Naira Appreciates Against USD at I&E FX Window as Bonny Light Crude Oil Price Rises

Must Read

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...

List of Mobile Banking USSD Codes For All Banks in Nigeria and how to use them

The introduction of USSD codes (Unstructured Supplementary Service Data) has changed the Nigerian banking system completely. Today, mobile banking...

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...
- Advertisement -

In the just concluded week, Naira appreciated against the USD at the Investors and Exporters FX Window (I&E FXW) by 0.04% to close at N386.33/USD as Bonny light crude price rose week-on-week by 2.34% to USD40.70 as at Thursday, June 25, 2020.

However, NGN/USD exchange rate rose (i.e Naira depreciated) by 1.57% and 1.10% to close at N452.00/USD and N460.00/USD respectively at the Bureau De Change and the parallel (“black”) markets.

At the Interbank Foreign Exchange market, NGN/USD closed flat 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 Invisibles.

Elsewhere, the Naira/USD exchange rate rose (i.e Naira depreciated) for most of the foreign exchange forward contracts: 1 month, 2 months, 3 months, 6 months and 12 months rates increased by 0.11%, 0.23%, 0.31%, 0.65% and 1.38% respectively to close at N387.95/USD, N389.66/USD, N391.47/USD, N396.60/USD and N414.02/USD respectively.

However, spot rate was unchanged at N361.00/USD.

In the new week, we expect the Naira to depreciate against the USD, especially at the I&E FX Window amid declining external reserves.

- Advertisement -
Read Also:  XIAOMI TAKES AIM AT EUROPE'S SMARTPHONE MARKETS

Cowry Asset Research

- Advertisement -
Naira Appreciates Against USD at I&E FX Window as Bonny Light Crude Oil Price Rises - Brand SpurNaira Appreciates Against USD at I&E FX Window as Bonny Light Crude Oil Price Rises - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- 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 Appreciates Against USD at I&E FX Window as Bonny Light Crude Oil Price Rises - Brand SpurNaira Appreciates Against USD at I&E FX Window as Bonny Light Crude Oil Price Rises - Brand Spur

Latest News

How British American Tobacco sells nicotine to young people

In this report by the Bureau of Investigative Journalism, Campaign reveals the marketing strategies used by tobacco companies to...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Naira Appreciates Against USD at I&E FX Window as Bonny Light Crude Oil Price Rises - Brand SpurNaira Appreciates Against USD at I&E FX Window as Bonny Light Crude Oil Price Rises - Brand Spur