Naira at parallel market closes at N495/$

By Kayode Tokede

Naira at the parallel market on Thursday depreciated by 1.64 per cent to close at N495 against the Dollar.

The Naira also depreciated by 0.51per cent and 0.58per cent against the Euro and Pound sterling to close at N592 and N692 respectively.

At the Investors & Exporters Foreign Exchange  (I & EFX) window, while the Naira gained by 0.12per cent and 0.09per cent against the Dollar and Euro closing at N411.00 and N501.05, it inched down against the Pound Sterling by 0.40per cent printing at N582.72.

Meanwhile, the money market rates declined on Thursday as the Open Buy Back and Overnight rates decreased by 50bps each to close at 13per cent and 13.50per cent respectively.

The bond market traded on a flattish note today as yields remained unchanged across most tenures.

The yields on the 7-year and 10-year benchmark bonds close flat at 13.15per cent and 13.21per cent respectively, while the yield on the 5yr bond inched up by 10bps to 12.93per cent.