I&E window: Naira appreciates by 0.2% to N411

By Kayode Tokede

The naira appreciated at the Investors & Exporters Foreign Exchange (I&E) window by 0.2per cent to N411.00 against the dollar on Wednesday from N410.66 against the dollar it opened for trading.

Also at the I& EFX window, while the naira gained by 0.33per cent and 0.25 per cent against the euro and pounds sterling closing at N491.98 and N568.54 respectively

The FMDQ Exchange said, a turnover of $33.15 million was traded by investors & exporters on Wednesday.

At the parallel market, the Naira closed flat against the pound sterling, dollar and euro at N672, N480 and N580 respectively.

The local currency, according to the Central Bank of Nigeria (CBN) traded flat at N379 against the dollar.

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

“Money market rates increased today as Open Buy Back and Overnight rates inched up by 267basis points and 280 basis points to close at seven per cent and 7.63per cent respectively.

“The bond market was quiet today although yields decreased on some maturities.

“The yields on the 5yr and 10yr benchmark bonds close flat at 9.97per cent and 10.40 per cent respectively, while the yield on the 7yr benchmark bond declined by 22 basis points to 10.10 per cent.”