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    Naira Gains Against USD amid Receipt of IMF USD3.4 Billion Loan Facilicity…

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    In line with our expectations, Naira appreciated against the USD at the Investors and Exporters FX Window (I&E FXW) by 0.01% to close at N387.25/USD amid the receipt of IMF USD3.4 billion loan facility.

    Similarly, Naira appreciated further against the USD at the Bureau De Change
    and the parallel (“black”) markets by 2.27% and 3.26% respectively to close at N430.00/USD and N445.00/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 fell (i.e Naira appreciated) for most of the foreign exchange forward contracts: 1 month, 2 months, 3 months, 6 months and 12 months rates gained 0.31%, 0.58%, 0.96%, 1.86% and 3.12% respectively to close at N389.09/USD, N391.04/USD, N393.20/USD, N399.15/USD and N417.03/USD respectively. However, spot rate remained flattish at N361.00/USD.

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