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Naira Records 0.04% w-o-w Gain at I&E to Close at N362.35/$

By Dipo Olowookere

It was a positive week for the local currency at the Investors & Exporters (I&E) segment of the foreign exchange (Forex) market in Nigeria.

During the week, the Naira achieved a marginal growth of 0.04 percent at the forex window against the Dollar to close at N362.35.

This was as the Central Bank of Nigeria (CBN) supplied $210 million to the market via the Secondary Market Intervention Sales (SMIS).

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A breakdown of the intervention showed that $100 million was allocated to Wholesale (SMIS), $55 million each to the Small and Medium Scale Enterprises and invisibles.

Though the Naira gained at the I&E, it was flat at the Bureau De Change (BDC) segment and the parallel market at N357/$ and N360/$ respectively.

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Meanwhile, according to Cowry Asset, most dated forward contracts at the interbank over-the-counter (OTC) segment appreciated – 1 month, 2 months and 6 months contracts gained 0.06 percent, 0.04 percent and 0.08 percent to close N365.23/$, N368.38/$, N383.32/$ respectively.

However, spot rate contract remained unchanged at N306.10/$ while 3 months contracts lost 0.03 percent to close N371.80/$.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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