Naira Depreciates Further Against USD as Crude Oil Prices Crash Further

Must Read

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

List of First Bank of Nigeria Sort Codes in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...
- Advertisement -

In line with our expectations, Naira depreciated further at the Investors and Exporters FX Window (I&E FXW) by 0.39% to close at N383.00/USD as crude oil prices, especially bonny light which fell further to a new low of USD21.41 per barrel on Thursday, April 2, 2020. Similarly, Naira depreciated further against USD at the Bureau De Change and the parallel (“black”) markets by 2.53% and 1.22% respectively to close at N405/USD and N415.00/USD respectively.

However, NGN/USD closed flat at the Interbank Foreign Exchange market, at N358.51/USD amid weekly injections of USD210 million by CBN into the foreign exchange 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 invisible.

Looking for better trading deals, check out Trade crude oil: Regulated Broker

Elsewhere, the Naira/USD exchange rate rose (i.e Naira depreciated) for most of the foreign exchange forward contracts: 2 months, 3 months, 6 months and 12 months rates appreciated by 0.24%, 0.53%, 1.48% and 3.01% respectively to close at N389.64/USD, N393.11/USD, N405.79/USD and N435.26/USD respectively.

However, forward contract for 1 month depreciated by 0.08% to close at N386.32/USD; while spot rate remained flattish at N361.00/USD.

Read Also:  Nigeria’s Downstream Petroleum Sector: Fully Deregulated Or Not?
- Advertisement -

In the new week, we expect depreciation of the Naira against the USD across the market segments amid lower crude oil prices.

Cowry Asset Management

- Advertisement -
Naira Depreciates Further Against USD as Crude Oil Prices Crash Further - Brand SpurNaira Depreciates Further Against USD as Crude Oil Prices Crash Further - Brand Spur
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Naira Depreciates Further Against USD as Crude Oil Prices Crash Further - Brand SpurNaira Depreciates Further Against USD as Crude Oil Prices Crash Further - Brand Spur

Latest News

Japaul Gold Leads Market Gainers with 8.70% Gain

Investor sentiment was less negative today as the market breadth advanced from 0.75x to 0.83x. 15 stocks gained at...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Naira Depreciates Further Against USD as Crude Oil Prices Crash Further - Brand SpurNaira Depreciates Further Against USD as Crude Oil Prices Crash Further - Brand Spur