Naira gains 0.13% against dollar at Investors window

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By Kayode Tokede

The Naira on Tuesday, gained 0.13 per cent to the dollar at the investors and exporters foreign exchange (I & EFX) window trading at N385.5 to a dollar, stronger than N385.96 traded on Monday.

Also, the Naira at I & EFX window closed down by  1.68per cent and 1.59 per cent against the Euro and Pound to print at N458.18 and N515.06 respectively.

According to FMDQ Exchange, the market turnover at the window increased to $163.87million on Tuesday from $45.84 million sold on Monday.

The naira sustained losses at the parallel market in Lagos as it closed at N483, from N482 traded on Monday.

The Pound Sterling and the Euro closed at N620 and N570, respectively.

At the Bureau De Change (BDC) subsector, the naira was sold at N386 to a dollar, while the Pound Sterling and the Euro traded at N620 and N572, respectively.

Trading at the official CBN window saw the naira closing at N379 to a dollar.

Meanwhile, the CBN had warned of using the parallel market rate to push for a further devaluation of the naira.

Speaking at the end of the Monetary Policy Committee (MPC) meeting in Abuja, the governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, noted that the naira had been devalued already this year.

Meanwhile, money market rates decreased today as Open Buy Back and Overnight rates dropped by 112 basis points and 119 basis points to 0.88 per cent and 1.31 per cent respectively.

The bond market was somewhat quiet today although yields dropped across some tenure. While we witnessed the yields on the 5yr and 10yr both shed one basis point to close at 2.22 per cent and 4.37 per cent respectively, the yield on the 7yr benchmark bond dropped by 10bps to close at 3.66 per cent.