Adedapo Adesanya
By Adedapo Adesanya
Thursday’s transactions closed at the Investors and Exporters segment of the foreign exchange market with the Naira depreciating against the US Dollar after it traded flat the previous day.
Business Post reports that the local currency dropped 29 Kobo or 0.08 percent to trade at N362.58 against a single dollar from N362.29 it was exchanged on Wednesday.
However, despite this, there was a drop of $14.58 million or 9.2 percent in the daily market turnover as the market segment recorded transactions worth $143.19 million on Thursday in contrast to the $157.77 million traded at the previous session.
At the Central Bank of Nigeria (CBN)’s interbank segment, the Naira/US Dollar rate saw no movement at the closing day on Thursday as the domestic currency traded at $306.95/$ same as it did the previous day.
The local currency still remained non-moving at the parallel market as it continued to trade at N360/$1 against the American Dollar, the same rate it has stayed for some time.
When paired with the Naira, the local currency traded flat against the British Pound, closing at N454/£1. In the same vein, it remained unchanged against the Euro, trading at N397/€1.
