Consistent with our expectations, Naira deprecaited additional towards the USD on the Traders and Exporters FX Window (I&E FXW) by 0.52% to shut at N388.50/USD.
Additionally, NGN/USD alternate fee rose (i.e Naira depreciated) by 0.43% and 1.08% to shut at N462.00/USD and N470.00/USD respectively, on the Bureau De Change and the parallel (“black”) markets.
Nevertheless, NGN/USD closed flat at N381/USD on the Interbank Overseas Change market amid weekly injections of USD210 million by CBN into the foreign exchange market: USD100 million was allotted to Wholesale Secondary Market Intervention Gross sales (SMIS), USD55 million was allotted to Small and Medium Scale Enterprises and USD55 million was bought for invisibles.
Elsewhere, the Naira/USD alternate fee depreciated for all the international alternate ahead contracts, save the 6 months fee which fell (i.e appreciated) by 0.08% to shut at N397.91/USD (from N398.22/USD).
Nevertheless, spot fee for 1 month, 2 months, three months and 12 months charges rose (i.e depreciated) by 0.38%, 0.36%, 0.33% and 0.10% respectively to shut at N390.10/USD, N391.78/USD, N393.51/USD and N413.53/USD respectively.
We count on to see sustained stress on the native foreign money (the Naira/USD alternate fee) amid sustained haemorrhage of the international alternate reserves – towards the backdrop of weakened crude oil export earnings in addition to international portfolio inflows.
— to naija247news.com