By Adedapo Adesanya
The gains recorded by Naira at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Monday, December 2, 2019, were eroded on Tuesday.
The local currency, which had appreciated against the US Dollar at the market window on Monday, depreciated yesterday by N1.01 at the close of business to quote at N362.71/$ in contrast to N361.71/$ it was traded the previous day.
This occurred despite the decline in the value of transactions recorded at the market segment as indicated by data obtained from the FMDQ.
At yesterday’s session, trades worth $62.49 million were carried out by authorised forex dealers in contrast to $162.07 million conducted on Monday. This indicated that the value of transactions decreased by 61.4 percent or $99.58 million.
At the interbank window of the Central Bank of Nigeria (CBN) on Tuesday, the local currency closed flat against the American currency at N306.95/$, the rate it appreciated to on Monday.
At the black market, the Nigerian Naira also remained unchanged against the greenback at N360/$. It further stayed static against the British Pound Sterling at N465/1£.
However, the local currency depreciated against the Euro at the same parallel market yesterday by N1 to close for the day at N396/1€ compared with N395/1€ it settled at the previous trading session.
Modupe Gbadeyanka