I & E FX: Naira appreciates by 0.04% to $411.50/$

By Kayode Tokede

Naira at Investors & Exporters Foreign Exchange (I & EFX) window appreciated by 0.04 per cent to close at $411.50 against the Dollar on Monday.

The local currency at the specialized window lost by 0.17per cent and 0.24per cent against the Euro and Pound Sterling to close at N499.06 and N580.17 respectively.

FMDQ Exchange on Monday said total foreign exchange by investors and exporters was $111.53 million.

At the parallel market, while the Naira appreciated by 0.29per cent against the Pound Sterling to close at N678, it closed flat against Dollar and Euro at N484 and N581 respectively.

Money market rates decreased as the Open Buy Back and Overnight rates fell from 26.88 per cent and 28.88 per cent to 13.50 per cent and 13.75 per cent respectively.

The bond market was quiet today as yields remained flat across most tenures. Consequently,  the yields on the 5year, 7year and 10year benchmark bonds close flat at 12.64 per cent, 13.01 per cent and 13.24 per cent respectively.

“In the near term, we expect market activity to be influenced by liquidity levels and foreign investor participation,” analysts at Investment One research said.