Naira stables N386.63/$ at I & EFX window
The Nigerian currency, naira, on Tuesday shed 0.16 per cent at the Investors & Exporters Foreign Exchange window (I & E FX) to N386.63 against the dollar.
Data obtained from the FMDQ OTC securities Limited, also showed that naira at the I & E FX window lost by 0.71per cent and 0.67per cent against Pounds and Euro to close at N486.76 and N439.99 respectively.
Total trading at the specialized window for investors & exporters market was at $90.09 million on Tuesday as against $63.44 million reported on Monday.
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At the parallel market, while the Naira closed down by 0.65per cent against the dollar N458, it closed flat against the Pounds to close at N555. However, It gained 0.60per cent against the Euro to close at N495.
“Going forward, we expect the FX market to be dictated by heightened dollar demand and CBN FX policies,” analysts at InvestmentOne research explained.
The naira at the Central Bank of Nigeria (CBN) interbank rate closed at N361 against the dollar.
However, the money market rates moved in opposite directions today as Open buy back rate increased by 17basis points to close at 14.67per cent, while Overnight rate fell by eight basis points to 15.67per cent.
The bond market was positive today as yields moved downwards across most maturities. Consequently, the yields on the 5yr, 7yr and 10yr benchmark bonds declined by 33 basis points, 28 basis points and 23 basis points to close at 7.10 per cent, 9.66per cent and 10.01per cent respectively.
“In the near term, we expect market activity to be influenced by liquidity levels and foreign investor participation,” analysts at Investmentone research added.
