By Adedapo Adesanya
The last trading day of the week on Friday, July 26, 2019, saw the local currency depreciating at the Investors and Exporters (I&E) window of the foreign exchange (forex) market. At the close of transactions, the value of the Naira against the United States Dollar went down by 7 kobo to close at N361.97 against the previous day’s N361.91.
Business Post gathered that this development was as a result of the huge pressure on the local at the market yesterday as reflected in the daily market turnover recorded at the market segment, which increased by 70 percent to $295 million from the previous trading day drop of 55 percent to $173 million.
However at the Central Bank’s interbank market, the Naira/USD remained flat at N306.90/$ for the fourth straight day of the week.
Same was the outcome for the Naira at the parallel market as it traded from the same exchange rate of N360/$, meaning that the Naira saw no movement throughout the week.
It was also a stable outcome for the British Pound after the end of the trading day on the parallel market, as it traded at N455 to the British currency.
It was likewise the same for the Euro, which went into the final trading day of the week at the same rate it traded on Thursday at N403/Euro.
According to reports, currency circulation rose to N2.16 trillion in April as the Central Bank of Nigeria releases its first quarter report on currency-in-circulation and deposits.
Dipo Olowookere