Connect with us
naira and dollar naira and dollar

Economy

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

Published

on

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.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

Click to comment

Leave a Reply

The blockchain brings new financing options to the business market. For example, Bitcoin Cash casino has adapted to only using cryptocurrency. This way, it makes it easier for their customers to deposit and withdraw in a BCH casino. Entrepreneurs have taken note of this and are looking to invest more in crypto than in fiat markets.

Like Our Facebook Page

Latest News on Business Post

Trending

%d bloggers like this: