Naira Trades Flat Against Dollar Amid $210m Injection by CBN

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By Cowry Asset

In the just concluded week, the local currency was unchanged at the Investors & Exporters Forex Window (I&E FXW) at N360.32.

Also, the Interbank Foreign Exchange market Naira/Dollar rate remained unchanged at N355.78/$ amid weekly injections of $210 million by CBN into the foreign exchange market via the Secondary

Market Intervention Sales (SMIS) 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.

Similarly, Naira was flattish against US dollar at both the Bureau De Change (BDC) and the parallel (black) market segments at N358/$ and N360/$ respectively.

Meanwhile, the Naira/USD exchange rate moved in different directions across the foreign exchange forward contracts – 1 month, 2 months and 12 months rates rose (i.e. Naira lost) by 0.04%, 0.02% and 0.08% to close at N363.11/$, N365.99/$ and N403.90/$ respectively.

On the flip side, 3 months and 6 months rates fell (i.e. Naira gained) by 0.06% and 0.10% to close at N368.96/$ and N380.99/$ respectively.

In the new week, we expect stability in the Naira/Dollar rate in most market segments, especially at the BDC Segment, as CBN sustains its special interventions.

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