Naira trades flat at I & E FX window
By Kayode Tokede
Naira traded flat at Investors & Exporters Foreign Exchange (I & E FX) window on Friday at close at N410 against the Dollar.
The Naira remained stable against the Dollar at the Investors and Exporters window on Thursday to close at N410 against the Dollar, the same as recorded on Wednesday.
Also, Naira lost by 0.67per cent and 0.34 per cent against the Euro and Pound closing at N494.78 and N568.36 respectively.
According to the FMDQ, a turnover of $32.01 million was traded by Investors & Foreign Exchange on Friday.
Foreign exchange turnover at the I&E window surged by 169.2per cent on Thursday to $108.04 million from $40.13 million/ recorded on Wednesday.
At the parallel market the Naira gained marginally by 0.17 per cent against the Euro to close at N577, while it closed flat against the Dollar printing at N485. Conversely, it depreciated by 0.30 per cent against the Pound Sterling to close at N672.
Meanwhile, Naira gained marginally in the parallel market to close at N485 against the Dollar on Thursday. The rate appreciated by 0.21per cent compared to N486 against the Dollar recorded a day before.
Naira at the interbank market of the Central Bank of Nigeria (CBN) traded flat at N379 against the Dollar.
“Going forward, we expect the FX market to be dictated by heightened dollar demand and CBN FX policies,” analysts at Investment One research explained.
Money market rates were up today as the Open Buy Back and Overnight rates rose by 121basis points and 158 basis points close at 15.88 per cent and 16.75 per cent respectively.
The bond market was quiet today with yields remaining flat across most maturities.
Consequently, the yields on the 5-year, 7-year and 10-year benchmark bonds close flat at 11.89 per cent, 12.43 per cent and 12.70 per cent respectively.
The apex bank disclosed that the country’s foreign reserves closed on Thursday at $35.12billion.
The CBN had disclosed that foreign exchange buffer reduced by 0.09per cent on Wednesday to stand at $35.15 billion.
Data obtained from the CBN, revealed that foreign reserves dipped from $35.218 billion recorded on Tuesday to $35.15 billion on Wednesday.
This represents the third consecutive decline recorded in the week, having had 19 successive growths in Nigeria’s external reserve.
The growth recorded was attributed to increasing global oil prices and the movement by the apex bank to improve dollar inflow into the country.
