Naira Gains against the US dollar at I&E FXW Market Segments…

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In the just concluded week, the local currency further appreciated at the Investors & Exporters Forex Window (I&E FXW) by 0.09% to close at N362.46.

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The NGN/USD rate at the Interbank Foreign Exchange market remained unchnaged at N357.97/USD amid weekly injections of USD210 million by CBN into the foreign exchange market via the Secondary Market Intervention Sales (SMIS) of which: USD100 million was allocated to Wholesale SMIS, USD55 million was allocated to Small and Medium Scale Enterprises and USD55 million was sold for invisibles.

However, at the parallel (‘black’) market and Bureau De Change (BDC) market segments, Naira lost N0.55
and N0.56 to close at N364/USD and N362/USD respectively.

Meanwhile, the Naira/USD exchange rate fell (i.e. Naira appreciated) for most of the foreign exchange forward contracts – spot rate, 1 month, 2 months, 6 months and 12 months rates moderated by 0.02%, 0.19%, 0.15%, 0.08% and 0.01% respectively to close at N306.80/USD, N365.63/USD, N368.80/USD, N383.57/USD and N411.12/USD respectively; however, 3 months rate rose (i.e. Naira depreciated) by 0.03% to close at N371.95/USD.

In the new week, we expect stability in the Naira/USD rate in most market segements, especially at the BDC Segment, as CBN sustains its special interventions.

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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