By Sodeinde Temidayo David
The total turnover recorded last week at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market depreciated by 21.64 per cent or $147.36 million.
Business Post reports that in the week, the total value of transactions at the FX window stood at $533.64 million compared with the preceding week’s $681 million.
It was observed that the decline in the turnover was major due to the lower appetite last Friday as the trades for the day stood at only $57.19 million. This was relatively low compared with the $132.31 million achieved a day earlier.
On the first trading session of the week, the total value of transactions at the segment stood at $117.17 million and the next day, it went down to $113.17 million and then rose slightly to $113.38 million at the midweek week session.
For the week, the average FX turnover at the investors’ window was $106.73 million in contrast to the $136.20 million achieved in the preceding week.
As for the performance of the Naira at the market window, it declined last Friday by 87 kobo or 0.21 per cent to N411.67/$1 compared with N410.80/$1 it transacted at the previous Friday.
A look at the unregulated segment of the forex market showed that the local currency crashed against the Dollar by N5 or 0.97 per cent as it closed last Friday at N520/$1 versus N515/$1 to was quoted at the previous Friday and at the interbank window, the Nigerian currency fell by 2 kobo or 0.01 per cent as it traded at N410.13/$1 in contrast to N410.11/$1 it traded at the previous last session of the week.
Adedapo Adesanya 
Modupe Gbadeyanka