Naira Appreciates by 5 Kobo to N306.95/$ at Interbank

By Dipo Olowookere

The local currency appreciated against the Dollar at the interbank segment of the foreign exchange (forex) market on Monday.

Data from the FMDQ website indicated that the Naira gained 5 kobo or 0.02 percent against the foreign currency to close at N306.95/$.

Business Post reports that the Dollar suffered the marginal loss against the local currency amid the trade issues the United States is having with China.

Last week, the President Donald Trump administration raised tariffs on $200 billion Chinese by 25 percent, with President Xi Jinping coming up with higher tariffs.

This trade war between the United States and China has had effect on the American currency.

A look at the other segments of the forex market in Nigeria yesterday indicated that at the SMIS rate remained unchanged at N356.60/$.

However, the NAFEX closing rate in the Investors and Exporters (I&E) window declined marginally by 0.01 percent to N360.83/$.

But it was observed that the turnover of transactions at the I&E segment decreased by 55 percent to $165 million.

A look at the parallel market showed that the local currency remained unchanged at N360 to a Dollar, same as the Euro, which stayed flat at N402. But the Naira gained N1 against the Pound Sterling to quote at N471 against N472 of the previous session.