I & E FX market: Naira appreciates by 0.25% to close at N400/$

Naira at the Investors & Exporters Foreign Exchange (I & E FX) market appreciated by 0.25 per cent to close at N400 against the dollar on Wednesday.

Against the currencies, the naira closed up by 0.17per cent and 0.31 per cent euro and pound sterling at N461.90 and N527.96 respectively.

FMDQ said on Wednesday that turnover trade at I & E FX market was $50.74 million.

At the parallel market, the Naira closed flat against the euro at N575, against the dollar and GBP it closed up by 0.42per cent and 0.46 per cent to print at N478 and N652 respectively.

The local currency at the interbank market of the Central Bank of Nigeria (CBN) traded flat at N379 against the dollar.

“Going forward, we expect the FX market to be dictated by heightened dollar demand and CBN FX policies,” analysts at Investment One Research said.

Meanwhile, the money market rates fell today as Open Buy Back and Overnight rates dropped by 350basis points to close at five per cent and 5.25 per cent respectively.

The bond market was negative today as yield tilted upwards across some maturities across the curve.

Consequently, yield on the 5yr benchmark bond close flat at 8.40 per cent, while the 7yr and 10yr benchmark bonds inched up by 156 basis points and 11 basis points to print at 9.97 per cent and 10.36 per cent respectively