By Modupe Gbadeyanka
Last week, there was stability at the various segments of the currency market in the country as the Central Bank of Nigeria (CBN) put another $210 million into the market to sustain flow of forex to meet demands of customers.
According to a weekly report released by Cowry Asset, the Naira strengthened against the US Dollar at the Investors & Exporters Forex Window (I&E FXW) by 0.09 percent to N360.10/$ week-on-week (w-o-w).
However, at the Bureau De Change (BDC) and the interbank foreign exchange market segments, the local currency closed flat at N361/$ and N330/$ respectively.
But at the parallel (black) market segment, the Nigerian legal tender depreciated by 0.28 percent to N364/$.
During the week, the apex bank released $100 million to the Wholesale (SMIS) segment, $55 million to Small and Medium Scale Enterprises sector, and $55 million for invisibles.
Meanwhile, all dated forward contracts at the interbank over-the-counter (OTC) segment appreciated on sustained increase in the foreign exchange reserves – spot rate, 1 month, 2 months, 3 months and 6 months contracts appreciated w-o-w by 0.03 percent, 0.08 percent, 0.16 percent, 0.31 percent and 0.30 percent to close at N305.70/$, N363.93/$, N367.82/$, N371.75/$, and 386.50/$ respectively.
As the global crude oil prices retains upbeat, which should result in further build-up in foreign reserve, the Naira is expected to sustain stability this week.
more recommended stories
Nigeria’s Manufacturing PMI Sustains Faster Growth Rate in May
By Dipo Olowookere The Central Bank.
NSE Bars Stockbrokers, Others from Capital Market for Fraud
By Dipo Olowookere No fewer than.
N8.7bn Financial Stocks Exchanged Hands in One Week
By Dipo Olowookere A total turnover.
MTN Nigeria Suffers First Loss at Stock Market
By Dipo Olowookere For the first.
Stockbrokers Institute Offers 31 Financial Journalists Scholarship
A total of 31 financial journalists.
ABCON Urges Members to Shun Gmail, Yahoo
Over 4,500 Licenced Bureau de Change.
How to Achieve Total Agric Transformation in Nigeria–Obasanjo
By Dipo Olowookere Former President Olusegun.
Naira Devalues by 0.03% at Interbank Despite Supply of $210m
By Dipo Olowookere The Nigerian Naira.