Naira Appreciates to N306.90/$ at Interbank

30-Day Treasury Bills Yield
Image Credit: Nairametrics

By Adedapo Adesanya 

The performance of the Naira against the Dollar at the interbank window of the Central Bank of Nigeria (CBN) at the foreign exchange market on Thursday, November 7, 2019, was strong.

During the trading session, the local currency appreciated against the greenback by gaining 5 kobo or 0.02 percent to trade at N306.90 per Dollar in contrast to N360.95/$ it was sold the previous session.

However, it was not the same case with the domestic currency against the same Dollar at the Investors and Exporters (I&E) window as the Naira marginally depreciated by 1 Kobo to trade at N362.67/$1 against N362.66/$1 of the previous market day.

The total value of transactions at the investors segment as captured by FMDQ showed an increase by 66 percent or $185.85 million to $466.82 million from $280.97 million on Wednesday.

At the black market on Thursday, the Naira traded flat against the greenback, closing at N360/$. However, it finished strong against the British Pound Sterling and the Euro.

Business Post reports that the local currency gained N1 against the Pound at the parallel market yesterday to close at N463/£1 compared with the previously quoted figures of N464/£1.

For the Naira/Euro exchange rate, the Nigerian currency appreciated by N2 at the close of transactions at the black market to exchange at N398/€1 in contrast to N400/€ of the previous session.

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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