Naira appreciates to N744.07/$ at I&E window

Naira on Monday appreciated by 4.4per cent to close at N744.07 against the dollar at the Investors & Exporters (I& E) foreign exchange window.

Analysts attributed the trend in the foreign exchange market to heightened dollar demand and Central Bank of Nigeria (CBN) FX policies.

Money market rates advanced on Monday as Open Buy Back and Overnight rates increased slightly by seven basis points and eight basis to close at 0.93per cent and 1.33 per cent, respectively.

The bond market traded on a flattish note as yields on most maturities remained unchanged. As such, the yield on the 5yr benchmark bond slightly increased by 2bps to close at 12.65 per cent, while the yields 10yr and 20yr benchmark bonds closed flat at 13.93 per cent and 14.58 per cent, respectively.

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