SAT, MAR 02 2024-theGBJournal|The value of the Naira to the dollar strengthened by 704 bps week-on-week by Friday to print at N1,548.25/$ at the Nigerian Autonomous Foreign Exchange Market Window following the pace of reforms within the market as well as the renewed interventions by the apex bank.
This week, the CBN commenced the weekly sale of USD20,000.00 to each of the 1,368 eligible BDCs with allowable spread capped at 1.0% of the purchase price.
At the NAFEM, total turnover (as of 29 February 2024) declined by 16.3% WTD to USD787.28 million, with trades consummated within the N1,300.00 – N1,778.25/USD band.
In the Forwards market, the naira appreciated at the 1-month (+0.1% to N1,581.73/USD) contract, but depreciated at the 3-month (-0.2% to N1,621.98/USD), 6-month (-0.3% to N1,678.95/USD) and 1-year (-0.5% to N1,803.18/USD) contracts.
Meanwhlie, Nigeria’s FX reserves improved further as gross reserve level increased by USD200.45 million w/w to USD33.72 billion (29 February).
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