Business Post Contributor
By Sodeinde Temidayo David
Transactions at the Investors and Exporters (I&E) window of the foreign exchange (forex) market in Nigeria stood at $867.20 million last week, according to data obtained by Business Post.
According to the FMDQ Securities Exchange, which tracks the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX), under which the I&E segment operates, said the figures recorded last week were higher than the $1.0 billion achieved in the preceding week.
The platform only recorded trades for four days last week due to the public holiday observed last Friday to celebrate the nation’s 61st independence day anniversary.
Last Monday, the value of trades at the market window was $130.83 million but it dipped to $127.68 million the next and significant jumped to $467.56 million on Wednesday before dropping to $141.13 million at the last trading session of the week.
In terms of the performance of the Naira at the investors’ segment of the FX market, the local currency depreciated against the US Dollar week-on-week by 50 kobo or 0.12 per cent as it closed at N413.38/$1 compared with the preceding week’s N412.88/$1.
Also, at the interbank segment of the market, the Nigerian currency depreciated against the American currency week-on-week by 23 kobo or 0.06 per cent to quote at N410.80/$1 last Thursday compared with N410.57/$1 it traded a week earlier.
