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Naira Depreciates at Interbank, Gains at Investors’ Window

By Dipo Olowookere

On Monday, the local currency traded mixed against the Dollar at the foreign exchange (forex) market as the general elections draw closer.

Business Post reports that at the interbank market, the Naira suffered a slight loss against the Dollar, while it marginally appreciated at the Investors and Exporters (I&E) segment.

At the interbank window, the local currency was down by 5 kobo or 0.02 percent yesterday to settle at N306.50/$ against N306.45/$ it was previously quoted.

However, at the I&E FX window, it was a good day for the Naira as it garnered 20 kobo or 0.05 percent to trade at N363.92/$.

At the close of business yesterday, the total value of transactions carried out at the investors’ window was $61.3 million executed in 211 deals.

At the SMIS, transfer markets, the local currency closed unchanged, trading at N362.52/$ and N363/$ respectively.

Also at the parallel market, the Naira was flat, closing yesterday’s trading session at N362 against the Dollar.

However, the local currency gained N1 against the British Pound Sterling at the black market, closing at N475 versus N476 it previously traded.

But the Naira lost N2 to the Euro at the same parallel market on Monday, quoting at N417 in contrast to the N415 it was exchanged the previous session.

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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