Naira depreciates by 0.08% to N411.56/$ in Investors’ FX window

Naira depreciated by 0.08 per cent against the dollar to close at N411.56 at the Investors & Exporters Foreign Exchange (I & E FX) window on Tuesday.

The local currency gained against the Euro and Pound Sterling by 0.10per cent and 0.37per cent at the I & E FX window to close at N501.83 and N579.66 respectively.

According to FMDQ Exchange, a foreign exchange turnover of $130.50 million was traded by Investors and Exporters.

At the parallel market, the Naira closed flat at N587, N486 and N686 against the Euro, Dollar and Pound Sterling respectively.

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.

Money market rates closed flat today as the Open Buy Back and Overnight rates remained at 15per cent and 15.25 per cent respectively.

 The bond market traded on a calm note today as yields closed flat across most tenures. Consequently, the yields on the 5-year, 7-year and 10-year benchmark bonds close flat at 12.77 per cent, 13.15per cent and 13.36per cent respectively.