Naira at I & E FX window drops by 0.24% to N411/$

By Kayode Tokede

Naira at the Investors & Exporters Foreign Exchange Window (I& E FX) on Tuesday declined by 0.24per cent to close at N411.00 against the Dollar.

Also, at the IEFX window, Naira gained by 0.03per cent and 0.13per cent against the Euro and Pound Sterling closing at N492.83 and N568.94 respectively.

According to the FMDQ Exchange, a foreign exchange turnover of $42.59 million was traded by investors and exporters.

At the parallel market the Naira lost 0.17 per cent against the Euro to close at N586, while it remained flat against the Dollar and Pound Sterling at N485 and N675 respectively.

In addition,  Naira at the interbank market of the Central Bank of Nigeria (CBN) traded flat at N379 against the Dollar on Tuesday.

“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 dropped from 27.50per cent and 27.75 per cent to close at 14.50per cent and 15.50 per cent respectively.

The bond market was mixed today with yields closing higher at the longer end of the curve. Nonetheless, the yields on the 5year, 7year and 10year benchmark bonds close flat at 12.36per cent, 12.43 and 12.66per cent respectively.