By Cowry Asset
Last week, the local currency appreciated week-on-week in most foreign exchange market segments.
The Naira/Dollar appreciated at the I&E FX window (I&E FXW), Bureau De Change (BDC) and the parallel (black) market by 0.14 percent, 0.28 percent and 0.27 percent to N360.33/$, N360/$ and N364/$ respectively while it dosed steady against the US Dollar at the interbank foreign exchange market segment at N330/$.
Meanwhile, all dated forward contracts at the interbank OTC segment appreciated amid sustained increase in the foreign exchange reserves – the spot, 1 month, 2 months, 3 months and 6 months contracts appreciated w-o-w by 0.05 percent, 0.28 percent, 0.36 percent, 0.38 percent and 0.54 percent to dose at N306/$, N363.85/$, N367.89/$, N372.42/$ and 387.30/$ respectively.
This week, we retain our favourable outlook for the exchange rate amid sustained stability in global crude oil prices which should result in further build-up in foreign reserves as well as CBN’s continued intervention to meet demand at the interbank foreign exchange market.
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