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.
Stanbic IBTC - Micro, Small, and Medium Enterprises (MSMEs) across Oyo State embraced the opportunity…
Guaranty Trust Bank Ltd (GTBank), the flagship banking subsidiary of Guaranty Trust Holding Company Plc…
As a major sponsor of Lagos Polo Club over the years, Stanbic IBTC was proud…
Kenya has introduced new legal powers allowing its central bank to provide emergency financial support…
Stanbic IBTC Capital, a subsidiary of Stanbic IBTC Holdings, has been named the Best Investment…
By Olajumoke Bello, Head Enterprise Banking, Stanbic IBTC Bank Across Nigeria, small and medium enterprises…
This website uses cookies.