Naira/Dollar Rates Rise Across Most Market Segments

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By Cowry Asset

In the just concluded week, the Central Bank of Nigeria (CBN) injected $250 million into the interbank foreign exchange market.

In the wholesale segment of the market, CBN auctioned $100 million while the Small and Medium Enterprises (SMEs) and the Invisibles segment received $85 million and $65 million respectively.

However, the interbank exchange rate (NIFEX) remained unchanged at N330/$.

In other segments, the Naira appreciated week-on-week (w-o-w) at the Bureau De Change and Parallel market segments by 1.36 percent and 1.35 percent to N362/$ and N365/$ respectively.

It however depreciated at the Investors & Exporters Forex and Window (I&E FXW) by 0.03 percent to N359.67/$.

In the forwards market, the spot contract depreciated w-o-w by 0.02 percent to N305.85/$.

However, the 3 months, 6 months and 12 months forward contracts appreciated w-o-w by 0.27 percent, 0.34 percent and 0.10 percent to N377.4/$, N397.17/$ and N435.18/$ respectively.

Next week, we expect that CBN’s continued intervention in the interbank segment and increasing investor confidence would lead to further stability of the Naira/$ exchange rate.

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