Naira at I & E FX window depreciates by 0.41% to N411.67/$
By Kayode Tokede
Naira at the Investors & Exporters Foreign Exchange (I & E FX) window on Tuesday depreciated by 0.41 per cent to close at N411.67 against the Dollar.
The opening indicative of the I & E FX closed at N410.06 to a dollar on Monday. This represents a N2.19 gain when compared to N412.25/$1 recorded on Friday.
Also, an exchange rate of N436.55 to a dollar was the highest rate recorded during intra-day trading before it settled at N410/$1. It also sold for as low as N402/$1 during intra-day trading.
Also, Naira at I & EFX window, depreciated by 0.02 per cent Pound Sterling to close at N570.55 but appreciated by 0.12per cent against the Euro to close at N495.59.
Total turnover of $ million was traded by Investors & Exporters, according to the FMDQ Exchange.
Nigerian NewsDirect had reported that a turnover of $47.45 million was traded by Investors & Exporters on Monday.
At the parallel market the Naira inched up by 0.34 per cent against the Euro to close at N580, while it closed flat against the Dollar and Pound Sterling printing at N485 and N672 respectively.
Naira at the interbank market of the Central Bank of Nigeria (CBN) traded flat at N379 against the Dollar.
According to the CBN, the nation’s foreign reserve position dropped by 0.08per cent on Friday to stand at $35.094 billion.
Data obtained from the CBN, revealed that foreign reserve dipped from $35.123 billion recorded on 22nd April 2021 to $35.094 billion on Friday.
This represents the fifth consecutive decline recorded during the week in Nigeria’s external reserve, having had 19 successive growths.
The growth recorded was attributed to increasing global oil prices and some of the measures introduced by the CBN to boost dollar inflow in the country’s forex market, such as the naira 4-dollar scheme.
“Going forward, we expect the FX market to be dictated by heightened dollar demand and CBN FX policies,” analysts at Investment One research said.
Money market rates were up today as the Open Buy Back and Overnight rates both rose by 50bps printing at 14.25 per cent and 14.75 per cent respectively.
The bond market was somewhat negative today with yields closing higher across most maturities. However, yields on the 5-year, 7-year and 10-year benchmark bonds close flat at 11.89 per cent, 12.43 per cent and 12.64 per cent.
