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