Friday, 25th June 2021: The exchange rate between the naira and the US dollar closed at N411.67/$1 at the Investors and Exporters window, where forex is traded officially.
Naira remained stable against the US dollar on Friday to close at N411.67 to a dollar, the same as recorded on the previous day. It however represents a 0.16% depreciation for the week compared to N411/$1 recorded on Friday, 18th June 2021.
Also, the exchange rate remained flat at the parallel market to close at N500/$1 on Friday, 25th June 2021, the same as recorded on Thursday. Nigeria’s external reserve, however, plunged $45.33 million on Thursday, 24th June 2021, bringing its month-to-date loss to $681.9 million.
Crude gains for 5th straight week with Brent crosses $76 mark
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Crude prices keep upward momentum with Brent nearing $76
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Crude prices consolidate gains as Brent crosses $73-mark
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Daily Times
June 14, 2021
Oil prices are poised for further highs this week, as rising vaccination rates are leading to higher mobility in the US and Europe, with global demand estimated up 1.5 million barrels per day in the last month to 96.5 mb/d. The OPEC has said it expected oil demand to rise by six million bpd this year, and the International Energy Agency forecast it would add 5.4 million bpd this year and another 3.1 million bpd next year, returning to and exceeding pre-pandemic levels to reach 100.6 million bpd by the end of 2022. Brent, the international benchmark for two-thirds of the world’s oil, rose 1.11 percent to the highest finish since May 21, 2019 to close the week at $72.69 a barrel. Likewise, the US West Texas Intermediate (WTI) crude futures scored 1.85 percent weekly rise to reach $70.91 a barrel. The price for Opec Basket was recorded at $70.90 a barrel, Arab Light was available at $72.12 a barrel while the price of Russian Sokol reached $72.96 a barrel. M