Adedapo Adesanya
By Adedapo Adesanya
Despite projections that the declining Nigeria’s foreign reserves may weaken the local currency at the foreign exchange (forex) market this week, the Naira gained 20 Kobo or 0.06 percent against the US Dollar Monday September 2, 2019, to trade at N362.73 from N362.93 it traded last Friday at the Investors and Exporters segment of the forex market.
Business Post observed that the strength gained by the local currency was as a result of the less pressure on the Nigerian currency at the investors’ window yesterday.
At the close of business, the daily market turnover was down by 53 percent. A total of $75.13 million worth of transactions were recorded on Monday at the I&E in contrast to $159.52 million achieved last Friday, indicating a decline of over $84 million.
A look at another segment of the forex market in the country yesterday showed that interbank, which is the official window for government, the Naira appreciated against the Dollar by 5 Kobo to trade at N306.95 from the previous N307.00, indicating a 0.02 percent change.
However, at the black market, the Naira traded flat against the Dollar on the first trading day of the week, closing at N360/$, the same rate it was exchnaged last Friday at the market segment.
It was a similar situation for the local currency against the Euro as the same market window. At the close of transactions on Monday, the Naira was selling at N398, the same rate it was traded last Friday.
However, the Naira was weakened against the British Pound at the parallel market on Monday by N1 to close at N446/£1. This is in contrast to N455/£1 it recorded at the last trading session.
