By Modupe Gbadeyanka
The local currency performed fairly this week against the Dollar at the Investors’ and Exporters’ (I&E) foreign exchange window.
During the week, the Nigerian legal tender appreciated by 0.05 percent at the segment by the time transactions were brought to an end on Friday.
The Naira closed the week at N360.01k to the Dollar amid weekly injections by Central Bank of Nigeria (CBN) of $210 million into the forex market.
From the injection, the apex bank allocated $100 million to the Wholesale (SMIS) segment, $55 million to the Small and Medium Scale Enterprises, while $55 million was also given to the Invisibles segment to meet demand customers needing forex to pay bills abroad and others.
According to analysts at Cowry Asset, the Naira/Dollar rate remained unchanged at the interbank foreign exchange market at N330/$, N362/$ at the parallel market, and N360/$ at the Bureau De Change (BDCs) segment.
Meanwhile, all dated forward contracts at the interbank over-the-counter (OTC) segment appreciated — spot rate, 1 month, 2 months, 3 months and 6 months contracts fell by 0.02 percent, 0.07 percent, 0.13 percent, 0.23 percent and 0.40 percent to close N305.60/$, N363.73/$, N367.62/$, N371.41/$ and N385.55/$ respectively.
Next week, Cowry Asset expects stability in exchange rate amid further accretion to the external reserves as global oil prices retain its upbeat and CBN continues with the weekly intervention.
more recommended stories
Guinea Insurance Seeks More Time to File FY 2018, Q1 2019 Results
By Dipo Olowookere The management of.
FarmCrowdy, Livestock247 Partner to Boost Trading
A partnership aimed to deepen the.
Why You Should Consider Investing in Eurobond Funds
By United Capital Research Last week,.
Zedcrest Capital’s Amzat, Others to Speak at Lagos FINTECH Week
Group Managing Director of Zedcrest Capital.
Buhari to Empower 10m Traders, Farmers During Second Term
By Modupe Gbadeyanka No fewer than.
Africa Prudential Considers New Ventures to Improve Earnings
By Modupe Gbadeyanka Managing Director/CEO of.
Team Ren Excalibur Wins Renmoney’s Hackathon
By Modupe Gbadeyanka One of Nigeria’s.
Unilever Nigeria Revenue Drops to N19bn in Q1 2019
By Dipo Olowookere Lagos-based Fast-Moving Consumer.