Adedapo Adesanya
By Adedapo Adesanya
The Naira put up a good fight against the United States Dollar at the black market on Tuesday after an abysmal performance on the first trading day of the week on Monday.
At the parallel segment of the foreign exchange (forex) market in Nigeria yesterday, the local currency appreciated against the American currency by N1 to trade at N362 to a Dollar.
The world currency had traded at N360 for over six months, but suddenly recorded a sharp appreciation against the Nigerian Naira, exchanging at N363 at the market as at Monday before retreating to N362 on Tuesday.
At the same forex segment, the local currency closed flat against the British Pound Sterling yesterday at N477/£1, after the pressure brought by the United Kingdom national poll last week finally eased.
When paired against the Euro, the domestic currency also remained unchanged at N398/€1, the same amount that it traded at the same window at the previous session.
Business Post gathered from the FMDQ OTC Securities website that the Naira at the Investors and Exporters (I&E) depreciated against the greenback on Tuesday.
Data from the platform showed that the Nigerian Naira lost 13 Kobo against the Dollar during the session, closing at N363.61/$1 against N363.49/$1 it traded the previous day.
For the daily market turnover, there was a rise in the value of transactions at the I&E window on Tuesday. Investors had transactions worth $86.62 million at the segment yesterday, 9.5 percent or $7.5 million higher than the $79.12 million exchanged at the previous session.
Meanwhile, at the interbank segment of the foreign exchange market, the local currency closed the session flat at N306.95/$1, after dropping 5 Kobo on the first trading day of the week.
The Naira is anticipated to be put under pressure at the various market segments this week on the back of further decline in the country’s foreign reserves.
