Naira Appreciates at Interbank, also against Euro and Pounds

By Adedapo Adesanya

Monday at the parallel segment of the foreign exchange (forex) market closed with no changes to the Naira as it traded at a fixed N360 per Dollar at the end of trading window last week Friday.

However, it was a different story for the Naira against the British Pound and the Euro on the same segment of the market as the local currency appreciated against both foreign currencies.

The Naira gained N3 against the Pound to trade at N458 yesterday against the previous closing price of N461 on Friday. Against the Euro, the local currency gained N2 to cap at N403/Euro from last week’s N405/Euro.

At the interbank, it was a closely related story as the Naira appreciated against the American Dollar by 5 Kobo to N306.90/$ from N306.95/$.

At the Investors and Exporters (I&E) segment, the Naira/USD marginally depreciated by 2k to trade at N361.48 from N361.46.

The market turnover, was not one that conveyed goodnews on Monday, as it dipped by about 60% to $90m.