I & E FX: Naira trades flat at N386/$

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By Kayode Tokede

The Naira at the investors & Exporters ( I & F) Foreign Exchange window traded flat at N386 against the Dollar on Tuesday.

The Naira lost by 0.32per cent against the Pound to close at N493.38,  and against the Euro, the Naira inched up by 0.09 per cent to N453.83.

At the parallel market, while the Naira lost by 1.69 per cent and 0.94 per cent against the GBP and EUR printing at N600 and N535 respectively, it closed flat at N460 against the Dollar.

“Going forward, we expect the FX market to be dictated by heightened dollar demand and CBN FX policies,” analysts at InvestmentOne research explained.

Money market rates dropped today as Open Buy Back and Overnight rates declined by 60bps and 55bps to 4.40 per cent and 5.20 per cent respectively.

The bond market was positive today as yields decreased across most maturities. Nonetheless, the yields on the 5yr, 7yr and 10yr benchmark bonds closed flat at  5.15 per cent, 7.55 per cent and nine per cent respectively.