Naira at I&E FX window rose by 0.02%

Naira at investors & Exporters Foreign Exchange window (I & E FX) rose by 0.02 per cent to close at N411.67 against the dollar on Thursday.

The naira also gained by 0.25per cent, and 0.90 per cent against the euro, and pound sterling closing at N481.06, and N561.33 respectively.

At the parallel market, the Naira depreciated by 0.33 per cent, 0.58 per cent and 0.28 per cent against the euro, dollar and pound sterling to close at N607, N520 and N708 respectively.

According to analysts at Investment One research, “Going forward, we expect the FX market to be dictated by heightened dollar demand and CBN FX policies.”

Money Market rates rose today as Open Buy Back and Overnight rates increased by 17bps and 45bps to close at 17.67 per cent and 18.33 per cent respectively

The bond market traded on a positive note today, as yields declined across the curve.

The yields on the 7yr and 10yr benchmark bonds decline by 39 basis points and 29basis points to close at 11.51 per cent and 11.90 per cent respectively, while the yield on the 5yr bond closed flat at 11.15 per cent.