Adedapo Adesanya
By Adedapo Adesanya
Transactions at the foreign exchange market last Friday ended on a negative note as the Naira depreciated against the US Dollar for the third consecutive day at the Investors and Exporters (I&E) segment.
The local currency had last appreciated on Tuesday (October 29) to trade at N362.05/$1, but lost 53 Kobo on Wednesday (October 30) to close at N362.58/$1 and also depreciated by 8 Kobo at the previous trading session on Thursday (October 31) at N362.66/$1.
At Friday’s session, the Naira closed against the greenback at N362.75/$1 after further dropping 9 Kobo against the greenback at the investors’ window of the forex market.
Despite the weakening of the value of the domestic currency at the market last Friday, the turnover recorded at the segment reclined by 83.6 percent or $573.84 million to $112.88 million from the previous trading day’s $686.72 million.
A look at other market segments tracked during the trading session showed no movement at the interbank window of the Central Bank of Nigeria (CBN) as well as the parallel market.
The local currency exchanged at N307 to a single American Dollar at the Interbank segment after depreciating by 5 Kobo on the first trading day of the week.
Also, at the black market the domestic currency remained unchanged against the Dollar at N360/$1, static against the Euro at N400/€1 and flat against the British Pound Sterling at N463.
