THUR, MAR 28 2024-theGBJournal| The local currency, the naira closed out the weeks official trading up by 9.3% to N1,309.39/US$1 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Total turnover at the market (as of 27 March 2024) slumped by 47.8% WTD to US$984.84 million, as trades were consummated within the N1,200.00 – N1,486.00/USD band.
Notably, the CBN sold another round of US$10,000.00 to each of the eligible BDCs at NGN1,251.00/US$, with an allowable spread capped at 1.5%.
In the Forwards market, the naira rates recorded for the 1-month (+9.5% to N1,334.58/US$), 3-month (+9.1% to N1,375.00/USD), 6-month (+8.7% to N1,438.11/USD) and 1-year (+10.7% to N1,541.08/US$) contracts increased.
Meanwhile, Nigeria’s FX reserves weakened further this week even as the Naira regained vitality, with the gross reserves level falling by US$311.91 million to US$33.95 billion (26 March) from US$34.26bn posted last week.
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