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Interbank: Naira Trades Flat at N306.25/$, Gains N43.79/£, N40.36/€

By Dipo Olowookere

The local currency was generally flattish at the various segments of the foreign exchange market on Wednesday.

According to the forex windows tracked by Business Post yesterday, the Naira was relatively unchanged against the Dollar.

Specifically, at the interbank market, the local currency stood its ground at N306.25 to the Dollar, though there were huge gains recorded against both the British Pound Sterling and Euro at the market segment.

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According to data from the popular Abokifx, the Naira, at the interbank market, appreciated by N43.79k against the Sterling to quote at N354.70k, while it gained N40.36k against the Euro to settle at N314.46k.

Data also harvested from the website of FMDQ by Business Post showed that at the Investors and Exporters (I&E) forex window, the local currency slightly went down by 0.01 percent at the close of transactions yesterday.

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The Naira was traded at the forex segment at N363.10 per Dollar in contrast to N363.07 to a Dollar it was exchanged the previous day.

It was gathered that the total value of transactions at the I&E window on Wednesday was $341.57 million, executed in 340 deals.

At the parallel market, the local currency closed flat to the Dollar at N360 and the Euro at N415 yesterday.

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However, at the same market segment, the Naira depreciated by N3 against the Pound Sterling to close at N470.

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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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