Naira Depreciates Against Euro, Sterling at Black Market

naira depreciate

By Adedapo Adesanya 

The Naira closed weaker against the Euro and Pound Sterling at the black market segment of the foreign exchange (forex) market on Friday, November 8, 2019.

During the trading session, the local currency lost N2 against the Euro at the parallel market to close at N400/€1. This amount was in contrast to the rate it ended on Thursday, which was N398/€1. During the Thursday’s trading day, the domestic currency had gained N2 against the Euro before closing at N400 for the week.

It was a similar scenario for the Naira against the British currency at the same segment of the forex market. The local currency went down by N2 against the Pound to N465/£1 from N463/£1 recorded at the previous trading session. The local currency had seen a floating performance in the past few weeks due to Brexit uncertainties.

However, the Naira maintained the same exchange rate against the United States Dollar, trading at N360/$1 at the black market, the same rate it has stayed for weeks.

At the interbank segment of the Central Bank of Nigeria (CBN), the local currency remained unchanged against the American currency, trading at N306.90/$1 on Friday.

However, at the Investors and Exporters (I&E) segment, the Naira depreciated by 0.03 percent or 10 Kobo to trade at N362.77 /$1 compared with N362.67/$1 it traded on Thursday.

Business Post reports that the Naira recorded the fall despite ease in demand for forex at the market segment as reflected in the day’s turnover, which went down by 65 percent or $303.76 million on Friday as investors transacted a total of $163.06 million compared with $466.82 million exchanged at the segment on Thursday.

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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