Naira at I & E FX window trades flat

By Kayode Tokede

Naira at Investors & Exporters Foreign Exchange (I & EFX) window on Thursday traded flat at N411.20 against the Dollar.

At the same window, the Naira lost by 0.04percent and 0.06 per cent against the  Euro and Pound Sterling closing at N484.55 and N568.31 respectively.

Naira had appreciated against the Dollar at the I & E window on Wednesday to close at N411.22 against the Dollar from N411.75 against the Dollar recorded on Tuesday.

Meanwhile, foreign exchange  turnover at the I &E window on Thursday closed at $123.69 million

The foreign exchange had increased by 84.2 percent on Wednesday from $116.15 million recorded on Tuesday to $213.99 million.

At the parallel market, the Naira closed flat at N596, N708 and N505 against the Euro, Pound Sterling and Dollar respectively.

At the parallel market, the naira remained stable at N505 against the Dollar, the same as recorded since Friday.

According to analysts at Investment One, “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 fell by 700basis points and 725basis points to close at seven per cent and 7.25 per cent respectively.

The bond market traded on a positive note today as yields decreased on some maturities.

The yields on the 7yr and 10yr benchmark bonds close flat at 12.35 percent and 12.46 percent respectively, the yield on the 5yr bond was down by 11bps to 12.02 per cent.