Naira Depreciates Against Euro to N397/€ at Parallel Market

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By Adedapo Adesanya 

The Naira closed at the parallel market segment of the foreign exchange market on Friday, November 29, 2019 depreciating against the European currency, the Euro.

During the session, the local currency lost N2 against the Euro to close at N397/€1 against N395/€1 it quoted on Thursday. At the mid-week session, the Naira had gained N1 against the shared currency for the first time in weeks, but ended the week to trade at N397 on Friday.

However, the Naira/US Dollar remained unchanged as the local currency traded at N360/$1. The Nigerian currency also traded flat against the British Pound Sterling at the black market, closing at N466/£1.

The Naira has remained stable against the Pound Sterling as the British currency continue to record a strong performance in the past few months due to Brexit uncertainies as well as the forthcoming general elections scheduled for December 12.

At the interbank segment of the Central Bank of Nigeria (CBN), the domestic currency has continued to trade flat and it was no different yesterday when it remained at N307/$1.

However, at the Investors and Exporters (I&E) segment of the forex market, the Naira depreciated further by 0.06 percent or 20 Kobo to trade at N362.81/$1 compared to N362.61/$1 it traded at the previous session.

This occurred as the market turnover for the day rose by 37.5 percent or $94.66 million as investors exchanged a total of $346.91 million, the highest in the week, compared with $252.25 million exchanged at the segment on Thursday.

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