Naira Depreciates by 16 Kobo at I&E as Turnover Drops 55%

By Adedapo Adesanya

At the end of the trading on Thursday, July 25, 2019, Naira at the Investors and Exporters (I&E) window of the foreign exchange (forex) market depreciated by 16 Kobo to quote at N361.96 against the Dollar from the previous day’s N361.75.

However, the daily market turnover of the segment plummeted by 55 percent to $173 million from the previous trading day’s $385 million, which was a 200 percent increase from Tuesday’s session.

At the parallel market, the Naira remained stable at N360 against the US Dollar at the parallel market, a rate it has traded for over a week now.

It was also a stable outcome for the British Pound after the end of the trading day on the parallel market, as it traded at N455. However, it was a semblance of relief for the Nigerian currency as it appreciated against the Euro by N1 to trade at N403/Euro at the end of Thursday’s trading.

Meanwhile, on the Central Bank’s interbank segment of the forex market, the Naira/USD however, saw no changes as the local currency traded at N306.90/$ for the third straight trading day.