Connect with us

Economy

Forex Transactions at I$E Drop 67.8% as Naira Remains Stable

Published

on

Forex Turnover

By Adedapo Adesanya

The Naira sustained its stability against the American Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Tuesday, November 30.

Business Post reports that for the third consecutive trading session, the value of the Naira compared with the greenback remained unchanged at N415.07/$1.

This came as forex transactions at the investors’ window moderated during the session as the turnover for the day waned by 67.8 per cent or $103.71 million to $152.98 million from the preceding day’s turnover of $256.69 million.

However, it was a different scenario at the interbank window of the market as the local currency depreciated against its United States’ counterpart by 2 kobo to settle at N411.66/$1 in contrast to the preceding session’s value of N411.64/$1.

But the domestic currency appreciated by 5 kobo against the British Pound Sterling to trade at N549.32/£1 compared to N549.37/£1 it was sold on Monday and against the Euro, it lost N2.46 against to close on Tuesday at N467.28/€1 in contrast to the previous day’s N464.82/€1.

Meanwhile, at the cryptocurrency market, trading closed mixed with six of the 10 tokens tracked by this newspaper pointed northwards.

Ethereum (ETH) recorded a 2.2 per cent appreciation to sell at N2,521,934.26, Binance Coin (BNB) added 1.9 per cent to trade at N258,732.58, Tron (TRX) and Ripple (XRP) both appreciated by 1.3 per cent to trade at N55.53 and N565.76 respectively, Bitcoin (BTC) improved its value by 0.3 per cent to trade at N32,557,706.59, while Dash (DASH) gained 0.2 per cent to sell for N115,000.00.

On the losers’ side, Litecoin (LTC) led with a 0.9 per cent loss to trade at N119,490.51, the US Dollar Tether (USDT) declined by 0.3 per cent to sell for N568.65, Cardano (ADA) also depreciated by 0.3 per cent to trade at N899.11, while Dogecoin (DOGE) moved down 0.2 per cent to sell at N123.06.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

2 Comments

2 Comments

  1. Pingback: Forex Transactions at I$E Drop 67.8% as Naira Remains Stable - Stocksconomy

  2. Pingback: Forex Transactions at I$E Drop 67.8% as Naira Remains Stable - Daily Jagaban

Leave a Reply

Economy

Unlisted Securities Market Closes Flat on Wednesday

Published

on

Unlisted Securities Market

By Adedapo Adesanya

The key performance indices of the NASD Over-the-Counter (OTC) Securities Exchange closed flat on Wednesday, January 19 as investors begin to trade cautiously.

It was observed that during the trading session, none of the securities on the platform recorded a movement as their prices remained unchanged at the close of business.

According to data obtained by Business Post, the market capitalisation of the NASD Exchange retained its previous value of N633.06 billion, while the NASD Unlisted Securities Index (NSI) remained at 747.61 points.

However, trading data showed that there were declines in the volume, value, and deals carried out at the unlisted securities market.

Investors traded a total of 195.2 million units of securities in contrast to the 453.7 million units of securities transacted at the preceding session, indicating a fall of 56.9 per cent.

The value of shares exchanged by the market participants also depreciated, this time by 58.4 per cent to N4.1 billion from N9.8 billion published at the bourse at the Tuesday session.

In the same vein, the total number of deals executed by traders went down by 9.1 per cent as 10 deals were performed at the exchange as against the 11 deals printed at the preceding session.

At the close of transactions, the most traded stock by volume on a year-to-date basis was Central Securities Clearing Systems (CSCS) Plc with the sale of 844.7 million units valued at N17.7 million. VFD Group Plc followed with 916,161 units of its stocks valued at N331.5 million, while Friesland Campina WAMCO Nigeria Plc was in third place with 207,030 units valued at N24.5 million.

Also, CSCS Plc closed as the most traded stock by value (year-to-date) with the sale of 844.7 million units exchanged for N17.7 million, VFD Group Plc was also in second place with 916,161 units worth N331.5 million, while Friesland Campina WAMCO Nigeria Plc was in third place with 207,030 units valued at N24.5 million.

Continue Reading

Economy

Naira Trades N566.22/£1 at Interbank, Bitcoin Gains 0.8%

Published

on

Bitcoin loses

By Adedapo Adesanya

The Naira appreciated by 84 kobo against the British Pound Sterling at the interbank segment of the foreign exchange (FX) market on Wednesday to close at N566.22/£1 compared with the preceding day’s N567.06/£1.

Equally, the indigenous currency edged higher by N2.73 against the Euro at the same market window to finish at N470.99/€1 in contrast to N473.72/€1 it was exchanged a day earlier.

However, against the United States Dollar, the local currency suffered a loss as it depreciated by 30 kobo to close at N415.30/$1 versus N415.00/$1 it ended on Tuesday.

It was not the same scenario with the Naira at the Investors and Exporters (I&E) window as the Naira closed stronger than the greenback, appreciating by 17 kobo or 0.04 per cent to trade at N416.33/$1 compared with the previous day’s exchange rate of N416.50/$1.

This occurred amid an increase in the FX trades at the market window as the turnover went up by 12.2 per cent or $13.55 million to $124.57 million from the preceding session’s turnover of $111.02 million.

Meanwhile, at the digital currency market, the bulls took control amid a renewed investor confidence, causing seven of the 10 tokens tracked by Business Post to end in the positive territory yesterday.

The highest gainer for the session was Tron (TRX) as its value went up by 1.7 per cent to sell for N39.43, followed by Ripple (XRP) which appreciated by 1.4 per cent to N436.99, and Binance Coin (BNB), which grew by 0.9 per cent to trade at N192,540.74.

In addition, Bitcoin (BTC) gained 0.8 per cent to trade at N24,183,994.94, Dash (DASH) recorded a 0.7 per cent appreciation to sell at N74,381.31, Litecoin (LTC) added 0.7 per cent to its value to close at N80,114.51, while Ethereum (ETH) made a 0.4 per cent jump to trade at N1,802,564.40.

However, Cardano (ADA) depreciated during the session by 7.3 per cent to N805.27, Dogecoin (DOGE) retreated by 0.6 per cent to sell at N99.9, while the US Dollar Tether (USDT) declined by 0.1 per cent to sell for N577.45.

Continue Reading

Economy

Turkish Pipeline Fire Drives Crude Oil Prices Higher

Published

on

Crude Oil Prices

By Adedapo Adesanya

For the fourth trading session, crude oil prices soared at the global market on Wednesday on the back of a fire that briefly stopped the flow of a pipeline from Iraq to Turkey.

This increased concerns about an already tight supply outlook amid worrisome geopolitical troubles in Russia and the United Arab Emirates, holding prices in the bullish territory.

Consequently, the price of the Brent crude futures rose by 93 cents or 1.06 per cent to trade at $88.44 per barrel, while the West Texas Intermediate (WTI) crude futures jumped $1.53 or 1.8 per cent to $86.96 per barrel.

It was gathered that to address the pipeline issue yesterday, Turkey had to cut oil flows on the Kirkuk-Ceyhan pipeline after an explosion on the system, although the cause of the explosion was not announced.

The pipeline carries crude out of Iraq, the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), to the Turkish port of Ceyhan for export.

In recent days, supply concerns have after Yemen’s Houthi group attacked the United Arab Emirates (UAE), OPEC’s third-largest producer, while Russia, the world’s second-largest oil producer, has built up a large troop presence near Ukraine’s border, stoking fears of invasion.

The tensions raise the prospect of supply disruptions at a time when OPEC and their allies, together called OPEC+, are already having difficulty meeting their agreed target to add 400,000 barrels per day of supply each month.

On the back of these, analysts expect prices to remain high as jet fuel consumption is rising with growth in international flights, while road traffic is much higher than the same time last year.

Outages in Libya, Ecuador, and Kazakhstan, coupled with downgrades to US, Russia, and Brazil forecasts, together result in 1 million barrels per day, indicating lower supply this month against the previous forecast.

The International Energy Agency (IEA) on Wednesday raised its demand growth estimates by 200,000 barrels per day for both 2021 and 2022.

Demand increased by 1.1 million barrels per day to 99 million barrels per day in the fourth quarter of 2021, defying expectations of a serious hit to consumption due to the Omicron wave, the IEA said in its Oil Market Report (OMR).

The market is tighter than expected, the agency said, but still warned that there would be a surplus in the first quarter of 2022, with “demand set for a seasonal decline, exacerbated by more teleworking and less air travel.”

US President Joe Biden explained that his administration will work to try to increase oil supplies in the world’s largest oil producer.

The administration had authorized the release of 50 million barrels of crude oil – in a mix of loans and sales – from the nation’s Strategic Petroleum Reserve last year, but it had minimal effect on the market.

Continue Reading

Like Our Facebook Page

Latest News on Business Post

Trending

%d bloggers like this: