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Naira Loses N3 Against Pound Sterling Day After May’s Visit

**Gains 0.20% at I&E

By Dipo Olowookere

The Nigerian Naira lost N3 against the Pound Sterling a day after the British Prime Minister, Mrs Theresa May, visited Nigeria, closing at N467 at the black market.

Mrs May was in Nigeria on Wednesday as part of her three-nation tour of Africa comprising South Africa, Nigeria and Kenya.

The British PM is looking to re-ignite trade ties with Africa as Britain plans to exit the European Union.

Business Post reports that apart from the loss recorded against the Sterling yesterday, the local also lost N1 to the Euro at the black market, closing at N415.

However, it remained unchanged at N361 to a Dollar.

At the interbank segment of the forex market yesterday,  the Naira was flat, closing at the rate it was previously traded, N306.15 per Dollar.

However, it was a good day for the Nigerian Naira on Thursday at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market.

Business Post reports that the local currency appreciated by 0.20 percent against the Dollar at the market segment.

The Naira, which was traded at N363.06 to a Dollar at the I&E FX window on Wednesday, closed on Thursday at N362.32 after adding 74 kobo.

At the close of trading yesterday, a total of $252.66 million were traded at the I&E segment in 25 deals.

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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