73 billion, a report by FSDH Research has shown. The window, which offers investors the opportunity to sell dollars at rates of their choice, provided they find willing buyers, has restored confidence to the forex market and boosted the what is forex stand for exchange reserves. The FSDH Research June 2018 Monthly Economic and Financial Market Outlook, said the positive domestic and external environment will further lead to external reserves accretion in the short-term and this development should provide further stability for the foreign exchange rate. It said the 30-day moving average external reserves increased by 0.
66 billion at May 28, 2018. The month-on-month growth rate recorded in the external reserves was the lowest level since July 2017. The pressure on demand from foreign investors was mainly responsible for the low growth in the external reserves. The highest amount was recorded in January 2018. It said the value of the Naira depreciated further at the inter-bank and parallel markets in May 2018, compared with April. E Window occasioned by foreign investors’ repatriation of their matured fixed income investments was largely responsible for the depreciation in the value of the naira. The value of the naira depreciated month-on-month at the inter-bank market to N305.
May 2018, a depreciation of 0. The average exchange rate at the inter-bank market also depreciated by 0. 06 per cent to stand at N305. Besides, the value of the naira also depreciated at the parallel market in May to N363. 14 per cent, compared with April. The average exchange rate at the parallel market also depreciated by 0.
29 per cent to stand at N363. The fixed income market analysis for the month of May 2018 shows a net outflow of about N224 billion, compared with a net outflow of about N749 billion in April. N178 billion and the Bond auction of N50 billion. It said a total inflow of about N1. We estimate a total outflow of approximately N781 billion from the various sources, including government securities and statutory withdrawal, leading to a net inflow of about N1.
FSDH Research expects the market to remain relatively liquid in June. The research firm expects the inflation rate to drop below the current level. We believe the yields on the treasury bills may drop marginally from the current levels. FSDH Research said the equity market is approaching an oversold position, hence, there may be a reversal of the current downward trend very soon as the economic environment continues to improve. Investors are advised to take strategic positions in the stocks that pay interim dividends and have prospect for capital appreciation from current levels. Some stocks in the consumer goods, building materials, petroleum marketing and banking sectors are attractive at their current prices.
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