Business
Naira depreciates marginally by 0.01% at Investors’ forex window
Naira was devalued marginally at the Investors and Exporters (I&E) FX window on Thursday, having opened at N360.23, traded high at N361.50 and eventually closed at N360.67 representing 0.01 per cent depreciation against Tuesday’s closing position.
A total of $281.43 million was transacted through the I&E window.
The local currency remain unchanged to closed at N307.00/$1 at the official window.
However, Money Markets resumed from the break lower, fuelled by net Treasury bills maturities of N125bn.
Over Open Buy Back (OBB) and Over Night OVN rates closed the session at 5.43 per cent and 5.71 per cent, as system liquidity is estimated to close the day at c.N337.97 billion positive. We expect the rates to close the week higher, as CBN should float an OMO auction to mop up excess system liquidity.