Naira sees 0.04% uptick at I&E Window
Nigeria’s local currency, Naira appreciated by 0.04 per cent to close at $411.50 against the Dolla at the Investors & Exporters Foreign Exchange (I & EFX) window on Monday.
The local currency at the specialized window lost by 0.17per cent and 0.24 per cent against the Euro and Pound Sterling to close at N499.06 and N580.17 respectively.
Data obtained from FMDQ Exchange on Monday said total foreign exchange trade turnover by investors and exporters was $111.53 million.
At the parallel market, while the Naira appreciated by 0.29 per cent against the Pound Sterling to close at N678, it closed flat against Dollar and Euro at N484 and N581 respectively.
Also in the money market, the overnight lending rate contracted by 15.13bpts to 13.8 per cent, in the absence of significant funding pressures on the system.
The NTB secondary market traded on a bearish note, as the average yield expanded by 24bps to 5.3 per cent.
Across the curve, average yield declined by 31 basis points at the short end following demand for the 45DTM (-57bps) instrument and expanded at the mid (+59bps) and long (+32bps) segments due to sell-offs of the 178DTM (+101bps) and 192DTM (+91bps) bills.
Similarly, the average yield at the OMO segment expanded by 4bps to 8.7 per cent.
Trading in the Treasury bond secondary market was bearish, as the average yield expanded slightly by 1bp to 12.2 per cent.
Across the benchmark curve, average yield expanded at the short (+4bps) end due to sell-off of the JAN-2022 (+57bps) bond and contracted at the long (-1bp) end following buying interest in the JUL-2045 (+5bps) bond; the mid-segment closed flat.
