Naira Gains against the USD at BDC, Black Markets amid New Forex Policy…

Must Read

- Advertisement -

In the just concluded week, Naira gained against the USD at the Bureau De Change (BDC) and parallel (“black”) markets by 4.12% and 4.04% respectively to close at N465/USD and N475/USD respectively amid CBN’s new policy on foreign remittances.

However, the Naira depreciated at the Investors and Exporters Window by 1.22% to close at N395.00/USD.

Naira Gains against the USD at BDC, Black Markets amid New Forex Policy…
REUTERS/Akintunde Akinleye

Also, NGN/USD depriated by 0.45% to close 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 invisible.

Elsewhere, the Naira/USD exchange rate depreciated further for most of the foreign exchange forward contracts: 1 month, 2 months, 3 months and 6 months rates rose by 1.87%, 3.13%, 4.09%, 7.02% and 12.29% respectively to close at N397.56/USD, N402.54/USD, N406.35/USD, N417.98 and N439.56/USD respectively. However, the spot rate was flattish at N379.00/USD.

- Advertisement -

In the new week, we expect Naira/USD to further appreciate at most market segments, especially at the Bureau De Change and parallel (“black”) markets as the new policy from CBN on foreign remittances becomes effective.

- Advertisement -
spot_imgspot_img

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.

Latest News

When was the last time you Updated the 4Ps

When was the last time you “Updated the 4Ps”?

Business Managers, Marketing & Comms experts know the import of the Marketing Mix (MM); Brand Managers know that all the elements of the MM...
- Advertisement -
spot_imgspot_img

Latest News

When was the last time you “Updated the 4Ps”?

Business Managers, Marketing & Comms experts know the import of the Marketing Mix (MM); Brand Managers know that all...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -spot_imgspot_img