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NairaIn line with our expectations, Naira depreciated against the USD at the Investors and Exporters FX Window (I&E FXW) by 1.12% to close at N387.30/USD amid declining external reserves.

Similarly, Naira depreciated further against the USD at the Bureau De Change and the parallel (“black”) markets by 2.80% and 2.22% respectively to close at N440.00/USD and N460.00/USD respectively.

NGN/USD closed flat at the Interbank Foreign Exchange market, at N358.51/USD amid injection of weekly injections
of USD210 million by CBN into the foreign
exchange market: USD100 million was allocated to Wholesale Secondary Market Intervention Sales (SMIS), USD55 million was allocated to Small and Medium Scale Enterprises and USD55 million was sold for invisibles.

Elsewhere, the Naira/USD exchange rate rose (i.e Naira depreciated) for most of the foreign exchange forward contracts: 1 month, 2 months, 3 months, 6 months and 12 months rates lost 1.29%, 1.47%, 1.80%, 2.09% and 2.68% respectively to close at N390.30/USD, N393.31/USD, N397.02/USD, N406.70/USD and N430.45/USD respectively. However, spot rate remained flattish at N361.00/USD.

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