…There has been sustained accretion to the FX reserves as the balance reached a 20-month high of USD36.94 billion (as of 13 September), partly reflecting inflows from the proceeds of the recently concluded domestic FGN US Dollar bond (c. USD900 million
SAT SEPT 21 2024-theGBJournal| The Central Bank of Nigeria (CBN) doubled its effort to support the naira, selling an additional US$46.00 million in the market this week, and causing the naira to appreciate by 0.3% w/w to N1,541.52/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Total turnover at the NAFEM as of 19 September decreased by 66.4% WTD to USD434.24 million, with trades consummated within the NGN1,530.00/USD – NGN1,670.00/USD band.
In the forwards market, the naira rate increased across the 1-month (+1.8% to N1,639.48/USD), 3-month (+1.4% to N1,713.67/USD), 6-month (+1.4% to N1,812.71/USD), and 1-year (+1.6% to N2,019.55/USD) contracts.
Meanwhile, Nigeria’s FX reserves increased by US$451.73 million w/w to USD37.39 billion (19 September), marking the third consecutive week of accretion.
There has been sustained accretion to the FX reserves as the balance reached a 20-month high of USD36.94 billion (as of 13 September), partly reflecting inflows from the proceeds of the recently concluded domestic FGN US Dollar bond (c. USD900.00 million).
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