Naira Depreciates at Interbank, I&E on Friday 

By Adedapo Adesanya 

The last trading day of week closed at the foreign exchange market on Friday, September 20, 2019 with the Naira depreciating against the US Dollar at both the Interbank and the Investors and Exporters (I&E) segments of the market.

According to data gathered from the FMDQ by Business Post, the local currency traded at N362.39 against the American Dollar at the Investors window yesterday compared with the N362.26/$ it traded the previous trading day. This indicates a 13 Kobo or 0.06 percent drop for the Naira at the I&E segment against the US Dollar.

This depreciation recorded by the domestic currency on Friday occurred as the daily market turnover rose to $442.36 million from $228.98 million on Thursday, representing an increase of 93 percent or $213.38 million. .

At the Central Bank of Nigeria (CBN)’s official window, which is also known as the interbank segment, the Naira, after being unchanged at the window for a long time, depreciated against the US Dollar on Friday.

At the close of business yesterday, the value of the domestic currency went down by 5 Kobo or 0.02 percent against the American currency to close at N306.95/$ in contrast to the previous N306.90/$.

At the parallel market, the Naira remained flat against the US Dollar at N360/$ with the central bank’s constant $210 million intervention keeping the exchange rate afloat.

The local currency earlier on Friday morning was down by N2 against the British Pound Sterling heading towards N452/£ but it finally closed at N450/£ as it did at the previous window.

The Naira could not hold against the Euro this time as it depreciated by N1 to close at N397/€1 from N396/€1 traded at the previous session.

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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