Naira Appreciates at I&E as Dollar Demand Eases

September 28, 2019

By Adedapo Adesanya 

The last trading day of week at the foreign exchange (FX) market on Friday, September 27, 2019 closed with the Naira appreciating against the US Dollar at the Investors and Exporters (I&E) segment of the market.

According to data gathered from the FMDQ, the local currency closed at N362.02/$1 against the American Dollar at the investors window compared with the N362.58/$1 it traded in the previous trading day.

This indicated that the Naira appreciated by 56 Kobo or 0.15 percent against the global currency of trade at the I&E FX window yesterday.

Business Post reports that the strengthening of the Naira was mainly influenced by the low demand for Dollar at the market segment yesterday, easing pressure on the domestic currency.

From the data harvested by Business Post, the daily market turnover on Friday further plunged for the third consecutive session to  $58.20 million from $143.19 million on Thursday, showing a decrease of 59.4 percent or $84.99 million. This trend started since Wednesday of this week.

At the parallel market, the Naira remained flat against the US Dollar at N360/$1, but appreciated against the British Pound Sterling to close at N453/£1 against N454/£1 in the previous day. The Naira also followed the same movement against the Euro, appreciating by N1 to close at N396/€1 from N397/€1 traded at the previous session.

At the Central Bank of Nigeria (CBN)’s interbank segment, the Naira/US Dollar recorded no change after being flat throughout the five trading days of this week at N306.95/$1.

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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