Naira at Investors & Exporters Foreign Exchange (I & E FX) window on Thursday dropped by 0.23 per cent to close at N411.06 against the Dollar.
The local currency at the I& EFX window, gained by 0.38per cent and 0.47 per cent against the Pound Sterling and Euro closing at N579.53, and N499.07 respectively.
Nigerian NewsDirect gathered that a turnover of $ 164.00 million was traded at the Investors & Exporters window on Thursday.
According to FMDQ Exchange, a total turnover of $164.00 million was traded by Investors and Exporters on Wednesday.
FMDQ Exchange had reported $98.91million total foreign exchange at Investors & Exporters window on Tuesday from $125.44million total trade reported by the FMDQ on Monday.
At the parallel market, the Naira lost by 0.67per cent, 0.20per cent and 0.43per cent against the Euro, Dollar and Pound Sterling to close at N602, N499 and N703 respectively.
According to Investment One research, “Going forward, we expect the FX market to be dictated by heightened dollar demand and CBN FX policies.”
Money market rates declined as the Open Buy Back and Overnight fell by 33basis points and 58basis points to close at 14.00 per cent and 14.25per cent respectively.
The bond market traded on a quiet note with yields only declining slightly across few maturities.
The yield on the 5yr benchmark bond closed down by 39basis points to 12.16 per cent, while the yields on the 7-year and 10-year benchmark bonds closed flat at 12.87 per cent and 12.94 per cent respectively.
Nigeria’s external reserve dropped by $9.96 million on Tuesday, 1st June 2021 to stand at $34.22 billion, representing a 0.03per cent decline when compared to $34.23 billion recorded on Monday, 31st May 2021.
Nigeria’s foreign reserve has lost about $1.15 billion year-to-date, having recorded declines consecutively for 29 days.
The current position also represents the lowest level in over one year. The last time Nigeria’s foreign reserve position was this low was 7th May 2021, when it stood at $31.19 billion.
This is despite the positive growth recently recorded in the global crude oil market, as Bonny Light crude edges closer to the $70 per barrel mark.