FOREX MARKET: Naira stabilises against Greenback as CBN moves to boost liquidity

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In the just concluded week, Naira appreciated against the USD at the Investors and Exporters FX Window (I&E FXW) by 0.09% to close at 385.67/USD.

naira, Forex Market

However, Naira/USD closed flat at N381/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.

Also, Naira/USD exchange rate remains unchanged at N472.00/USD and N477.00/USD respectively, at the Bureau De Change and the parallel (“black”) market respectively.

Elsewhere, the Naira/USD exchange rate appreciated further for most of the foreign exchange forward contracts: 1 month, 2 months, 3 months, 6 months and 12 months rates fell (i.e appreciated) by 0.15%, 0.22%,  0.32%,  0.58%  and  0.99%  respectively to close at  N386.50/USD,  N387.36/USD,  N388.23/USD, N391.00/USD and N402.55/USD respectively. However, the spot rate closed flat at N381.00/USD.

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FOREX MARKET: Naira stabilises against Greenback as CBN moves to boost liquidity - Brand SpurFOREX MARKET: Naira stabilises against Greenback as CBN moves to boost liquidity - Brand Spur

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FOREX MARKET: Naira stabilises against Greenback as CBN moves to boost liquidity - Brand SpurFOREX MARKET: Naira stabilises against Greenback as CBN moves to boost liquidity - Brand Spur

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