Home / BUSINESS / Naira Reverses Loss, Sells At N360.5 to Dollar

Naira Reverses Loss, Sells At N360.5 to Dollar

From UDO ONYEKA, Lagos

The Naira on Friday closed trading on a positive note by reversing the marginal loss made on Thursday.

The naira gained 50 kobo to exchange at N360.5 to the dollar at the parallel market. The Pound Sterling was sold at N408. At the Bureau De Change window, the dollar was sold at N360, while the Pound Sterling closed at N408.

Trading at the investors’ window saw the dollar closing at N364.94.

According to Cowry Weekly Financial Markets Review, the Naira Closes Flat against the US dollar at BDC, Parallel Market Segments in the just concluded week.

The local currency was flattish against the USD at the Bureau De Change (BDC) and parallel (‘black’) market segments to close at N359/USD and N363/USD respectively on the back of sustained intervention by the apex bank and relatively lower demand from businesses which are just resuming fully from the public holidays.

Also, the NGN/USD rate was flattish at the Interbank Foreign Exchange market N358.31/USD amid weekly injections of USD210 million by CBN into the foreign exchange market via the Secondary Market Intervention Sales (SMIS) of which: USD100 million was allocated to Wholesale SMIS,.

USD55 million was allocated to Small and Medium Scale Enterprises and USD55 million was sold for invisibles.

The Naira appreciated at the Investors & Exporters Forex Window (I&E FXW) by 0.11 per cent to close at N364.94. Meanwhile, the Naira/USD exchange rate fell (i.e. Naira appreciated) for most of the foreign exchange forward contracts – spot rate, 1 month, 2 months and 3 months rates moderated by 0.02%, 0.15 per cent, 0.16 per cent and 0.13 per cent respectively to close at N306.90/USD, N368.83/USD, N372.10/USD and N374.74/USD respectively.

However, 6 months and 12 months rates depreciated by 0.20 per cent and 0.14 per cent to N387.33 and N416.01 respectively.

Analysts Cowry Assets said they expect stability in the Naira/USD rate in most market segements, especially at the BDC in the new week  as CBN sustains its special interventions.

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