Economy Naira Moderates at Forex Market Segments – BUSINESS POST
OCTOBER 08, 2017
In the just concluded week, the Central Bank of Nigeria (CBN) intervened in various segments of the interbank foreign exchange market with the sale of $195 million.
Furthermore, as at Tuesday, October 3, 2017, Nigeria’s foreign reserve stood at $32.74 billion.
Consequently, the Interbank market (NIFEX) exchange rates remained unchanged at N330/Dollar.
In other segments, the Naira appreciated week-on-week (w-o-w) at the the Bureau De Change and Parallel market segments by 0.55% each to N360/Dollar and N363/Dollar respectively.
However, at the I&E FX Windows, the Naira depreciated by 0.07% to N360.64/USD.
In the forwards market, the spot and 3months contracts appreciated w-o-w by 0.03% and 0.12% to N305.65/USD, N378.44/USD respectively.
However, the 6 months and the 12months forward contracts depreciated by 0.21% and 0.96% to N398.37/USD and N431.92/USD respectively.
This week, amid relatively high global crude oil prices which should result in further build-up in foreign reserves, in addition to CBN’s continued intervention in the various segments of the interbank foreign exchange market, we expect further stability of the Naira/Dollar exchange rate.