Naira at I & E FX window appreciates by 0.02%

By Kayode Tokede

Naira at Investors & Exporters Foreign Exchange (I & E) FX window on Tuesday appreciated by 0.02 per cent to close at N414.30 against the dollar.

The local currency against the euro also appreciated by 0.15 per cent to close at N472.32, while it closed down against the pound sterling by 0.13per cent at N562.56.

Nigerian NewsDirect had report that Naira at the I & E FX window depreciated by 0.02 per cent on Monday to close at N414.40 against the dollar.

The local currency at the specialized investors and exporters’ window also closed down by 0.07per cent against the euro to N477.12 while it closed up against the pound by 0.02per cent at N561.22 on Monday.

The exchange rate between the naira and the dollar closed at N414.30/$1, at the I& E window last Friday.

Naira appreciated had gain against the dollar on Friday, for the second time last week to close at N414.30 against the dollar, representing a 0.09per cent gain compared to N414.67/$1 recorded on last Thursday.

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

Money market rates decreased today as Open Buy Back and Overnight rates declined by 500basis points and 517basis points to close at five per cent and 5.50per cent respectively.

The bonds market traded on a neutral note today as yields closed flat on most maturities. The yields on the 5yr, 7yr and 10yr benchmark bonds closed flat at 10.70per cent, 11.74per cent and 11.99per cent respectively.

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