By Modupe Gbadeyanka
This week, the Naira appreciated against the Dollar at the Investors & Exporters Forex Window (I&E FXW) segment by 0.12 percent to dose at N360.27 on a week-on-week (w-o-w) basis.
This was amid weekly injections by the Central Bank of Nigeria (CBN) worth $210 million into the foreign exchange market of which $100 million was allocated to Wholesale (SMIS), $55 million was allocated to Small and Medium Scale Enterprises and $55 million was sold for invisibles.
Elsewhere, the Naira closed steady against the Dollar at the other market segments; the parallel (black) market, the Bureau De Change and the interbank foreign exchange market dosed at N363.00/$, N361/$ and N330/$ respectively.
Meanwhile, dated forward contracts at the interbank over-the-counter (OTC) segment mostly depreciated-spot rate, 2 months, 3 months and 6 months contracts depreciated by 0.03 percent, 0.07 percent, 0.17 percent and 0.34 percent to dose at N305.85/$, N368.69/$, N373.14/$ and 387.95/$ respectively.
However, 1 month dated forward contract appreciated by 0.03 percent to close at N364.40.
This week, stability in the Naira is expected as global crude oil prices remain upbeat which should result in further build-up in foreign reserve.
Dipo Olowookere 
Adedapo Adesanya