Naira Closes Flat against USD at Most FX Windows…

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In the just concluded week, Naira closed flat against the USD at the Investors & Exporters window, Bureau De Change and Parallel “black” market to close at N410.00/USD, N480.00/USD and N485.00/USD respectively.

Meanwhile, NGN/USD exchange rate closed flat at N380.69/USD at the Interbank Foreign Exchange market amid weekly injections of USD210 million by CBN into the forex 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 appreciated for most of the foreign exchange forward contracts: 1 month, 2 months, 3 months, 6 months and 12 months exchange rates fell (Naira appreciated) by 0.21%, 0.09%, 0.22%, 0.18% and 0.33% to close at N412.85/USD, N415.96/USD, N418.79/USD and N427.83 and N446.20 respectively.

However, the spot rate remained flat at N379.00/USD.

In the new week, we expect Naira/USD to stabilize at most FX Windows as crude oil prices at the international market remain relatively stable.