Naira Trades Flat Against Dollar Across Market Segments

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By Modupe Gbadeyanka

There was a relative stability at the various segments of the foreign exchange (forex) market in Nigeria this week. This was because the Naira traded flat against the United States Dollar.

At the Investors & Exporters Forex (I&E) window, the local currency remained unchanged at N360.65 to a Dollar.

It was similar scenario at the official interbank segment of the market, where the Naira also stayed unshaken at N356.46 per Dollar.

This occurred in the midst of the $210 million released into the market on Tuesday by the Central Bank of Nigeria (CBN) to sustain liquidity in the market.

During the weekly intervention into the forex market via the Secondary Market Intervention Sales (SMIS), the apex bank supplied $100 million to the Wholesale SMIS segment, while the Small and Medium Scale Enterprises and invisibles windows received $55 million each.

Also during the week, the local currency remained unchanged against the Dollar at both the Bureau De Change (BDC) and the parallel (black) market segments at N358/$ and N360/$ respectively.

Meanwhile, the Naira/Dollar exchange rate moderated for most of the foreign exchange forward contracts, with one month, 2 months, 3 months, 6 months depreciating by 0.01 percent, 0.03 percent, 0.08 percent and 0.07 percent to close at N363.41/$, N366.15/$, N368.85/$ and N381.08/$ apiece.

On the flip side, spot rate and 12 months rate appreciated by 0.02 percent and 0.13 percent to close at N306.95/$ and N404.10/$.

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