Adedapo Adesanya
By Adedapo Adesanya
Relatively unhinged is the perfect word that describes the situation of things at the Investors and Exporters segment of the foreign exchange market on Friday as the Naira marginally appreciated by 4 kobo or 0.01 percent to trade at N363.42 against the dollar from N363. 46 recorded.
Business Post reports that this was as the pressure on the local currency from the huge demand for forex by investors eased on Friday as evident in the daily market turnover.
At the close of transactions yesterday at the investors window, the turnover stood at $477 million compared with the $826 million recorded on Thursday, indicating a 42.25 percent reduction.
At the Central Bank’s interbank segment, the Naira/US Dollar rate saw no movement still at the closing day on Friday as the Naira traded at $306.90/$ same as it did the previous day.
The Naira still remained non-moving at the parallel market as it continued to trade at N360 against the American Dollar as it has for some time due to the Central Bank’s $210 million intervention.
The Naira rate to the British Pound followed this same path as the Naira traded against the British currency like it did at the close of trading at N448/£
In addition, the Naira traded in the same pattern to the Euro as it saw no changes, trading at N398/€ on the final trading day of the week.
Expectations are high following the likely outcome of the President’s directive on what the restricted forex to investors might spell for the Nigerian economy.
