Naira depreciates by 0.37% at I & E FX window

By Kayode Tokede

Naira at the Investors & Exporters Foreign Exchange window (I & E FX) depreciated by 0.37 percent to close at N411.50 on Wednesday.

The local currency lost by  0.32 percent and 0.22 percent against the Pound Sterling and Euro closing at N573.53 and N490.31 respectively.

FMDQ Exchange stated that a turnover of $192.75million was traded by investors and exporters on Wednesday.

At the parallel market, while the Naira appreciated 0.50percent and 0.70percent to close at N592 and N710 against the Euro and Pound sterling respectively, it closed flat against the Dollar at N500.

Money market rates inched up as Open Buy Back and Overnight rates were up by 125 basis points and 175 basis points to close at 20percent and 21percent respectively.

The bond market traded on a quiet note , as yields remained flat on most maturities. Consequently, the yields on the 5-year, 7-year and 10-year benchmark bonds close flat at 12.52percent, 12.46percent and 12.47percent respectively.