The Nigerian Naira traded lower to a United States Dollar in the parallel market commonly referred to as the black market.
Naira to Dollar exchange rate at the parallel market stood at N730 on Tuesday, a slight improvement from the N731 it traded to a United States Dollar on Friday.
Similarly, at the interbank section managed by the Central Bank of Nigeria (CBN), the Naira dropped slightly from N434.78 it exchanged against the United States Dollar on Friday, October 7 2022 to N435.27 on Tuesday.
However, Pounds Sterling and the Euro to Naira exchange rates improved at the interbank level. The Naira to Pounds Sterling exchange rate stood at N482.4533, up from N487.3449 on Friday.
Against the Euro common currency, the Naira appreciated from N425.867 it exchanged on Friday to N423.3001 on Tuesday.
At the official forex exchange section, the Investors and Importers forex window, the Naira opened at N439.40 against the U.S. Dollar on Tuesday before declining to N441.17. It’s closing price for the day.
Currency traders on the window transacted $73.66 million in currency value during the trading hours of Tuesday.
Crude Oil
Brent crude oil, against which Nigerian oil is priced, shed $1.70, or 1.80% to $92.59 per barrel as at 3:58 pm Nigerian time. While the U.S. West Texas Intermediate oil lost $1.85 or 2.07% to $87.50 a barrel.
Nigeria, the largest crude oil producer in Africa has been witnessing a persistent decline in crude oil production since the beginning of the year. However, having lost its crown as the biggest crude oil producer on the continent to Angola following the drop in the nation’s crude oil production from over 2.1 million barrels per day to 937,766 barrels per day, Nigeria is looking to increase crude oil production by 500,000 barrels per day once activities begins on the Shell-operated Forcados oil terminal and the Trans Niger Pipeline.
In an effort to up production and boost foreign revenue generation, Nigeria has intensified its campaign against oil theft and recently reported the discovery of over 300 illegal refineries and several pipelines used to illegally breach crude oil from government-constructed crude pipelines in the Niger Delta region.
The Nigerian National Petroleum Corporation Limited (NNPCL) has said the expected 500,000 increase would bolster foreign revenue generation and help meet some financial obligations.
Cryptocurrency
Bitcoin, the most capitalised cryptocurrency, dropped by 0.03% in the last 24 hours to a $19,060.60 a coin.
Ethereum (Eth), appreciated by 1.34% in the last 24 hours to $1,298.18 a coin. Binance coin (BNB), depreciated by -0.54% to $270.77 per coin.
