Naira Appreciates Against the USD at Investors and Exporters Window

Must Read

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...

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...

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 strengthened against the USD at the Investors and Exporters window as the exchange rate fell (Naira appreciated) by 0.13% to close at N394.17/USD.

However, Naira depreciated against the greenback at the Bureau De Change by 0.43% to close at N472.00/USD. Meanwhile, Naira remained unchanged at the parallel (‘black’) market at N475.00/USD.

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

Also, the exchange rate closed flat 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 Invisibles.

Elsewhere, the Naira/USD exchange rate depreciated for most of the foreign exchange forward contracts: 1 month, 2 months, 3 months and 12 months rates rose (Naira depreciated) by 0.06%, 0.02%, 0.04%, and 0.04% respectively to close at N398.27/USD, N401.71/USD, N405.61/USD and N435.28/USD respectively.

- Advertisement -

However, the 6 months rate fell by 0.09% to close at N416.23/USD while the spot rate was flat at N379.00/USD.

In the new week, we expect sustained pressure on the external reserves as FGN redeems USD500 million Eurobond maturing this week; hence we expect Naira/USD to depreciate at most market segments.
- Advertisement -
Naira Appreciates Against the USD at Investors and Exporters Window - Brand SpurNaira Appreciates Against the USD at Investors and Exporters Window - 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
Read Also:  Naira weakens to 410/dollar

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

Naira Appreciates Against the USD at Investors and Exporters Window - Brand SpurNaira Appreciates Against the USD at Investors and Exporters Window - Brand Spur

Latest News

All is set for the 2021 Edition of Naija Corn Festival

The Lagos-based tourism development company, HLTT Consult, also known as Travel Begins at Home (TBAH), has assured Nigerians that...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Naira Appreciates Against the USD at Investors and Exporters Window - Brand SpurNaira Appreciates Against the USD at Investors and Exporters Window - Brand Spur