Adedapo Adesanya
By Adedapo Adesanya
Like in the previous session, the local currency recorded a mixed performance across the various foreign exchange (forex) market segments in Nigeria on Tuesday.
Specifically, the Naira appreciated marginally by 3 Kobo or 0.01 percent against the US Dollar at the Investors and Exporters segment yesterday to trade at N362.29 in contrast to N362.32 it traded on Monday.
This strength garnered by the domestic currency came despite an increase in the daily market turnover during the trading session, which Business Post gathered was very busy.
It was learned that authorised forex traders at the market segment made transactions worth $157.84 million on Tuesday on the window, higher than the $67.58 million achieved on Monday.
This purely indicated that the value of transactions at the investors segment increased yesterday by 133 percent or $90.26 million.
A look at the interbank window of the market, the Naira was exchange to the Dollar at the rate of N306.90/$, the same price the currency has traded for some days now.
In addition, the domestic currency also traded flat at the parallel market on Tuesday, exchanging at N360 to a Dollar at the black market, the same amount it has traded in days.
However, the performance of the Naira against the British Pound Sterling was sloppy at the parallel market yesterday as it went for N449/£ compared with N448/£ it was sold in the previous trading day. This indicated that the local currency weakened against the Pound Sterling by N1.
But against the Euro, the Naira was unchanged as it was exchanged at N395/€, the same price it closed on the first trading day of the week.
