Naira/Dollar appreciates at I & E FX window by 0.10%

Naira at the Investors & Exporters Foreign Exchange  (I & E FX) window on Tuesday appreciated by 0.10 per cent to close at  N413.28 against the dollar.

At the I&EFX window, the Naira closed down by 0.06per cent and 0.10per cent against the euro and pound sterling at N482.89 and N562.45 respectively.

The exchange rate between the naira and the dollar had closed at N413.68, at the official I & E FX window on Monday compared to N412.88/$1 recorded on Friday.

Meanwhile, foreign exchange turnover at the I&E window on Tuesday was $200.65million.

Its turnover at the I&E window decreased significantly by 60.3per cent on Monday from $229.79 million recorded on Friday to $91.23 million on Monday.

Money market rates increased today as Open Buy Back and Overnight rates rose by 100basis points  each to close at 15.50 per cent and 16.25 per cent respectively.

The bond market traded on a somewhat quiet note on Tuesday, as yields closed flat on most maturities. The yields on the 5yr, 7yr and 10yr bonds close flat at 10.71 per cent, 11.60 per cent and 11.94 per cent respectively.

The country’s foreign reserve gained $88.89 million on Friday to close at $35.46 billion compared to $35.37 billion recorded as of the previous day. The latest increase represents a 0.25per cent boost in the country’s foreign reserve.

The reserve has now gained $1.44 billion in the month of September 2021, while the recent gain has cancelled out the year-to-date loss as it currently stands at a gain of $81.3 million.

The recent increase in the reserve position, which has continued for 16 consecutive days is in line with recent reports which had suggested that Nigeria’s foreign reserve position could grow as high as $40 billion by the end of September 2021.