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Naira Loses 0.18% at I&E to 12-month High of N363/$

By Dipo Olowookere

The Nigerian Naira recorded a slight depreciation at the foreign exchange (forex) market on Monday, August 27, 2018.

Business Post reports that the local currency lost 0.18 percent of its value to the Dollar at the Investors and Exporters (I&E) segment of the market.

The legal tender of Africa’s largest economy settled at N363 to a Dollar yesterday at the forex window in contrast to N362.35 it traded in the last session.

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According to analysts at Zedcrest Research, the N363 per Dollar the Naira closed on Monday at the I&E window was the highest in about 12 months.

It was further stated that the total value of transactions yesterday at the forex segment was $431.39 million in 425 deals.

However, at both the interbank and parallel markets, the local currency remained unchanged against the Dollar.

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While the Naira was exchanged at N306.10 at the interbank segment, it was traded at N360 at the black market, the same rates both respectively traded in the previous sessions.

With the capital flight continuing, the local currency is expected to remain under pressure.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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