Naira gains 0.23% to exchange $/N365.85 at Investors’ FX Window

By FELIX OLOYEDE

Despite the pressure on the country’s foreign reserves on the back of dipping oil price, the Naira appreciated 0.23 per cent to close at N363.85 against the Dollar from $/N364.70 in the previous trading session at Investors’ and Exporters Foreign Exchange Window.  

At the I&E FX window a total of $134.90bn was traded in 346 deals, with rates ranging between N358.00/$ – N365.50/$.

However, the local currency lost 0.27 per cent to at $/N365.00 at the parallel segment of the forex, while the transfer rates dropped 0.14 per cent to close at $/N367.00.

On the other hand, the Naira/USD rate remained unchanged to closing at $/N306.80 (spot) and $/N359.81 (SMIS) at the Interbank segment of the forex market.

 The CBN has injected about $11 billion in the country’s forex market to defend the naira since January 2018 to date.