Naira Appreciates Against the USD at Investors and Exporters Window

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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.

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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.
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Read Also:  How Imminent is a Naira Devaluation?

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