By Kayode Tokede
Naira at Investors & Exporters Foreign Exchange (I & EFX) window on Tuesday gained 0.17 percent to close at N410.
Also, Naira at the specalised window gained 0.20percent and 0.17percent against the Pound Sterling and Euro closing at N571.28 and N488.77 respectively.
FMDQ Exchange, a turnover of $169.07million was traded by Investors & exporters on Tuesday from $94.17million it was traded by investors & exporters on Monday.
At the parallel market, while the Naira lost 0.51per cent and 0.70per cent to close at N595 and N715 against the Euro and Pound Sterling respectively, it closed flat against the Dollar at N500.
“Going forward, we expect the FX market to be dictated by heightened dollar demand and CBN FX policies,” analysts at Investment One research explained in its report on Tuesday.
Money market rates inched up today as Open Buy Back and Overnight rates were up by 25basis points each to close at 18.75percent and 19.25percent respectively.
The bond market traded on a quiet note on Tuesday, as yields remained flat on most maturities.
The yields on the 5yr and 10yr benchmark bonds close flat at 12.52percent and 12.47percent respectively, while the yield on the 7yr benchmark bond inched up by five basis points to close at 12.46per cent.
According to the Central Bank of Nigeria (CBN), the country’s external reserve continued its slide on Thursday as it dropped by $30 million to close at $33.794 billion.
This represents a 0.09percent decline compared to $33.824 billion recorded on Wednesday.
A total of $1.58 billion has been lost in reserves year-to-date, while month-to-date loss stands at $405.33 million.
Nigeria’s foreign exchange reserves continues to trend downwards despite the positive rally recorded in the global crude oil market, with Brent crude currently trading at $73.5 per barrel.
It is worth noting that India’s oil imports have started recovering after months of lessened activities due to the COVID-19 pandemic’s effect on the country’s economy.