Business
Naira slumps slightly to $/N361.03 at Investors Forex Window
At the I&E FX Window, the dollar opened at N361.71, traded high at N364.00 and settled closed at N361.33.
A total of $377.93 million was exchanged hands at the I&E window.
The exchange rate at the parallel market, the cash and transfer rates remained unchanged at N358.00/$ and N365.00/$ respectively.
Also, at the Interbank, rates remained unchanged at N306.85/$ (Spot) and N356.97/$ (SMIS).
Meanwhile, rates in the money market rose further by O.3 per cent due to funding for a Retail FX sale, which was slightly moderated by inflows from FAAC payments into the system.
Overnight(O/N) rate rose 3.17 per cent from the previous day’s rate to 17.42 per cent, while Open Buy-Back (OBB) rate also leaped 3.17 per cent to 16.33 per cent.
Analysts at Zedcrest Capital are projecting rates to remain elevated with the CBN expected to resume its weekly wholesale FX intervention on Monday.