Naira Succumbs to Pressure, Depreciate at Investors Window

By Adedapo Adesanya

Tuesday closed at the foreign exchange market with the Naira depreciating by 36 Kobo against the US Dollar at the Investors and Exporters (I&E) segment of the forex market.

The local currency was traded at N363.68 against the American Dollar at the investors window in contrast to N363.32/$ it was exchanged in the previous trading day on Monday.

Business Post observed that the Naira came under pressure yesterday at the investors window of the market as a result of increased demand for the Greenback.

At the close of transactions at the market segment on Tuesday, the daily turnover increased by 122.25 percent to $563.85 million from $253.70 million recorded on Monday.

At the Central Bank of Nigeria (CBN)’s interbank segment, the Naira/US Dollar rate saw no movement at the close of trading on Thursday as the local currency traded at $306.95/$1 same as it did the previous day.

On the parallel market, the Naira saw no movement also, exchanging at the still price of N360 as it has done for sometime.

However, the local currency appreciated against the British Pound Sterling by N2 at the black market to close at N443 to a single Pound against Monday’s N445.

The Naira on the other hand depreciated against the Euro by N1 at the parallel segment of the market to trade at N397/€1 compared with N396/€ on Monday.