Naira Appreciates Further at the Investors & Exporters FX Window

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In the just concluded week, Naira strengthened against the USD at the Investors & Exporters (I&E) window by 0.07% to close at N409.00/USD. However, Naira depreciated against the greenback at the Bureau De Change market by 0.42% to close at N480.00/USD.

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Afolabi Sotunde Illustration Naira

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. Also, Naira was flattish against the USD at the parallel market to close at N485/USD.

Elsewhere, the Naira/USD exchange rate appreciated for all the foreign exchange forward contracts: 1 month, 2 months, 3 months, 6 months and 12 months exchange rates fell by 0.23%, 0.63%, 0.88%, 1.57% and 2.60% respectively to close at N411.88/USD, N413.32/USD, N415.27/USD, N420.53/USD and N433.85/USD. However, the spot rate remained flat at N379.00/USD.

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In the new week, we expect Naira/USD to stabilise at most FX Windows as crude oil prices remain relatively high in the international market.

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