In line with our expectations, Naira depreciated against the USD at the Investors and Exporters FX Window (I&E FXW) as well as the parallel (“black”) market by 0.04% and 0.22% respectively to close at N386/USD and N463/USD respectively amid the distruptions in
economic activities, particularly in Lagos State.
However, the exchange rate remained unchanged at the Bereau De Change at N457/USD.
Similarly, NGN/USD closed flat at N381/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 rates rose by 0.01%, 0.07%, 0.15%, 0.56% and 1.21% respectively to close at N386.49/USD, N387.03/USD, N387.61/USD, N389.09/USD and N395.39/USD respectively.
However, spot rate closed flat at N381.00/USD.