By Adedapo Adesanya
There were increased activities on the last trading day of the week on Friday on the Investors and Exporters (I&E) window created by the Central Bank of Nigeria (CBN) for those in need of forex for their business transactions.
At yesterday’s trading session, Business Post observed that the market turnover was over $780 million, the highest turnover for the week as Muslim faithful prepare for the Eid el Kabir festival next week.
Consequently, the Naira/USD on the I&E segment depreciated further by 13 kobo or 0.04 percent to settle at N363.44 per Dollar against the previous value of N363.31 a Dollar.
At the central bank’s official window, which is the interbank segment of the foreign exchange market, the local currency exchange rate remained at N306.90 to a single dollar as it saw no change going into the weekend.
However, the local currency appreciated against the British Pound Sterling at the parallel market on Friday by N5 to trade at N445 against a single unit of the Queen’s currency note from N450 in the previous day.
Unfortunately, the Naira depreciated against the Euro at the same market segment yesterday, exchanging at N398 per Euro compared with N396 it was sold on Thursday.
But on the same black market, the Naira remained flat against the US Dollar at the close of Friday’s trading window, going for N360 per Dollar, as it did through out the week.
Dipo Olowookere