Naira depreciated by 0.3% to N765.13/$ at I&E window

The naira on Thursday depreciated by 0.3 per cent to N765.13 against the dollar at the Investors and Exporters foreign (I & E FX) exchange market from N753.50 it opened for trading.

The local currency also weakened against the Pound sterling, and Euro by 5.40per cent, and 5.46per cent to close at N960.26 and N826.84 respectively.

 Analysts said they expected the foreign exchange market to be dictated by heightened dollar demand and CBN foreign exchange policies.

The overnight lending rate contracted by 290basis points to nine per cent, in the absence of any significant inflows into the system.

Quiet trading continued in the NTB secondary market, as the average yield closed flat at 6.6per cent.

Sentiments in the Treasury bonds secondary market were bullish, as the average yield declined by five basis points to 13.7per cent.

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