Naira Closes Flat At The Investors & Exporters Window, Parallel Market

Digital naira NATIONAL DEBT investors Santa came early but with T&C
Afolabi Sotunde Illustration Naira

In the just concluded week, Naira remained unchanged against the USD at the Investors & Exporters (I&E) and parallel (‘black’) markets to close at N410.00/USD and N485.00/USD respectively – despite CBN’s N5 to a dollar scheme.

However, Naira weakened against the greenback at the Bureau De Change by 0.63% to close at N480.00/USD.

Meanwhile, NGN/USD 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 invisible.

Elsewhere, the Naira/USD exchange rate depreciated for most of the foreign exchange forward contracts: 1 month, 2 months and 3 months rates fell by 0.04%, 0.08% and 0.06% respectively to close at N412.09/USD, N415.05/USD and N417.87/USD respectively.

However, 6 months and 12 months rate rose by 0.18% and 0.07% to N426.18/USD and N442.45/USD while the spot rate remained flattish at N379.00/USD.