Dipo Olowookere
By Dipo Olowookere
The value of Naira to the United States Dollar depreciated this week by 0.28 percent at both the parallel and Bureau De Change (BDC) segments this week to N362/$ and N359/$ respectively.
However, the local currency appreciated by 0.02 percent at the Investors & Exporters (I&E) window of the foreign exchange (Forex) market to trade at N361.65/$.
At the interbank segment of the market, the Naira remained unchanged at N357.10/$ amid weekly injections of $210 million by the Central Bank of Nigeria (CBN).
According to Cowry Asset, the amount was pumped into the market via the Secondary Market Intervention Sales (SMIS).
It was gathered that $100 million was allocated to Wholesale SMIS, $55 million was allocated to Small and Medium Scale Enterprises, while another $55 million was sold for invisibles.
Meanwhile, the Naira/USD exchange rate fell further (i.e. Naira sustained gains) for most of the foreign exchange forward contracts – 3 months, 6 months and 12 months rates moderated by 0.11 percent, 0.14 percent and 0.03 percent respectively to close at N370.68/$, N382.26/$ and N412.11/$ respectively.
However, the Naira/Dollar exchange rate rose (i.e. Naira lost) for spot rate, 1 month and 2 months forward contracts by 0.02 percent and 0.03 percent, 0.26 percent, N306.75/$ and N364.65/$ respectively.
