In the just concluded week, Naira closed flat against the USD at the Bureau De Change and the parallel (“black”) markets at N440.00/USD and N450.00/USD respectively.
Also, NGN/USD closed flat at the Interbank Foreign Exchange market, at N358.51/USD, amid 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.
However, Naira depreciated further against the USD at the Investors and Exporters FX Window (I&E FXW) by 0.04% to close at N386.50/USD in line with our expectations.
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 increased by 0.24%, 0.48%, 0.77%, 1.48% and 2.58% respectively to close at N389.06/USD, N391.83/USD, N394.84/USD, N403.18/USD and N426.56/USD respectively.
However, spot rate was unchanged at N361.00/USD.