In the just concluded week, Naira appreciated against the USD at the Investors & Exporters window by 0.30% to close at N410.75/USD as crude oil prices appreciated in the international market – Bonny Light hit USD70 per barrel.
However, Naira continued to lose grip at the Bureau De Change Window and Parallel “black” markets where Naira depreciated further against the greenback by 1.43% and 1.41% to close at N497.00/USD and N502.00/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 appreciated for all of the foreign exchange forward contracts: 1 month, 2 months, 3 months and 6 months exchange rates fell by 0.04%, 0.02%, 0.02% and 0.01% to close at N413.54/USD, N417.33/USD, N420.30/USD and N429.34/USD respectively.
Meanwhile, the spot rate remained flat at N379.00/USD while the 12 months rate rose by 0.10% to N448.02/USD.
In the new week, we expect Naira/USD to depreciate at most FX Windows despite the rising crude oil prices at the international market – the demand pressure on the greenback appears not to have fizzled out yet.