Naira gains 0.02% to N409.67/$ at I & E FX window
By Kayode Tokede
Naira at the Investors & Exporters Foreign Exchange (I & E FX) window gained 0.02 per cent to close at N409.67 against the Dollar on Thursday.
It also gained by 0.11 per cent at the I & E FX window to close at 0.11 against the Euro and dropped against the Pound sterling by 0.22per to close at N569.02.
A turnover of $98.20million was traded by Investors and exporters, according to FMDQ Exchange.
Nigerian NewsDirect had reported that Naira at the I & E FX window traded flat at N4-9.75 against the Dollar on Wednesday.
The local currency gained by 0.29per cent and 0.36 per cent against the Euro and Pound Sterling closing at N482.50 and N562.72 respectively.
Our correspondent also reported that Naira at the I & EFX on Wednesday lost 0.21per cent and 0.18 per cent against the Dollar and Pound Sterling closing at N409.75 and N566.54 respectively, it inched up by 0.04per cent against the Euro printed N485.06.
According to the FMDQ exchange, foreign exchange turnover of $148.54 million was traded by investors and exporters on Wednesday.
FMDQ exchange had said a foreign turnover of $32.33 million was traded at the I & E FX market on Tuesday.
The Central Bank of Nigeria (CBN) stated that Naira at the interbank market traded flat at N379 against the Dollar on Tuesday.
At the parallel market, while the Naira closed flat against the Dollar and Euro at N485 and N582 respectively, it depreciated by 0.29per cent to close at N680 against the GBP.
According to analysts at Investment One research, “Going forward, we expect the FX market to be dictated by heightened dollar demand and CBN FX policies.”
Money market rates decreased today as Open Buy Back and Overnight rates declined by 17 basis points and 75basis points to close at 12.50 per cent and 12.75 per cent respectively.
The bond market was negative today as yields rose across most maturities.
The yields on the 7yr and 10yr benchmark bonds rise by 3basis points and 21 basis points to print at 10.13 per cent and 10.59 per cent respectively, while the 5yr benchmark bond closed flat at 9.88per cent.
“In the near term, we expect market activity to be influenced by liquidity levels and foreign investor participation,” according to analysts at Investment One research.
