Naira Loses Momentum, Depreciates at I&E Segment

September 10, 2019
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By Adedapo Adesanya

The Nigerian Naira, on Monday, could not live up to the positive momentum it recorded last week at the foreign exchange market as the local currency started off the new trading week on a weak note.

At the Investors and Exporters (I&E) window, the Naira, which appreciated last Friday to N362.08, fell on Monday by 0.03 percent or 10 kobo to close at N362.18/$1.

Data from the FMDQ showed that the daily market turnover went down yesterday by $125.93 million or 39 percent to $196.51 million from total volume of $322.44 million exchanged on Friday.

However, at the parallel market, the Naira had an impressive performance on Monday just as it did last week, appreciating by N2 against the Euro to trade at N395/€1 against N397/€1 it traded at the close of transactions last Friday.

Still at the same market, the Naira remained flat against both the British Pound and the US Dollar after the end of trading on Monday, closing at N447/£1 and N360/$1.

At the interbank window, the domestic currency remained flat against the Dollar at N306.90/$1.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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