Naira Closes at N363.32/$ as President Denies Ban on Food Imports

By Adedapo Adesanya

On Monday, August 19, 2019, the Investors and Exporters (I&E) segment of the foreign exchange market closed with the Naira appreciating 0.03 percent or 30 kobo against the US Dollar. The local currency was quoted at N363.32 to one Dollar at the market window in contrast to N363.62 it was exchanged at the last trading session.

At the market segment yesterday, the daily turnover was recorded at $253.70 million. This was as President Muhammadu Buhari cleared the air that there was no ban on forex for food imports.

At the Central Bank’s interbank market, the Naira saw changes as it depreciated by 5 kobo, equivalent to 0.02 percent to trade at N306.95 per Dollar against N306.90 it traded throughout last week.

For the local currency’s performance at the parallel market segment of the foreign exchange market, there were appreciations against both the British Pound Sterling and the Euro on Monday.

The Naira gained N3 against the British currency to trade at N445/£1 from N448/£1 last Friday, while the Nigerian currency gained N2 to trade at N396/€1 on Monday after it closed at N398/€1 on Friday.

However, for the first trading day of the week, the Naira/USD continued to see no changes against the American Dollar at the black market as the local currency remained flat at N360/$1.