Local Currency Gains 27 Kobo Amid 37.4% Drop in Turnover | Business Post Nigeria

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Local Currency Gains 27 Kobo Amid 37.4% Drop in Turnover Published Tweet By Adedapo Adesanya The local currency for the first time in five straight trading sessions recorded a movement against the United States currency at the Investors and Exporters (I&E) window of the foreign exchange (FX) market.On Thursday, the Naira appreciated by 27 kobo…

Local Currency Gains 27 Kobo Amid 37.4% Drop in Turnover

Published Tweet By Adedapo Adesanya The local currency for the first time in five straight trading sessions recorded a movement against the United States currency at the Investors and Exporters (I&E) window of the foreign exchange (FX) market.On Thursday, the Naira appreciated by 27 kobo or 0.06 per cent after it had maintained stability against the greenback at the I&E segment for four trading sessions to close at N414.80/$1 compared with N415.07/$1 it finished on Wednesday.This occurred as the turnover for the trading session retreated by 37.4 per cent or $83.51 million as trades worth $139.67 million were carried out compared with $223.18 million executed a day earlier.But at the interbank segment of the forex market, the domestic currency traded flat against the US Dollar yesterday at N411.7/$1 and also remained unchanged against the Pound Sterling and the Euro at N548.43/£1 and N466.26/€1 respectively.Meanwhile, at the cryptocurrency market, it was a mixture of the bad and good as five of the 10 digital currencies monitored by Business Post closed in the green territory.The market is recovering from the recent market price corrections which occurred over fears arising from the emergence of the Omicron variant.Ethereum (ETH) recorded a 3.1 per cent appreciation to sell at N2,599,009.64, Litecoin (LTC) gained 2.6 per cent to trade at N118,869.99, Dash (DASH) recorded a 1.1 per cent gain to trade at N102,999.99, Cardano (ADA) appreciated by 0.6 per cent to sell at N861.81, while the US Dollar Tether (USDT) made a 0.3 per cent rise to sell for N570.46.On the reverse side, Tron (TRX) fell on Thursday by 3.3 per cent to sell at N54.88, Bitcoin (BTC) depreciated by 1.4 per cent to trade at N32,129,409.03, Ripple (XRP) went down by 0.9 per cent to trade at N550.01, Dogecoin (DOGE) declined by 0.4 per cent to sell at N114.86, Binance Coin (BNB) dropped 0.3 per cent to trade at N251,614.49.

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 Crude Oil Recovers as OPEC+ Sticks to 400,000bpd Plan

Published Adedapo Adesanya By Adedapo Adesanya Crude oil prices returned to the bullish territory on Thursday as the Organisation of the Petroleum Exporting Countries and allies (OPEC+) announced that it was sticking to its plan to ease the production cuts in January by 400,000 barrels per day, despite the current challenges in the market.Brent crude rose 16 cents or 0.23 per cent to settle at $69.83 per barrel while the West Texas Intermediate (WTI) crude climbed to $66.74 per barrel after rising by 24 cents or 0.36 per cent.At the meeting of the alliance on Thursday, the ministers decided to keep the policy to add 400,000 barrels per day to the market each month, as they have been doing since August.

All ministers of the OPEC+ group appeared to be in agreement with increasing output by another 400,000 barrels per day next month­—that is, rolling over the current supply addition policy.

Before the full OPEC+ ministerial meeting, the Joint Ministerial Monitoring Committee (JMMC) held a meeting, which ended with the panel not issuing any recommendation for OPEC+ production in January.

Shortly before the JMMC meeting began, reports emerged that the OPEC+ group could discuss adding just 200,000 barrels per day in January instead of 400,000 barrels per day even as there was mounting evidence of a larger-than-expected oil surplus early next year.Market analysts expected the alliance to pause the cuts, considering the expected oversupply, a potential impact of the Omicron variant, and the Strategic Petroleum Reserves (SPR) releases from several nations led by the United States.However, OPEC+ leaders – Saudi Arabia and Russia had already signalled that the new variant which is still under research shouldn’t be a reason to jump to hasty decisions.The next scheduled meeting of OPEC+ is set for January 4, 2022.

One of OPEC+’s largest critics, the US said it welcomed the decision, but added that the country had no plans to reconsider its decision to release crude reserves.Recall that on November 23, the US coordinated release of oil among itself, India, China, Japan, South Korea and the United Kingdom to help cool the market.Support also came when the American president, Mr Joe Biden said his administration’s plan to tackle COVID-19 does not include shutdowns, but added that experts believe that cases will continue to rise especially in the winter season.In Europe, the situation’s outlook is dire with authorities saying that the variant could be responsible for more than half of all COVID-19 infections in Europe within a few months.

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