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    Naira Depreciates Against the USD at the I&E FXW Despite Rising External Reserves…

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    Naija247news Editorial Teamhttps://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 just concluded week, Naira depreciated against the greenback by 0.19% to close at N415.07/USD at the Investors and Exporters FX window despite the 3.77% w-o-w accretion to the external reserves which closed at USD39.62 billion as at Thursday, October 14, 2021.

    Also, the Naira/USD exchange rate rose (Naira depreciated) by 0.79% at the Parallel market to close at N572.00/USD.

    Meanwhile, NGN/USD 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 increased (Naira depreciated) for most of the foreign exchange forward contracts: 1 month, 2 months, 3 months, 6 months and 12 months contracts rose by 0.11%, 0.24%, 0.29%, 0.47% and 1.11% to close at N416.07/USD, N419.14/USD, N422.22/USD, N431.47/USD and N450.61/USD respectively. However, spot rate was flat at N380.69/USD.

    In the new week, we expect Naira to stabilise against the USD amid rising crude oil prices and external reserves.

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