Turnover trades at I & E FX window hits $215.63m on Thursday

By Kayode Tokede

The turnover trades on Investors & Exporters Foreign Exchange ( I & E FX) increased to $215.63 million on Thursday.

Findings by our correspondent revealed that investors and exporters traded $17.23 million on Wednesday as against $36.07 million reported by FMDQ Exchange on Tuesday.

However, naira inched up by 0.17per cent and 0.15per cent against the dollar and  to print at N393.33 and N462.77 respectively at the I & E FX window. It closed down by 0.25per cent against the pound at N521.19.

At the parallel market, while the Naira lost 0.21per cent and 0.47 per cent against the dollar and pound to close at N475 and N640 respectively, it closed flat against the euro at N580.

Our correspondent also gathered that naira at the interbank market of the Central Bank of Nigeria (CBN) traded 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.

Meanwhile, the money market rates fell today as Open Buy Back and Overnight rate decreased by 75 basis points each to 0.75per cent and 1.25 per cent respectively.

The bond market traded on a flattish note as yields remained unchanged across most maturities. Consequently, we witnessed the yields on the 5yr, 7yr and 10yr benchmark bonds close flat at 5.54per cent, 6.52per cent and 7.70 per cent respectively.

“In the near term, we expect market activity to be influenced by liquidity levels and foreign investor participation,”  analysts at Investment one research added.