Naira at I & E FX window rises by 0.01% to N411.63/$

By Kayode Tokede

Naira at the Investors & Exporters Foreign Exchange (I & EFX) window, gained by 0.01 per cent  and 0.19per cent against the  Dollar and Euro closing at N411.63 and N482.73 respectively.

It dropped by 0.14 per cent against the Pound Sterling closing at N564.75 on Thursday.

At the parallel market, the Naira appreciated by 0.40 per cent, 0.34 per cent and 0.28 per cent against the Dollar, Euro and Pound Sterling to close at N503, N590 and N703 respectively.

According to analysts at Investment One research, “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 300basis points and 325basis points to close at eight per cent and 8.25per cent respectively.

The bond market traded on a positive note today as yields decreased across most maturities. While we witnessed the yields on the 7yr and 10yr benchmark bonds close flat at 12.35 per cent and 12.61 per cent respectively, the yield on the 5yr bond was down by two basis points to 12.00per cent.