By Adedapo Adesanya
The Naira finished stronger against the US Dollar at the parallel market of the foreign exchange market on Monday, October 5 at N458/$1 versus N465/$1 it traded previously, indicating a N7 gain.
At the same segment, the domestic currency also finished stronger against the Pound by N5 to trade at N595/£1 in contrast to N600/£1 it was traded at the last trading day and on the Euro, it also made a N5 gain to close at N540/€1 as against the preceding session’s N545/€1.
However, at another market window, the Investors and Exporters (I&E), the locaI currency depreciated against the greenback on Monday by 20 kobo or 0.05 per cent to end the day at N386/$1 compared with N385.80/$1 it sold last Friday.
During the trading session at the segment, Business Post learned that the demand for the American dollar dropped by 64.5 per cent or $65.78 million to $36.24 million from the previous session’s $102.02 million.
A look at the interbank window, the value of the Nigerian currency in relation to its American counterpart remained unchanged at the close of business yesterday at N379/$1.
