Naira depreciates by 0.08% to N483.43/$ at I & E FX window

By Kayode Tokede

Naira at Investors & Exporters Foreign Exchange (I & E GX0 window on Wednesday depreciated by 0.08 per cent to close at N483.43 against the Dollar.

The local currency also at the IEFX window closed down by 0.29per cent and 0.24 per cent against the Pound and Euro closing at N566.20 and N412.00 respectively.

At the parallel market, the Naira closed flat against the Euro, Dollar and Pound sterling at N605, N521 and N710 respectively.

Money Market rates fell today as Open Buy Back and Overnight rates decreased by 250basis points  and 242 basis points  to close at 13 per cent and 113.33 per cent respectively.

The bond market traded on a positive note today, as yields declined across the curve.

The yields on the 7yr and 10yr benchmark bonds fall by nine basis points and six basis points to close at 11.31 per cent and 11.61 per cent respectively, while the yield on the 5yr benchmark bond closed flat at 10.43 per cent.

In the near term, ‘we expect market activity to be influenced by liquidity levels and foreign investor participation.”