Afolabi Sotunde Illustration Naira
However, the Investors & Exporters market moved the opposite direction after a marginal 1bps strengthening to close at N411.44/USD; hence, widening the gap between the parallel market and the NAFEX window.
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.
Elsewhere, the Naira/USD exchange rate depreciated for most of the foreign exchange forward contracts: 1 month, 2 months, 3 months, 6 months and 12 months exchange rates rose by 0.17%, 0.21%, 0.30%, 0.19% and 0.03% to close at N413.70/USD, N415.55/USD, N417.79/USD, N424.01/USD and N436.43/USD respectively.
However, the spot rate remained flat at N379.00/USD.
In the new week, as the stoppage of USD sales to the BDCs push more demand pressure to the parallel market, we expect Naira to further weaken against the greenback at the alternative FX Market segments.
Starting an ice cream venture in Nigeria presents strong profit potential for entrepreneurs who can…
May 19, 2026 – There is a “say-do gap” in Brand and Performance Advertising: most…
The Federal Government of Nigeria has arraigned Saipem Contracting Nigeria Limited and two of its…
A growing digital dependency is redefining everyday survival in Nigeria, where access to mobile data/mobile…
Guinness has ranked Nigeria as its third-largest market worldwide, reinforcing the country’s growing importance to…
Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings and a member of Standard Bank…
This website uses cookies.