I & E FX: Naira closes flat at N386.00/$

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By Kayode Tokede

Naira closes flat against the Dollar at N386 against the Dollar at the Investors & Exporters Foreign Exchange ( I & E FX) window on Monday.

It also closed up by 0.38per cent and 0.17per cent against the Euro and Pounds at N449.58 and N495.46 respectively. The FMDQ Exchange disclosed that a total turnover of $37.23 million was traded on Monday by Investors and exporters.

At the parallel market, while the Naira closed flat at N463 and N540 against the Dollar and Euro respectively, it lost 0.51 per cent against the Pound to close at N595.

The Naira at the Central Bank of Nigeria (CBN) interbank market also closed flat at N 379.00 against the Dollar.

Money market rates declined today as Open Buy Back and Overnight rates decreased from nine per cent and 9.75 per cent to six per cent and 6.25 per cent respectively.

The bond market was positive today as yields declined across most maturities. The yields on the 5yr and 10yr benchmark bonds decrease by 16basis points and one basis point to close at 3.10 per cent and 4.16 per cent respectively, while the yield on the 7yr benchmark bond inched up by 11 basis points to 3.45 per cent.

“In the near term, we expect market activity to be influenced by liquidity levels and foreign investor participation,” analysts at Cordros capital explained.