BUSINESS

Naira Depreciates To N776.60/$ At I&E FX Window

 

The naira on Wednesday weakened against the pound sterling and euro by 0.40per cent and 0.78per cent to close at N958.82 and N829.49, respectively while it remained flat against the dollar to close at N776.60 at the Investors & Exporters Foreign Exchange ( I & E FX) window.

According to analysts at InvestmentOne Research, “Going forward, we expect the foreign exchange market to be dictated by heightened dollar demand and foreign exchange policies.”

Money market rates remained lowered today as Open Buy Back and Overnight rate diminished from 14.63per cent and 15.40per cent to close at 3.25 per cent and 3.90% per cent, respectively on the back of improved system liquidity.

The bond market traded on a flattish note as yields remained unchanged on most maturities across the curve. Consequently, the yields on the 5yr, 10yr and 20yr benchmark bond closed flat at 14per cent, 14.79 per cent and 15.57 per cent, respectively.

“In the near term, we expect market activity to be influenced by liquidity levels and foreign investor participation,” they added.

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