By Cowry Asset
In the just concluded week, the Central Bank of Nigeria (CBN) intervened in various segments of the interbank foreign exchange market with the sale of $195 million.
Furthermore, as at Tuesday, October 3, 2017, Nigeria’s foreign reserve stood at $32.74 billion.
Consequently, the Interbank market (NIFEX) exchange rates remained unchanged at N330/Dollar.
In other segments, the Naira appreciated week-on-week (w-o-w) at the the Bureau De Change and Parallel market segments by 0.55% each to N360/Dollar and N363/Dollar respectively.
However, at the I&E FX Windows, the Naira depreciated by 0.07% to N360.64/USD.
In the forwards market, the spot and 3months contracts appreciated w-o-w by 0.03% and 0.12% to N305.65/USD, N378.44/USD respectively.
However, the 6 months and the 12months forward contracts depreciated by 0.21% and 0.96% to N398.37/USD and N431.92/USD respectively.
This week, amid relatively high global crude oil prices which should result in further build-up in foreign reserves, in addition to CBN’s continued intervention in the various segments of the interbank foreign exchange market, we expect further stability of the Naira/Dollar exchange rate.
more recommended stories
Further Crash in Crude Oil Price to Weaken Naira
By Dipo Olowookere There are indications.
NSE Fines This Company N4.9m
By Dipo Olowookere The big hammer.
40 Equities Led by Ecobank Buoy ASI by 3.07%
By Dipo Olowookere A total of.
Nestle Nigeria, 23 Others Keep NSE Index Flying by 0.62%
By Dipo Olowookere The positive momentum.
Sylva Plans Big for Nigeria’s Oil Sector
By Adedapo Adesanya Nigeria’s new Minister.
Naira Weakens by 0.04% as Turnover Climbs to $680m Friday
By Adedapo Adesanya Trading ended this.
Oil Suffers as China Slams $75bn Tariffs on US Goods
By Adedapo Adesanya While the oil.
Power Sector Responsible for N100bn Bad Debts
By Adedapo Adesanya With the rising.