Naira Gains against the USD at the Bureau De Change, Parallel (“black”) Markets

Must Read

FG, States, LGAs share N528.39bn FAAC allocation in Jan 2021

The Federation Account Allocation Committee (FAAC) disbursed the sum of N619.34bn to the three tiers of government in December...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

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

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 the just concluded week, Naira appreciated against the USD at the Bureau De Change as well as the parallel (“black”) markets by 1.74% and 1.72% respectively to close at N452/USD and N457/USD respectively.

However, NGN/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 WholesaleSecondary Market Intervention Sales (SMIS), USD55 million was allocated to Small and Medium Scale Enterprises and USD55 million was sold for invisible. The Naira depreciated against the USD at the Investors and Exporters FX Window (I&E FXW) by 0.01% to close at N385.83/USD.

Naira Gains against the USD at the Bureau De Change, Parallel (“black”) Markets Brandspurng
Afolabi Sotunde Illustration Naira

Elsewhere, the Naira/USD exchange rate appreciated for most of the foreign exchange forward contracts: 1 month, 2 months, 3 months, 6 months and 12 months rates fell by 0.03%, 0.05%, 0.07%, 0.23% and 0.55% respectively to close at N386.39/USD, N387.00/USD, N387.65/USD, N390.90/USD and N397.39/USD respectively. However, the spot rate closed flat at N381.00/USD.

In the new week, we expect Naira/USD to remain stable at the Bureau De Change market amid sustained intervention by CBN. We also expect appreciation at the Investors and Exporters FX Window (I&E FXW) given the relative stability in crude oil prices at the international market.

- Advertisement -
Naira Gains against the USD at the Bureau De Change, Parallel (“black”) Markets - Brand SpurNaira Gains against the USD at the Bureau De Change, Parallel (“black”) Markets - 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 Gains against the USD at the Bureau De Change, Parallel (“black”) Markets - Brand SpurNaira Gains against the USD at the Bureau De Change, Parallel (“black”) Markets - Brand Spur

Latest News

Motorcycle “Okada” Commuters Paid More (102.46%) in March 2021 – NBS

According to the National Bureau of Statistics (NBS) report for the month of March 2021 on transport watch, the...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Naira Gains against the USD at the Bureau De Change, Parallel (“black”) Markets - Brand SpurNaira Gains against the USD at the Bureau De Change, Parallel (“black”) Markets - Brand Spur