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).

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.

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/$.

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. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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