The Nigerian Naira traded at N610 to a United States Dollar at the parallel market popularly known as the black market in Ibadan, Oyo state on Monday.
At the Central Bank of Nigeria (CBN) foreign exchange section, used for selling and buying from deposit money banks, Naira traded at N415.9 to a U.S. Dollar.
While against the Pounds Sterling, it exchanged at N492.0929 and N416.1495 to a European common currency.
Crude Oil
Oil prices appreciated on Monday amid rising uncertainties and concerns over the supply of the commodity.
Brent crude oil, against which Nigerian crude oil is priced, appreciated to $104.32 following a decline to $94 a barrel on Thursday when data showed that the U.S. inflation rate rose at the fastest pace in over 40 years to 9.1% in the month of June.
According to Jeffrey Halley, Senior Market Analyst, Asia Pacific, OANDA, “Supply risks remain evident in international markets, and futures curves remain in backwardation. Despite the ructions in the speculative futures markets, the real-world dynamic remains as supportive of oil prices as ever. If Russian doesn’t switch gas exports back on to Europe at the end of the week, Brent crude could once again, find itself back near $110.00 a barrel.”
Cryptocurrency
Bitcoin and other cryptocurrency extended their gains on Monday as capital inflow into the space picked with rising global risk and uncertainties.
The value of Bitcoin, the world’s most dominant cryptocurrency, gained 3.81% to $22,297.97 on Monday. While, the token of Ethereum, Eth expanded by 7.82% to $1,472.92 a coin.
The value of other cryptocurrencies also surged even with the decline in stock value and jumped in global uncertainties.
