Tuesday, July 27, 2021

    Naira Depreciates at the Investors & Exporters and Bureau De Change Window…

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    Godwin Okaforhttps://naija247news.com
    Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

    In the just concluded week, Naira weakened
    against the USD at the Investors & Exporters and Bureau De Change window by 0.01% and 0.40% to close at N410.80/USD and N499/USD respectively even as the FX reserves moderated w-o-w by 0.47% to close at USD34.00 billion as at June 10, 2021.

    However, Naira closed flat at the Parallel “black” market at N502.00/USD.

    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 of the foreign exchange forward contracts: 1 month, 2 months, 3 months, 6 months and 12 months exchange rates fell by 0.05%, 0.19%, 0.19%, 0.23 and 0.33% to close at N413.33/USD, N416.54/USD, N419.51/USD, N428.36/USD and N446.56/USD respectively.

    However, the spot rate remained flat at N379.00/USD.

    In the new week, we expect Naira/USD to stabilize at most FX Windows as crude oil prices at the international market remains relatively high

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