The sell side of the naira exchange rate against the pound also dropped by N3.00, to close at N475 to the pound on the parallel market yesterday, as against the N472 it opened for trading. However, the naira remained flat at N420 against the euro.

For the Investors/Exporters Foreign Exchange (IEFX) window, the naira against the Dollar opened at N365.96 and closed at N366.37 while at the Inter-bank rate, it remained at N305.8. Uncertainty continued to surround the outcome of the CBN’s Monetary Policy Meeting that commenced on Monday as speculators trade the foreign exchange market with caution.

The naira appreciated last week attributable to CBN’s injection of $195 million — comprising $100 million (via the wholesale window), $50 million, and $45 million (via the SMEs and Invisibles windows respectively) – into the foreign exchange market.

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