By Kayode Tokede
Naira at the Investors & Exporters Foreign Exchange (I & E FX) window gained 0.12 per cent to close at N410.50 against the Dollar on Wednesday. As the Naira gained by 0.06per cent against the Euro closing at N491.55, it lost 0.25 per cent against the Pound Sterling to close at N569.48.
According to FMDQ Exchange, foreign exchange turnover of $172.52 million was traded on Wednesday.
The Naira had depreciated against the Dollar at the I &E window on Tuesday to close at N411 against the Dollar, representing a N1 decline when compared to the N410 against the Dollar that was recorded on Friday.
The opening indicative rate closed at N410.5 to a dollar on Tuesday, representing a 37 kobo drop when compared to the N410.13 against the Dollar recorded on Friday.
Also, an exchange rate of N422 to a dollar was the highest rate recorded during intra-day trading before it settled at N411 against the Dollar. It also sold for as low as N395 against the Dollar during intra-day trading, the same as recorded on Friday.
Our correspondent had reported that foreign exchange turnover at the I&E window declined by 25 per cent on Tuesday from $56.81 million/ recorded on Friday, 30th April 2021 to $42.59 million on Tuesday, 4th May 2021.
At the parallel market the Naira gained 0.17 per cent against the Euro to close at N585, while it remained flat against the Dollar and Pound Sterling at N485 and N675 respectively.
The local currency at the interbank market traded flat at N379 against the Dollar.
Money market rates were mixed today as the Open Buy Back rate rose by 50bps to 15 per cent, while Overnight rate closed flat at 15.50 per cent.
The bond market was negative today with yields closing higher at the medium to long end of the curve.
The yields on the 7yr and 10yr benchmark bonds inch up by 21bps and 48bps to 12.64 and 13.14 per cent respectively, the yield on the 5yr bond closed flat at 12.36 per cent.
However, the CBN disclosed that foreign reserve plunged for the 10th consecutive day on Friday, 30th April 2021 as it dipped $27.74 million to close at $34.88 billion.
The nation’s foreign reserve declined from $34.91 billion recorded as of Thursday, 29th April 2021 to $34.88 billion on Friday, representing a 0.08per cent decline.
Nigeria’s foreign reserve has dipped $373.57 million since 16th April 2021 to date.