WeekAHead FX: Naira seen stabilize with USD at Bureau De Change and Parrallel Market…

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

Meanwhile In the just concluded week, Naira weakened
further against the USD at the Bureau De
Change Window and Parallel “black” market by 2.08% and 2.06% to close at N490.00/USD and N495.00/USD respectively amid demand
pressure.

However, Naira closed flat at the
Investors & Exporters window to N412/USD.
Also, 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 depreciated for all of the foreign exchange forward contracts: 1 month, 2 months, 3 months, 6 months and 12 months exchange rates rose by 0.09%, 0.23%, 0.30%, 0.29% and 0.48% to close at N413.71/USD, N417.42/USD, N420.39/USD, N429.40/USD and N428.15/USD respectively. Meanwhile, the spot rate remained flat at N379.00/USD.