Naira gains 0.21% to close at N411.63/%

By Kayode Tokede

Naira at the Investors & Exporters Foreign Exchange ( I & F FX) window on Wednesday appreciated by 0.21 per cent to close at N411.63 against the Dollar.

According to FMDQ, foreign exchange turnover by investors & exporters on Wednesday was at $131.16million.

The Naira gained by 0.08per cent and 0.13per cent against the Euro and Pound Sterling closing at N500.70 and N581.90 respectively.

At the parallel market, while the Naira appreciated by 0.17per cent against the Euro to close at N582, it closed flat against the Dollar and Pound Sterling at N484 and N678 respectively.

Naira at interbank market of Central Bank of Nigeria (CBN) closed flat at N379 against the Dollar.

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 increased today as the Open Buy Back and Overnight rates rose by 175basis points each to 14.50 per cent and 15 per cent respectively.

The bond market was quiet as yields remained flat across most tenures. Consequently, the yields on the 5-year, 7-year and 10-year benchmark bonds close flat at 12.62 per cent, 13.01 per cent and 13.25 per cent respectively.

“In the near term, we expect market activity to be influenced by liquidity levels and foreign investor participation,” they added.