Naira hits four-month low at Investors’ Forex Window

Naira appreciated 0.1 per cent to exchange N362.70/$ at the spot market of Investors’ and Exporters’ Foreign Exchange Window on Thursday, the lowest it has traded against the Dollar in four months.

The rise in the local currency’s value was underpinned on increased forex supply into the country.

The total of $583m traded also took the exchanged volumes to a 4-Month high.

At the Interbank, the Naira/USD rate fell back by 0.16 per cent to N306.85/$ at the spot market, while the SMIS rate remained unchanged at N356.73/$.

Rates at the parallel market however remained pressured, with the cash rate rising by 0.06 per cent to N361.20/$, while the transfer rate remained unchanged at N365.50/$.