The Nigerian currency, last week, ended week-on-week stable against the Dollar in most foreign exchange market segments following weekly interventions by the Central Bank of Nigeria, CBN, to the tune of $210 million into the foreign exchange market of which $100 million was allocated to Wholesale (SMIS), $55 million was allocated to Small and Medium Scale Enterprises and $55 million was sold for invisibles.
The Naira closed flat against the greenback at the parallel (black) market and the interbank foreign exchange market at N363/$ and N330/$ respectively while it appreciated at the Bureau De Change segment by 0.02 percent to close at N360/$ amid increase in foreign exchange reserves by 0.9 percent to $41.5 billion.
However, at the Investors & Exporters Forex Window (I&E FXW) segment the Naira depreciated by 0.28 percent to close at N360.36/$, analysts at Cowry Asset revealed.
Meanwhile, dated forward contracts at the interbank over-the-counter (OTC) segment mostly appreciated; 1-month, 2-month, 3-month and 6-month contracts appreciated by 0.01 percent, 0.08 percent, 0.18 percent and 0.06 percent to close at N364.36/$, N368.40/$, N372.46/$ and 387.73/$ respectively.
However, spot rate crashed by 0.03 percent to close at to 305.95.
