Naira Relatively Stable Across Market Segments on Wednesday | Business Post Nigeria

Naira Relatively Stable Across Market Segments on Wednesday

By Modupe Gbadeyanka

The Nigerian Naira was relatively unchanged against the Dollar at the foreign exchange (forex) market on Wednesday, August 08, 2018.

An analysis of the day’s transactions by Business Post showed that apart from the Investors and Exporters (I&E) segment of the market, where a marginal gain was recorded, the local currency traded flat yesterday against the American currency.

At the I&E forex window, the Naira slightly appreciated by 22 kobo to close at N362.08 per Dollar in contrast to N362.30 it traded the previous day.

But at the interbank market, the local currency was traded at N306 to a Dollar, the same rate it was exchanged on Tuesday.

Furthermore, at the parallel market, the Naira did not move an inch from the N360 per Dollar spot it was the previous session.

The stability came a day after the Central Bank of Nigeria (CBN) intervened in the interbank segment of the forex bank with the injection of $210 million to sustain liquidity.

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Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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