SAT, JUNE 17 2023-theGBJournal |Nigeria’s FX reserves remained pressured this week, declining by US$194 million w/w to US$34.62 billion (15 June).
Likewise, the naira depreciated significantly by 28.7% to N663.04/US$ at the I&E window (IEW), reflecting the impact of the FX market liberalisation announced during the week.
The re-introduction of the “willing buyer, willing seller” model at the IEW is expected to influence the exchange rate direction in the coming weeks.
At the IEW, total turnover (as of 13 June 2023) declined by 34.2% WTD to US$378.85 million, with trades consummated within the N460 – N791/US$ band.
In the Forwards market, the naira depreciated at the 1-month (-31.2% to N698.21/US$), 3-month (-31.9% to N743.69/US$), 6-month (-30.9% to N769.91/US$), and 1-year (-29.0% to N790.62/US$) contracts.
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