Naira gains by 0.06% to N411.00/$
Naira at the Investors & Exporters Foreign Exchange window ( I & E FX) appreciated against the Dollar by 0.06 per cent on Thursday to close at N411.
It, thus, depreciated by 0.51per cent and 0.09per cent against the Euro and Pound Sterling closing at N496.93 and N571.72 respectively.
The exchange rate between the Naira and the Dollar closed at N411.25 at the Importers and Exporters window on Wednesday.
According to FMDQ Exchange, a total foreign exchange turnover of $110.46 million was traded by Investors and Exporters on Thursday.
Foreign Exchange turnover at the Investor and Exporters window had dropped by 30.7per cent on Wednesday.
Data from FMDQ showed that foreign exchange turnover declined from $48.42 million/ recorded on Tuesday to $33.55 million on Wednesday
At the parallel market the Naira lost 0.34per cent against the Euro to close at N584, while it remained flat against the Dollar and Pound Sterling to close at N485 and N672 respectively.
However, the Naira had remained stable at the parallel market to close at N485/$1 on Wednesday. This was the same rate that was recorded the previous day.
The naira gained at the official window despite the low liquidity at the foreign exchange market with dollar supply dropping by 30.7per cent.
The Central Bank of Nigeria (CBN) said Naira at the interbank market traded flat at N379 against the Dollar.
The Money market rates were up on Thursday as the Open Buy Back and Overnight rates both rose by 75basis points printing at 15.75per cent and 16.00per cent respectively.
The bond market was somewhat quiet today with yields closing flat across most maturities. However, the yields on the 5-year benchmark bond gain 47basis points printing at 12.36per cent while yields on the 7-year benchmark bond shed 1bp to close at 12.42per cent. Yields on the 10yr benchmark bond remained flat at 12.64per cent.
“In the near term, we expect market activity to be influenced by liquidity levels and foreign investor participation,” analysts at Investment One research added.
The CBN disclosed that the nation’s external reserve position dropped by 0.1% on Tuesday to stand at $34.974 billion.
Data obtained from the CBN, revealed that Nigeria’s external reserve dipped from $35.008 billion recorded on 26th April 2021 to $34.974 billion on Tuesday.
This represents the seventh consecutive decline recorded during the week in Nigeria’s external reserve, having had 19 successive growths.
The growth recorded was attributed to increasing global oil prices and some of the measures introduced by the CBN to boost dollar inflow in the country’s foreign exchange market, such as the naira 4-dollar scheme.
