Naira at I & E FX window appreciates by 0.04% to N410.75/$

By Kayode Tokede

Naira at Investors & Exporters Foreign Exchange Window ( I & E FX) window appreciated by 0.04 per cent to N410.75 against the Dollar on Monday.

The local currency at the I & EFX window lost by 0.07per cent and 0.08per cent against the Pound Sterling  and Euro closing at N581.98 and N500.23 respectively.

According to FMDQ Exchange, a turnover of $151.37 million was traded by investors and exporters on Monday.

At the parallel market, the Naira closed flat against the Euro, Dollar and Pound Sterling at N607, N502 and N710 respectively.

“Going forward, we expect the FX market to be dictated by heightened dollar demand and CBN FX policies,” analysts at Investment One research added.

Money market rates fell today as the Open Buy Back and Overnight rates decreased by 67basis points and 75basis points to close at 14.33 per cent and 14.50 per cent respectively.

The bond market traded on a quiet note today with yields remaining unchanged across most maturities.

The yields on the 5-year and 10-year benchmark bonds close flat at 12.16 per cent and 12.94 per cent respectively, while the yield on the 7-year bond declined by 10bps to 12.77per cent.

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