Naira remains stable against the dollar at Investors& Exporters FX window
Naira against the Dollar at the Investors & Exporters Foreign Exchange ( I & E FX) on Monday closed flat at N386.00.
The total turnover trade at the special investors & exporters window on Monday was $7.20 million.
However, the local currency was flat at the parallel market at N477.00 against the dollar, while Naira against the British pound sterling stands at N590/₤1 as against N585/₤1 recorded on last Friday.
The exchange rate between the Naira and the European euro stands at N550/€1 on Monday. The exchange rate had closed at N550/€1 on last Friday.
The Naira also remained flat at N381 at Central Bank of Nigeria (CBN) interbank market.
The overnight lending rate expanded by 37basis points to three per cent following outflows for CBN’s FX Invisibles & SMEs auction.
Trading in the NTB secondary market was mixed, as average yield was flat at 1.7per cent. On the other hand, average yield contracted by 14basis points to 3.5 per cent at the OMO secondary market.
Elsewhere, trading in the Treasury bond secondary market was bullish, as average yield contracted by 10bps to 7.8per cent. Across the benchmark curve, yield contracted at the short (-1bp), mid (-3bps) and long (-22bps) segments, due to sell-offs of the JAN-2022 (-2bps), JUL-2030 (-11bps) and MAR-2036 (-58bps) bonds, respectively.
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