I & EFX: Naira appreciates by 0.26% to N409.20/$

By Kayode Tokede

Naira at Investors & Exporters Foreign Exchange ( I& EFX) appreciated by 0.26 per cent to N409.20 against the dollar on Monday.

While naira lost by 0.06per cent against the dollar and pound sterling closing at N566.76, it inched up against the euro to print at N490.01.

A turnover of $24.38 million was traded by I& EFX window on Monday, according to FMDQ Exchange.

At the parallel market, the Naira closed flat at N482, N672 and N583 against the dollar, pound  and euro respectively.

However, naira 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.

Money market rates inched up today as Open Buy Back and Overnight rates increased by 33 basis points and 42basis points to close at six per cent and 6.75 per cent respectively.

The bond market was positive today as yields decreased on most maturities.

The yield on the 7yr benchmark bond close flat at 10.33 per cent, while the yield on the 10yr benchmark bond declined by 15bps to 10.62 per cent.

Conversely, the yield on the 5yr benchmark bond was up by 175 basis points to 9.91 per cent.