By Dipo Olowookere
The value of the Naira to the United States Dollar depreciated last week at both the parallel and Bureau De Change (BDC) segments of the foreign exchange market.
While the local currency lost 55 kobo to the Dollar to trade at N364 at the black market, it went down by 56 kobo at the BDC to settle at N362.
However, at the Investors & Exporters (I&E) window, the local currency further appreciated by 0.09 percent to close at N362.46.
At the interbank segment, the Naira remained unchanged in the week at N357.97/$ amid weekly injections of $210 million by Central Bank of Nigeria (CBN).
The above amount was released into the foreign exchange market via the Secondary Market Intervention Sales (SMIS).
At the intervention, the apex bank sold $100 million to Wholesale SMIS and $55 million each to the invisibles and the Small and Medium Scale Enterprises sectors.
For most of the foreign exchange forward contracts tracked by Cowry Assets during the week, the Naira to Dollar exchange rate fell.
The spot rate, 1 month, 2 months, 6 months and 12 months rates moderated by 0.02 percent, 0.19 percent, 0.15 percent, 0.08 percent and 0.01 percent respectively to close at N306.80/$, N365.63/$, N368.80/$, N383.57/$ and N411.12/$ respectively.
However, the 3 months rate rose (i.e. Naira depreciated) by 0.03 percent to close at N371.95/$.
