Adedapo Adesanya
By Adedapo Adesanya
Monday, September 30, 2019 closed bearish at the local foreign exchange (forex) market as the Naira depreciated against the US Dollar at both the the Investors and Exporters (I&E) and Interbank segments.
Business Post reports that at the Interbank, which is the official window of the Central Bank of Nigeria (CBN), the local currency depreciated by 5 Kobo or 0.02 percent against the global currency to close at N307.00/$1 after staying flat at N306.95 throughout last week.
As for the Naira against the US Dollar at the Investors window, it went down by 21 Kobo or 0.06 percent to trade at N362.23 against a single unit of the American currency from N362.02 recorded last Friday.
Unlike in the previous past three sessions, the market turnover rose on Monday by 189.6 percent or $110.34 million with trades worth $168.54 million carried out in contrast to the $58.20 million transactions achieved at the previous session.
At the parallel market, the local currency remained unchanged at N360/$1 just as the domestic currency stayed flat against the Pound Sterling at N453/£1 at the same market segment.
But the Naira appreciated against the Euro on Monday by N1 to exchange at N395/€1 as against N396/€1 last Friday.
