Naira appreciates by 0.1% at I&E FX window

Motolani Oseni

The Naira at the Investors & Exporters Foreign Exchange (I & E FX) on Monday appreciated by 0.1 per cent to close at N362.21 against the Dollar from N361.60 it opened for trading.

According to the FMDQ Securities Exchange, the local currency traded high and low at N 364.00 and N310.00 against the dollar respectively.

A total of $293.60 million turnovers was traded, data on the FMDQ OTC revealed on Monday.

However, the naira weakened against the Dollar by 0.3per cent to N360.00 as against the dollar in the parallel market, while it moved to N306.9 against the dollar from N306.85 against the Dollar at the Interbank market rate of the Central Bank of Nigeria (CBN).

At the money market & fixed income on Monday, the overnight lending rate dipped by 43basis points to six per cent, even as banks funded for foreign exchange wholesale auction.

Activities in the Treasury bills market were bearish as average yield widened by 15basis points to 11.12per cent.

Trading in the bond market was bullish as the average yield dipped by two basis points to 13.40per cent.