Again, Naira Falls at I&E, Closes Flat at Black Market

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Again, Naira Falls at I&E, Closes Flat at Black Market Published Tweet By Adedapo Adesanya The Naira extended its stay in the danger zone at the Investors and Exporters (I&E) window of the foreign exchange market on Thursday.At the session, the Nigerian currency further depreciated against the US Dollar by 17 kobo to close at…

Again, Naira Falls at I&E, Closes Flat at Black Market
Published Tweet By Adedapo Adesanya The Naira extended its stay in the danger zone at the Investors and Exporters (I&E) window of the foreign exchange market on Thursday.At the session, the Nigerian currency further depreciated against the US Dollar by 17 kobo to close at N411.67/$1 in contrast to N411.50/$1 it finished on Wednesday.The domestic currency performed badly yesterday despite a calm n FX demand pressure as data obtained by Business Post showed that transactions worth $109.47 million were made at the I&E window versus the $192.75 million recorded the preceding session, indicating a decline of 43.2 per cent or $83.28 million.ALSO READ Equity Capitalisation Adds N39b as Oil $ Gas Sector Gains 1.82% But at the black market, where customers source for FX due to their inability to access it from the regulated segment due to restrictions put in place by the Central Bank of Nigeria (CBN), the local currency traded flat against the greenback at N500/$1.Equally, against the Pound Sterling, the Nigerian Naira closed flat N710/£1 and lost N3 against the Euro to sell for N595/€1 compared to N592/€1 it traded at the previous session.ALSO READ Forex: CBN Justifies DSS Raid On Black Market Operators At the interbank segment of the market, the Naira marginally appreciated against the US Dollar by one kobo to trade at N410.17/$1 in contrast to N410.18/$1 it was quoted at the prior trading session.

Meanwhile, at the cryptocurrency market, after coming under pressure for a few days, the Bitcoin (BTC) heaved a sigh of relief as it appreciated by 8.0 per cent to trade at N17,714,745.07.Ripple (XRP) improved on Thursday by 2.2 per cent to quote at N346.99, Tron (TRX) jumped by 7.3 per cent to sell for N33.96, while Litecoin (LTC) appreciated by 1.7 per cent to trade at N69,999.00.ALSO READ Naira Trades N475/$1 at Black Market However, the Ethereum (ETH) was not too lucky yesterday as it recorded a 0.5 per cent depreciation to sell at N1,035,000.00.Dash (DASH) went down by 10.9 per cent to trade at N65,060.01, while the US Dollar Tether (USDT) depreciated by 1.7 per cent to sell for N504.31.Share this: Adedapo Adesanya
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.You may like Prices Remain Bullish on Positive Oil Demand Outlook
Published Adedapo Adesanya By Adedapo Adesanya Oil prices continued their bullish stand on Thursday, holding close to their highest in almost three years as the market continues to get support from the draws in crude inventories in the largest producing nation in the world, the United States.The Brent crude added 6 cents or 0.07 per cent to trade at $75.61 per barrel yesterday while the United States West Texas Intermediate (WTI) made a 0.07 per cent or 5 cents gain to trade at $73.35 per barrel.This means that both benchmarks had hit their highest since October 2018.

The higher prices are welcomed news for the oil markets and can largely be attributed to falling US inventories, which means that there is a better oil demand outlook.ALSO READ Paxful Launches Service for Smooth Bitcoin Transfer Prices also drew support from doubts about the future of the 2015 Iran nuclear deal that could end US sanctions on Iranian crude exports.The US Government State countered a statement made by a senior Iranian official that the country had agreed to lift all sanctions on Iran’s oil and shipping industry.It was reported that the issues were still under negotiation and nothing had been agreed upon despite claims by Iran that an agreement has been reached to remove all insurance, oil and shipping sanctions that were imposed by former US President Donald Trump.

The end of sanctions and a return of Iranian barrels could return one million barrels to the global oil market.ALSO READ Naira Sheds 0.16% at I&E, 0.28% at Black Market Data from Europe’s largest economy, Germany, also helped prices with the largest jump in retail conditions recorded since its reunification more than three decades ago.This lent support to expectations that European fuel demand will recover.The Organization of the Petroleum Exporting Countries and its allies (OPEC+) has been discussing a further unwinding of last year’s record output cuts from August but no decision has been made yet ahead of their next meeting on July 1.

However, the Indian Oil Minister, Mr Dharmendra Pradhan, called on the cartel to phase out crude output cuts as high prices are fuelling inflation.ALSO READ Dollar Sells at N452 at BDC, N453 at Black Market In a series of tweets after a virtual meeting with OPEC Secretary-General, Mr Mohammad Sanusi Barkindo, he said oil prices should remain within a reasonable band to encourage a consumption-led recovery from the coronavirus pandemic.India is the world’s third-biggest oil importer and consumer; it relies on overseas supplies for over 80 per cent of its oil needs.This is similar to issues raised by Mr Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), who warned that rather than being a positive development, the rising prices of crude oil in the international market could cause major challenges for resource-dependent nations like Nigeria.

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