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.
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.
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.