Naira Depreciates Again at I&E Segment, Trades N362.46/$

By Adedapo Adesanya 

At the close of trading on Wednesday, September 13, 2019, the Naira depreciated against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market.

This was the second consecutive day that the local currency would depreciate at the market segment this week as Tuesday closed at the segment unfavourable to the Naira.

At this segment of the market (I&E), the Nigerian currency depreciated by 17 kobo or 0.05 percent to close at N362.46 compared to N362.29 recorded on Tuesday.

The daily market turnover at the I&E window, however, saw a 6 percent or $9.76 million decline yesterday, closing at $148.08 million fin contrast to $157.84 million recorded in the previous session.

At the parallel market, the Naira and Dollar exchange rate closed flat at N360/$ as it did in the previous trading day. But when the performance is gauged against the Pound Sterling, the local currency depreciated by N1 to trade at N450/£.

When paired against the Euro, the domestic currency closed unchanged at N395/€ it was quoted on Tuesday.

At the interbank segment of the FX market yesterday, the Naira remained unchanged against the greenback, trading at N306.90/$.

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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