67/$1 recorded on Monday, 19th July 2021.

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 opening indicative rate stood at N411.57/$1 on Thursday, representing a 47 kobo drop when compared to N411.10/$1 recorded in the previous trading session.

An exchange rate of N412.78/$1 was the highest rate recorded during intra-day trading before it settled at N411.63/$1, while it sold for as low as N403.22/$1 during intra-day trading.

Meanwhile, forex turnover at the Investors and Exporters (I&E) window dropped by 18.1% on Thursday, 22nd July 2021.

According to data tracked by Nairametrics from FMDQ, forex turnover declined from $168.19 million recorded on Monday, 19th July 2021 to $137.83 million on Thursday, 22nd July 2021.

Cryptocurrency watch

The world’s most popular and largest cryptocurrency, Bitcoin, continued its rebound for the second consecutive day to close at $32,267.63 as of Thursday evening, rising by 0.70%.

Bitcoin steadied as traders mulled the largest cryptocurrency’s next move following a rebound stoked by comments from Elon Musk, Jack Dorsey and Cathie Wood.

Other cryptocurrencies such as Ethereum and Dogecoin, held onto gains, as did the Bloomberg Galaxy Crypto Index.

Some $1.3 trillion has been wiped off the market value of cryptocurrencies since mid-May.

Bitcoin has faced a range of obstacles, including stepped-up regulatory scrutiny in China, Europe and the U.S. and concerns about the energy needed by the computers underpinning it. Investors have also generally become more cautious about speculative assets.

Meanwhile, the second-largest cryptocurrency by market capitalization, Ethereum, was up by 2.16%, to close at $2,024.34.

Crude oil

Crude oil prices held its biggest gain in 3 months amid expectations that recovering demand will soon tighten global markets as Brent crude rose by 2.16% to close at $73.79 per barrel on Thursday evening.

Oil rose to the highest in a week amid expectations that recovering demand from the U.S. to India and Europe will further tighten global crude markets.

Oil has rebounded after an almost 8% loss on Monday as fears around the delta variant and its impact on economic recovery shook broader markets.

The price plunge came just after a weekend meeting of OPEC+, at which the 23-nation alliance led by Saudi Arabia and Russia finalized plans to restore halted production.

Since then, the market has been recovering as traders anticipate that OPEC+’s scheduled output increases aren’t large enough to avert a shortfall in the coming months.

Meanwhile, according to reports, the world’s top oil importer, China, has started to release over 20 million barrels of crude oil from its strategic reserve in a move seen as seeking to curb the recent oil price rally.

Brent Crude rose by 2.16% to close at $73.79 per barrel, WTI dropped by 0.24% to close at $71.74 after initially climbing 2.3% earlier on Thursday. Natural Gas dropped by 0.20% to close at $3.995, while OPEC basket dropped by 4.44% to close at $69.93 per barrel.

However, the Bonny Light rose by 3.70% to close at $70.87 per barrel.

External reserve

Nigeria’s foreign reserve continued its rebound as it rose by $53 million on Monday, 19th July 2021, to close at $33.171 billion as against the N33.118 billion that was recorded on Friday, 16th July 2021.

Nigeria’s reserve had recorded a significant reduction in recent times, losing about $219.42 million month-to-date and about $2.27 billion from January to date.

The change in tide to a positive is an indication of increased forex earnings, which would come as a relief for Nigeria, as an increase in external reserve will help Nigeria meet up with pent-up financial obligations.

The increase will also serve as a relief for Nigeria’s exchange rate, which had been on a downturn lately, crossing the N500/$1 mark at the parallel market.

Source: nairametrics
Via: norvanreports
Tags: Investors and ExportersNaira appreciated against the US dollarNaira gains at official market as CBN moves to launch digital currency in Octoberofficial forex market
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.