I&E: Naira Trades at $362.12/$ on 65% Rise in Turnover

October 24, 2019
forex nigeria

By Adedapo Adesanya

Transactions closed on Wednesday October 23, 2019 at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market with the Naira making a non-impacting movement against the US Dollar.

Business Post reports that the local currency saw a one kobo decline yesterday as the Naira traded at N362.12/$1 against the US Dollar at the Investors window. The Naira had previously traded at N362.11/$1 on Tuesday at the same window.

However, there was a significant increase in the value of transactions recorded at the market during the midweek session. Trades worth $196.32 million were transacted yesterday in contrast to $118.78 million exchanged at the previous session, indicating an increase of 65.3 percent or $77.54 million.

At another market segment, data sourced from the FMDQ showed that the domestic currency remained unchanged against the American legal tender at the interbank window. The Naira stayed flat at N306.95/$1.

Taking a look at the Naira’s performance at the parallel market, it was discovered that the Naira also remained flat against the US Dollar and the Euro but appreciated against the British Pound Sterling.

At the close of business yesterday, the Naira traded at N360 to the American dollar at the parallel market and traded at N403 to a Euro at the same segment of the forex market.

As for the Naira rate against the British Pound, the local currency gained N1 to sell at N462 against N463/£1 it went for on Tuesday.

The Pound, which had been showing a strong performance in recent sessions on the back of the Brexit process, was thrown back into uncertainty after Prime Minister, Boris Johnson was defeated over his withdrawal timetable at the UK Parliament.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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