Adedapo Adesanya
By Adedapo Adesanya
The Naira wrapped the week pulling another gain against the Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Friday, January 10, 2020.
At the previous session on Thursday, the Naira gained N1.01k to close at N362.80 per Dollar and on Friday, the gains were extended by 0.06 percent or 20 kobo to trade at N362.60/$1.
The strong performance of the local currency came despite rise in the volume of transactions recorded at the forex window. The turnover for the day was $766.00 million, higher than $87.10 million printed on Thursday, indicating a difference of $678.9 million or 779 percent.
Business Post reports that there were no much changes at the Bureau De Change (BDCs) segment of the market except in Lagos, where the local currency appreciated against the American currency by 50 kobo to trade at N361/$1 compared with N361.50/$1 it traded the previous session.
At the nation’s capital city of Abuja, the Naira closed flat against the greenback to trade at N361.50/$1, while it remained unchanged in Port Harcourt Rivers State at N360.50/$1 and closed flat in Kano at N361.50 per Dollar.
The Nigerian currency further stayed static against its American counterpart at the official window for government transactions, the interbank segment, trading at N306.95/$1 at the close of market.
At the parallel market, the local currency further closed flat against the greenback at N362/$1 and also traded flat against the British Pound Sterling at N475/£1 on Friday.
However, the Nigerian currency gained N1 against the Euro at the black market on the last trading day of the week, exchanging at N402/€1 in contrast to N403/€1 it was sold on Thursday.
