Despite the global Coronavirus pandemic, Naira appreciated 0.02 per cent to N307.00 against the Dollar as the country’s foreign reserves has declined -3.39 per cent to $36.18 billion in the last one month.
The Investors and Exporters (I&E) FX window opened at N366.63, traded high at N368.50 and eventually closed at N366.75, representing a 0.01 per cent depreciation against the previous day’s closing position. A total of $199.81 million was exchanged by investors through the I&E window.
Meanwhile, at the Interbank, the Naira/USD spot rate appreciated by 5k to close at N306.95/$, while the SMIS rate remained unchanged to close at N358.51/$.
At the parallel market, cash rate significantly depreciated by N4.20k to close at N363.00/$, while the transfer rate remained unchanged at N370.00/$.