Naira drops by 0.21% against Dollar at I & E FX window

Naira at the Investors & Exporters Foreign Exchange (I & EFX) on Monday depreciated by 0.21 per cent against the Dollar to close at N411.67.

The local currency at the I& EFX window gained 0.11 per cent and 0.13 per cent against the Euro and pound sterling closing at N484.31 and N569.22 respectively.

At the parallel market, the Naira traded flat against the Dollar and Euro closing at N515 and N600 respectively, while it depreciated by 0.28per cent against the pound sterling to close at N705.

According to analysts at InvestmentOne research, “Going forward, we expect the FX market to be dictated by heightened Dollar demand and CBN FX policies.”

Money Market rates increased today, as Open Buy Back and Overnight rates increased by 25basis points each to 17per cent and 17.50per cent respectively.

The bond market traded on a flat note today, as yields were generally unchanged across the curve. The yields on the 5yr, 7yr and 10yr benchmark bonds closed flat at 11.15per cent, 11.90per cent and 12.17per cent respectively.