I & EFX window: Naira up by 0.04% to close at N393.33/$

By Kayode Tokede

Naira at the Investors & Exporters Foreign Exchange (I & E FX) window gained 0.04 per cent to close at N393.33 against the dollar on Monday.

Also, the naira at the special window for investors and exporters was up by 0.67per cent and 0.73 per cent against the Euro and Pounds to print at N461.87 and N512.46 respectively.

According to the FMDQ Exchange, a total of $61.73 million was traded by investors and exporters on Monday.

However, the local currency at the parallel market lost 0.64 per cent, and 0.79 per cent against the Dollar and Pounds to close at N475 and N635 respectively.

Nigerian NewsDirect gathered that naira at the Central Bank of Nigeria (CBN) interbank market closed 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.

Meanwhile, the money market rates fell today as Open Buy Back and Overnight rate dropped by 550basis points and 608basis points to 2.50per cent and 3.25 per cent respectively.

The bond market traded on a mixed note today as yields moved in different directions.

Nonetheless, we witnessed the yields on the 5yr and 7yr benchmark bonds inch up by four basis points and 19 basis points to 5.50 per cent and 6.53 per cent respectively, while the yield on the 10yr benchmark bond closed flat 7.58 per cent.

“In the near term, we expect market activity to be influenced by liquidity levels and foreign investor participation,” analysts at Investment One research added.