By Cowry Asset
In the just concluded week, the Central Bank of Nigeria (CBN) continued its intervention in various segments of the interbank foreign exchange market with the sale of $195 million (same as the preceding week).
The wholesale segment of the market received $100 million, the Small and Medium Enterprises (SMEs) segment was boosted with $50 million while the Invisibles segment received $45 million.
Meanwhile, as at Thursday, October 19, 2017, Nigeria’s foreign reserve stood at $33.36 billion.
Consequently, the Interbank market (NIFEX) exchange rates remained unchanged at N330/USD.
Similarly, the Naira remained unchanged week-on-week (w-o-w) at the parallel market. However, the Naira gained 0.03% to close at 360.32 at the I&E FX window while it lost by 0.83% at the BDC market to close at N363.
In the forwards market, the spot remained unchanged at N305.50/USD while the 3-month, 6-month and 12-month forward contracts appreciated w-o-w by 0.09%, 0.08% and 0.84% to N378.69/USD, N398.62/USD and N427.97/USD respectively.
This week, retain our stable outlook for the exchange rate amid sustained stability in global crude oil prices which should result in further build-up in foreign reserves as well as CBN’s continued intervention in the various segments of the interbank foreign exchange market.
