…Bitcoin rally was sustained during the week towards the $100,000 mark
SAT NOV 23 2024-theGBJournal| The naira depreciated this week by 2bps w/w to N1,652.62/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM) despite the CBN’s intervention, selling c.USD 42.00 million to authorised dealers.
Total turnover at the NAFEM as of 20 November decreased by 68.1% WTD to USD518.32 million, with trades consummated within the N1,601.50/USD – N1,705.00/USD band.
In the forwards market, the naira rates decreased across the 1-month (-0.2% to N1,741.12/USD), 3-month (-0.3% to N1,817.47/USD), 6-month (-0.2% to N1,927.93/USD), and 1-year (-3.7% to N2,158.28/USD) contracts.
Meanwhile, Nigeria’s FX reserves maintained its growth trajectory, as the gross reserve level grew marginally by USD2.24 million w/w to USD40.28 billion (20 November), relative to the 6-week average weekly addition of USD257.91 million.
Similarly, the euro fell to a two-year low Friday after the release of euro zone Purchasing Managers’ Index, with the euro down 0.56% at $1.0414 after falling %1.0333, its lowest since November 30, 2022.
Against the Naira, the currency it exchanged for N1783.3559/euro while the pound sterling traded at N2139.8582.
Bitcoin rally was sustained during the week towards the $100,000 mark, rising more 40% since the U.S election. It closed Friday up by 0.33% at $98.428.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
