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FX trade volume at I&E window stable on tight liquidity

... Turnover decline by 83.85%

The foreign exchange trade volume at the Investors and Exporters (I&E) remained stable due to tightened liquidity with Naira depreciating slightly by 0.03 percent on Thursday.

The market closed at N387.27 per dollar on Thursday as against N387.17 closed with on the previous day.
A report by FSDH research revealed that most participants maintained bids between N375.00 and N389.20 per dollar. Closing rate was N387.27.

The daily foreign exchange turnover declined 83.85 percent to $14.68 million on Thursday from $90.88 million on Wednesday, data from FMDQ indicated.

The market opened with an indicative rate of N387.08k on Thursday morning, representing 0.75k depreciation when compared with N386.33k opened with on Wednesday morning.

Naira maintained stability at N458 and N459 on the black market and retail Bureau segment of the market respectively.

At the Nigerian treasury bills market closed on a negative note on Thursday, with average yield across the curve increasing by 6 bps to close at 2.23 percent.

In the OMO bills market, average yield across the curve increased by 8 bps to close at 4.99 percent on Thursday.

The Overnight (O/N) rate increased by 1.17 percent to close at 16.92 percent. The Open Buy Back (OBB) rate also increased by 1.17 percent to close at 15.83 percent.

The FGN bond market closed on a negative note on Thursday, as the average bond yield across the curve cleared higher by 6 bps to close at 5.24 percent.

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