In the just concluded week, Naira remained unchanged against the US Dollar at the Investors & Exporters (I&E) and parallel (‘black’) markets to close at N410.00/USD and N485.00/USD respectively – despite the Central Bank of Nigeria (CBN)’s N5 to a dollar scheme.
Brandnewsday confirms that the Naira weakened against the greenback at the Bureau De Change (BDC) by 0.63% to close at N480.00/USD.
Meanwhile, NGN/USD exchange rate closed flat at N380.69/USD at the Interbank Foreign Exchange market amid weekly injections of USD210 million by CBN into the forex market: USD100 million was allocated to Wholesale Secondary Market Intervention Sales (SMIS), USD55 million was allocated to Small and Medium Scale Enterprises and USD55 million was sold for Invisibles.
READ: CBN To Boost Diaspora Remittances Inflow Through ‘Naira 4 Dollar Scheme’
Also, despite the CBN’s ‘Naira 4 Dollar Scheme’ to boost the diaspora remittances and further strengthens the circulations of the US Dollar in the country, seems not to be effective.
Elsewhere, the Naira/USD exchange rate depreciated for most of the foreign exchange forward contracts: 1 month, 2 months and 3 months rates fell by 0.04%, 0.08% and 0.06% respectively to close at N412.09/USD, N415.05/USD and N417.87/USD respectively.
However, 6 months and 12 months rate rose by 0.18% and 0.07% to N426.18/USD and N442.45/USD while the spot rate remained flattish at N379.00/USD.
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The unchanged Naira/USD rate at the parallel market and the weakened position of the Naira against the greenback was in tandem with our expectation last week that the N5 to a dollar scheme by CBN may not have a significant impact on the exchange rate. Hence, in the new week, we expect Naira/USD to remain flat at most FX Windows.
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