Adedapo Adesanya
By Adedapo Adesanya
The first trading day of the new week at the foreign exchange (forex) market ended on Monday, October 28, 2019 with the Naira recording a mixed performance at the different market segments.
For example, at the Investors and Exporters (I&E) window of the market, the local currency appreciated marginally against the US Dollar by 2 kobo or 0.02 percent to quote at N362.09/$1 compared to N362.11/$1 recorded last Friday.
This was as the market turnover at the segment went down yesterday by 61.6 percent or $197.63 million as investors exchanged a total of $123.01 million in contrast to the turnover figure of $320.64 quoted at the previous session.
The ease of this pressure on Naira brought about the strength the domestic currency garnered during the trading session on Monday, though it still has the threat of the declining foreign reserves.
Meanwhile, the Naira depreciated at the interbank segment of the Central Bank of Nigeria (CBN) by 5 kobo or 0.02 percent to trade at N307/$1 against N306.95/$1 at the previous trading day.
At the parallel market, the local currency traded flat at N360/$1, while it lost value against the British Pound Sterling as the same market window on a day the United Kingdom received a good news from the European Union.
At the close of transactions yesterday, the Naira depreciated by N1 to a Pound to close at N463/£1 instead of the N462/£1 recorded last Friday at the black market.
On Monday, the 27 member States of the European Union granted the UK a Brexit extension till January 31, 2020, giving the British currency a strong outlook against other currencies, including the Naira.
However, the Nigerian currency recorded gains against the Euro on Monday at the parallel market as the Naira appreciated by N2 to close at N400/€1, better than the N402 it was previously quoted.
