Naira Sells for N412.00/USD at I&E as Cryptos Recover

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In the just concluded week, Naira depreciated against the USD at the Investors & Exporters Window and Parallel “black” market by 0.08% and 0.21% to close at N412.00/USD and N485.00/USD respectively.

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 rose (Naira depreciated) for most of the foreign exchange forward contracts: 1 month, 2 months, 3 months and 6 months exchange rates rose by 0.07%, 0.06%, 0.04% and 0.11% to close at N413.34/USD, N416.46/USD, N419.14/USD and N428.15/USD respectively.

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On the other hand, the 12 months rate fell (Naira appreciated) by 0.02% to N445.42/USD. Meanwhile, the spot rate and Bureau De Change rate remained flat at N379.00/USD and N480.00/USD respectively.

In the new week, we expect Naira/USD to stabilize at most FX Windows amid CBN devaluation of the Naira against the USD at the official window and the relative stability in crude oil prices at the international market.

There was a bit of fresh air as selected key digital currencies such as Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) closed bullish.

The Bitcoin recorded a 16.8 per cent appreciation to sell at N20,742,277.91, Ethereum gained 5.7 per cent to trade at N1,408,109.79, Ripple appreciated by 5.8 per cent to N614.89, while Dash (DASH) rose by 0.2 per cent to sell for N110,173.45.

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A few of the digital tokens remained in the bearish region as the Litecoin (LTC) dropped 5.8 per cent to sell at 114,798.99, Tron (TRX) went down by 0.3 per cent to trade at N44.68, while the US Dollar Tether (USDT) closed lower by 0.6 per cent to N503.50.