Naira closes flat against Dollar at N411.45
Naira at the Investors & Exporters Foreign Exchange (I & E FX) window on Wednesday closes flat against the Dollar at N411.45.
The local currency lost by 0.06 percent and 0.13percent against the Euro and Pound Sterling closing at N485.56 and N567.47 respectively.
Nigerian NewsDirect had reported on Tuesday that Naira at the I & E FX window dropped by 0.08 percent to close at N411.45 against the Dollar.
Also, the Naira at the I & E FX window gained by 0.61percent and 0.63 percent against the Euro and Pound sterling + closing at N484.48 and N565.09 respectively.
Meanwhile, at the parallel market, while the Naira was flat closing at N710 and N503 against the Pound Sterling and Dollar respectively, it appreciated by 0.34percent against the Euro to close at N593.
Money market rates inched up today as Open Buy Back and Overnight rates both increased by 25basis points each to close at 10per cent and 10.50percent respectively.
The bond market traded on a quiet note today as yields remained flat across most maturities.
The yields on the 7-year and 10-year benchmark bonds close flat at 12.30percent and 12.34percent respectively, while the yield on the 5yr benchmark bond closed up by 7basis points to 11.95percent.
“In the near term, we expect market activity to be influenced by liquidity levels and foreign investor participation,” analysts at Investment One research.
The Central Bank of Nigeria (CBN) has disclosed that the country’s foreign reserves closed on Monday at $33.14billion.
Nigerian NewsDirect reported on Monday that the foreign exchange buffer declined by $46 million on Friday to stand at $33.233 billion. This represents a 0.14percent decrease compared to the $33.28 billion recorded on Thursday.
Nigeria’s foreign reserve fell to its lowest position since October 2017, as its year-to-date decline surpasses $2 billion, while its monthly decline for June 2021 stood at $905.5 million. This is despite the recent bullish trend recorded in the global oil market.
