I& EFX window: Naira depreciates by 0.49% to N562.90/ £

By Kayode Tokede

Naira at the investors & Exporters Foreign Exchange ( I & EFX) window on Wednesday lost by 0.49 per cent to close at N562.90 against the Pound Sterling.

It also lost by 0.29 per cent to N478.97 against the Euro to close at N478.97 but it inched up against the Dollar to close at N408.67.

According to FMDQ, a turnover of $35.37million foreign exchange was traded on Wednesday at the I & E FX window.

Our correspondent reported on Tuesday that Investors & Exporters traded a total foreign exchange of $78.77million in two days, according to the FMDQ Exchange.

According to FMDQ, a $30.84million and $47.93million was traded on Monday and Tuesday respectively.

However, at the parallel market, while the Naira closed flat against the Dollar at N486, It appreciated against Pound Sterling and Euro by 0.29per cent and 0.52 per cent at N676 and N575 respectively.

“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 increased today with Open Buy Back and Overnight rates rose by 192basis points and 208bps to 8.25per cent and 9.25 per cent respectively.

The bond market was majorly quiet, with yields remaining largely unchanged across the curve. There was  yields on the 5-year, 7-year and 10-year benchmark bonds close flat at 10.50 per cent, 10.49per cent and 10.72 per cent respectively.

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