Naira closes at N745.19/$ at I&E FX

The local currency, Naira closes on Tuesday at N745.19 against the dollar at the Investors & Exporters foreign exchange (I & E FX) market after gaining 2.87per cent from N767.24 against the dollar it opened for trading.

According to FMDQ Exchange, the dollar reached N819.90/$ and N700.00/$ high and low, respectively as investors and exporters trade with caution.

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

Meanwhile, money market rates fell on Tuesday as Open Buy Back and Overnight rate declined by 170basis  points and 195 basis  points to close at one per cent and 1.45 basis  points, respectively.

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 bonds closed flat at 14.18per cent, 14.89per cent and 15.57per cent respectively.

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