Tuesday, June 15, 2021

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

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    Naija247news, Nigeriahttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    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

    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.

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