SAT JUNE 01 2024-theGBJournal|The naira appreciated to a month high of N1,173/USD on 28 May before closing the week at N1,485.99/USD (-0.2% w/w) at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Markedly, the CBN intervened in the market five times over the week, with total sales of US$338.00 million within the range of N1,030.00/USD and N1,400.00/USD.
Total turnover at the NAFEM (as of 30 May) advanced by 3.1% WTD to USD1.55 billion, with trades consummated within the N1,010.00/USD – N1,520.00/USD band.
In the forwards market, the naira rates depreciated across the 1-month (-0.8% to N1,515.63/USD), 3-month (-0.8% to N1,559.64/USD), 6-month (-0.3% to N1,626.00/USD) and 1-year (-1.4% to N1,795.08/USD) contracts.
Meanwhile, This week, Nigeria’s FX reserves paused its five-week growth trend as the gross reserve level weakened by USD44.00 million w/w to USD32.69 billion (29 May).
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