By Adedapo Adesanya
The end of the trading day on Thursday, September 12, 2019, at the foreign exchange market in Nigeria had the local currency closing flat against the Dollar across the various market segments except at the Investors and Exporters (I&E) segment of the market.
At the investors’ window, the Naira posted a marginal gain of 4 kobo or 0.01 percent against the greenback as pressure continue to ease on the domestic legal tender.
Business Post reports that the local currency was exchanged at the I&E segment yesterday at N361.95 to one American currency in contrast to the N361.99 per Dollar it went for at the same window on Wednesday.
As earlier stated, this strengthening of the Naira was influenced by the low demand for Dollar at the market segment on Thursday by investors as reflected in the volume of the market turnover.
I was observed that the market turnover at the window yesterday declined by 58 percent to $110.76 million, lower than the $266.11 million recorded it the previous day.
At the parallel market on Thursday, the Naira traded flat as it remained unchanged N360 against the US Dollar.
However, the local currency lost N4 against the British Pound to trade at N450/£ compared with the N446/£ it was exchanged at the black market on Wednesday.
In addition, the value of the Naira depreciated against the Euro at the same market window by N1 yesterday to close at N395/€ in contrast to N394/€ recorded in the previous trading session. This came as the European Central Bank (ECB) cut the deposit rates to 0.50 percent on Thursday.
At the interbank segment of the foreign exchange market, the local currency exchange rate remained at N306.85/$.
Dipo Olowookere