In the just concluded week, Naira strengthened against the USD at the Investors & Exporters (I&E), Bureau De Change and parallel (‘black’) market to close at N409.30/USD, N478/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 depreciated for all the foreign exchange forward contracts: 1 month, 2 months, 3 months, 6 months and 12 months exchange rates rose (Naira depreciated) by 0.16%, 0.17%, 0.17%, 0.08% and 0.38% respectively to close at N412.82/USD, N415.95/USD, N418.96/USD, N427.24/USD and N445.42/USD respectively.
However, spot rate remained flat at N379.00/USD.
In the new week, we expect Naira/USD to stabilise at most FX Windows as crude oil prices remain relatively high at the international market.