Naira trades flat at I & E FX window

By Kayode Tokede

Naira at Investors & Exporters Foreign Exchange ( I & E FX) window traded flat at N410.00 against the Dollar on Monday

The Naira lost by 0.05per cent and 0.14per cent the Euro and Pound Sterling closing at N495.31 and N569.78 respectively.

According to FMDQ, a turnover of $47.45 million was traded by Investors & Exporters on Monday.

At the parallel market the Naira lost by 0.87per cent against the Euro to close at N582, while it closed flat against the Dollar and Pound Sterling printing at N485 and N672 respectively.

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

“Going forward, we expect the FX market to be dictated by heightened dollar demand and CBN FX policies,” analysts at Investment One research added.

Money market rates were down on Monday as the Open Buy Back and Overnight rates fell by 213basis points and 250 basis points printing at 13.75 per cent and 14.25 per cent respectively.

The bond market was somewhat quiet today with yields closing flat across most maturities. As a result,  the yields on the 5-year and 7-year benchmark bonds close flat at 11.89 per cent and 12.43 per cent respectively while yields on 10yr benchmark bond shed 6bps to close at 12.64 per cent.