By Adedapo Adesanya
Tuesday closed bearish at the Investors and Exporters (I&E) segment of the foreign exchange market as the Naira depreciated 72 Kobo to trade at N362.92 to the Dollar compared with N362.21 it was exchanged on Monday. This represented a decline of 0.20 percent.
The depreciation of the local currency against the American money has been linked to the subdue of Foreign Portfolio Investment (FPI) inflows.
This was evident in the rise in the daily market turnover yesterday, which further increased to $170 million.
At another segment of the forex market on Tuesday, which is the Central Bank of Nigeria (CBN)’s Interbank, the local currency remained fixed as the Naira traded at N306.90/$ same as it did on Monday.
Also at the parallel market, the local currency saw no change as it still traded at N360 to a single US Dollar.
The Nigerian currency also saw no change against the Euro as it traded at N397/€ yesterday at the black market.
However, the Naira depreciated by N3 against the British Pound to trade at N448/£ compared to N445 it traded on Monday.
Dipo Olowookere