Naira at I & E FX window appreciates by 0.21%

By Kayode Tokede

The Naira against the Dollar at the Investors & Exporters Foreign Exchange (I &EFX) window inched up by 0.21per cent to close at N409.13.

The Naira at the I & E FX window lost 0.45per cent and 0.31 per cent against the Pound Sterling and Euro closing at N563.47 and N481.18 respectively.

Turnover at the I & E FX window on Monday stood at $30.84 million, according to FMDQ Exchange.

At the parallel market, while the Naira closed up against Pound Sterling and Euro by 0.44per cent and 0.52 per cent at N677 and N575 respectively, it was flat against the Dollar at N485.

Our correspondent gathered that Naira at the Central Bank of Nigeria (CBN) inter bank market traded flat at N379 against the Dollar.

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

“Money market rates increased today with Open Buy Back and Overnight rates rising by 150 basis points and 225 basis points to 12per cent and 13 per cent respectively.

“The bond market was slightly positive today, particularly at the short end of the curve. Notwithstanding, we witnessed yields on the 5-year. 7-year and 10-year benchmark bonds close flat at 9.85 per cent, 10.50 per cent and 10.72 per cent respectively.

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