Local News

Crude oil price surpasses $75 mark, ups Naira marginal gains against Dollar

The prices of crude oil, Nigeria’s biggest revenue earner, have surged above $75 mark, reports Platforms Africa.

Beyond this, the exchange rate between the naira and the US dollar closed at N412.06/$1, at the official Investors and Exporters window.

Naira recorded a marginal gain against the US dollar on Wednesday, to close at N412.06/$1, compared to N412.08/$1 recorded on Tuesday, 14th September 2021.


Meanwhile, the exchange rate at the parallel market slumped to a new record on Wednesday to close at N562/$1 compared to N557/$1 recorded in the previous trading session. This represents a 0.9% depreciation and further widens the gap between the black market rate the official rate.

The persistent fall of the exchange rate at the parallel market has been attributed to demand pressure from Investors who couldn’t obtain forex from the banks. The latest depreciation at the black market increases the gap compared to the official market to a massive N149.94.

Nigeria’s foreign reserves recorded a further boost of $80.15 million on Tuesday, 14th September to close at $35.19 billion, compared to $35.11 billion recorded a day before.

The reserve position has gained $1.17 billion so far in the month of September 2021.

Also, Brent Crude rose above the $75 per barrel level on Wednesday, largely attributable to the recent OPEC September oil demand forecast.

Trading at the official NAFEX window
The exchange rate appreciated marginally against the US dollar on Wednesday 15th September 2021 to close at N412.06 to a dollar, representing a 0.005% gain compared to N412.08/$1 recorded in the previous trading day.

The opening indicative rate closed at N412.46/$1, a 28 kobo depreciation compared to N412.18/$1 recorded on Tuesday, 14th September 2021.

An exchange rate of N415 to a dollar was the highest rate recorded during intra-day trading before it settled at N412.06/$1, while it sold for as low as N405/$1 during intra-day trading.

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