Naira Loses Against USD at the I&E FXW as Rising Crude Oil Prices Slows…

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In the just concluded week, Naira depreciated against the USD at the Investors and Exporters FX Window (I&E FXW) by 0.10% to close at N386.33/USD as the rally in crude oil prices slowed at the international market.

However, Naira appreciated against the USD at the Bureau De Change and the parallel (“black”) markets by 2.22% and 2.17% respectively to close at N440.00/USD and N450.00/USD respectively.

However, 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 gained 0.12%, 0.12%, 0.13%, 0.15% and 0.20% respectively to close at N388.14/USD, N389.96/USD, N391.82/USD, N397.30/USD and N415.84/USD respectively.

However, spot rate was unchanged at N361.00/USD.

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