Naira gains 0.12% to N410.50/$ at I & E FX window
Naira at the Investors & Exporters Foreign Exchange ( I & E FX) window gained 0.12 per cent to N410.50 against the Dollar on Wednesday.
Also, Naira at the I& EFX window, lost by 0.52per cent and 0.49 per cent against the Pound Sterling and Euro closing at N563.81 and N487.77 respectively. .
Our correspondent gathered that a total foreign exchange turnover of $21.92 million was traded by investors & exporters.
Nigerian NewsDirect had report that a foreign exchange turnover of $53.53million was traded at the I & E FX window on Tuesday, according to FMDQ.
Our correspondent gathered that foreign exchange turnover at the I &E FX window dropped by 17.9per cent on Monday.
According to FMDQ, the foreign exchange turnover declined from $55.21 million/ recorded on Friday, April 9, 2021, to/ $45.35 million/ on Monday.
However, Naira at the parallel market closed flat against the Euro, Pound Sterling and Dollar at N570, N670 and N482 respectively.
Our correspondent gathered that Naira at the Central Bank of Nigeria (CBN) interbank market traded flat at N397 against the Dollar on Wednesday.
At the parallel market, while the Naira closed flat against the Dollar at N482, it lost 0.30per cent and 0.35 per cent against the Pound Sterling and Euro to close at N672 and N572 respectively.
Money market rates declined today with Open Buy Back and Overnight rates decreasing by 25basis points and 50basis points to 12.00 per cent and 12.25per cent respectively.
The bond market was negative today with yields rising on most maturities. The yields on the 5-year, 7-year and 10-year benchmark bonds increase by 145basis points, 43 basis points and 7 basis points to close at 11.93per cent, 11.37 per cent and 11.79per cent respectively.
Nigeria’s external reserve gained $102 million on Monday to close at $35.138 billion, being the highest external reserve position recorded in over a month.
This indicates a 0.29per cent increase when compared to $35.036 billion recorded on Friday, 9th April 2021.
It also represents an increase in the country’s external reserve position for the 15th consecutive day, having endured a significant downturn earlier in the year. Nigeria’s reserve has added a total of about $722 million in 15 days.
This recent increase in Nigeria’s external reserve could however be attributed to the increase in crude oil prices recorded earlier in March before the recent bearish trade in the crude market.
It could be attributed to the possible increase in diaspora remittance as the CBN offers incentives for every unit of a dollar received in Nigeria from diaspora remittance.
The external reserve is likely to get a further boost, as the Federal Government recently announced plans to issue $500 million Eurobonds for 2021.
