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Naira Depreciates by 0.02% at Interbank, I&E Windows

By Dipo Olowookere

The local currency opened bearish at the first trading day of the week on Monday, going down by 0.02 percent at both the interbank and Investors and Exporters segments.

Business Post reports that the Naira closed at N306.55 against the Dollar yesterday versus the N306.50/$ it was exchanged in the previous session at the interbank window of the foreign exchange (forex) market.

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At the I&E segment of the market, the local settled at N364.09 to a Dollar against the N364.02 it was previously transacted.

Data obtained from FMDQ revealed that the total value of transactions recorded increased yesterday by 45.65 percent to $244.69 million executed in 275 deals in contrast to the $168 million traded in 388 deals last Friday.

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It was observed that on Monday, the value of the Naira to the Dollar at the SMIS segment remained unchanged at N362.52/$.

Also, the local currency stayed flat at the parallel market, closing yesterday at N362 to a Dollar at the market segment.

The Naira did not also change against the Euro and the Pound Sterling at the black market, quoting at N416 and N475 respectively.

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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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