By Adedapo Adesanya
At the end of the second trading day of the week on Tuesday, July 23, 2019, the Naira depreciated by 27 kobo at the Investors and Exporters (I&E) window of the foreign exchange market in Nigeria.
Business Post reports that the local currency, which was exchanged at N361.48 to a Dollar on Monday, ended yesterday at N361.75 per Dollar. It was observed that this decline was as a result of pressure on the Nigerian currency.
This was seen in the volume of transactions recorded on Tuesday at the market segment, according to figures sourced from the website of the FMDQ, which put the total market turnover yesterday $128.03 million against the previous trading day’s $90 million, indicating almost 40 percent rise.
A look at another segment of the forex market in the country yesterday indicated that the Naira remained stable at N360 against the US Dollar at the parallel market. This is the fifth consecutive trading session the Naira/USD rate has remained unchanged at the black market.
However, the local currency appreciated against the British Pounds for the second successive day at the parallel market on Tuesday, gaining N3 to trade for N455 to a single Pound. It was however static for the Euro, which remained at N403 from the previous trading day.
Meanwhile, at the Central Bank’s interbank segment of the forex market, the Naira/USD remained static at N306.90/$.
Dipo Olowookere