SAT 19 MARCH, 2022-theGBJournal| Nigeria’s FX reserves sustained its descent as it declined by USD39.40 million w/w to USD39.70 billion (March 16 2022). The drop is in line with expectation that accretion to the reserves will be weak given that crude oil production levels remain pretty low.
Meanwhile, the naira was flat at NGN416.67/USD and NGN578.00/USD at the I&E window (IEW) and parallel market, respectively. At the IEW, total turnover (as of March 17 2022) declined by 27.2% WTD to USD507.94 million, with trades consummated within the NGN410.00 – NGN453.25/USD band.
In the Forwards market, the naira appreciated at the 1-month (+0.1% to NGN418.80/USD), 3-months (+0.2% to NGN424.34/USD), 6-months (+0.4% to NGN433.42/USD) and 1-year (+1.3% to NGN449.67/USD) contracts.
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