Adedapo Adesanya
By Adedapo Adesanya
Transactions at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market ended negative on Thursday, November 21, 2019 with the Naira depreciating against the Dollar.
Data obtained from FMDQ showed that the local currency lost 33 Kobo of its value against the American currency at the investors window at the close of business yesterday.
Business Post reports that when market activities were wrapped up at the I&E segment of the FX market on Thursday, the domestic currency ended at N362.85/$1 in contrast to N362.52/$ on Wednesday.
The local currency had appreciated to N362.52 per Dollar at the market segment during the midweek session on the back of low demand for forex from customers.
However, yesterday, despite the further low demand for FX by customers at the market, the value of a single Naira to a single US Dollar still depreciated.
The market turnover for Thursday’s transactions showed a decline as trades worth $224.27 million were recorded at the investors window, 4.0 percent or $9.38 million lower than the turnover figures of Wednesday, $233.65 million.
A look at activities at the interbank segment of the Central Bank of Nigeria (CBN) showed that the exchange rate of Naira to the Dollar remained unchanged as the local currency was quoted at N306.95/$1.
For the parallel market, the domestic currency still exchanged at N360/$1, the same rate it had been since beginning of this trading week. In fact, the exchange rate of the Naira to the greenback has remained flat for several weeks at the black market.
It was not a different ball game for the local currency against the British Pound Sterling since a semblance of peace returned to the Brexit process. At the close of business yesterday, the exchange rate closed flat at N464/£1.
This trend was extended to the Euro at the same segment of the forex market on Thursday as the Nigerian currency traded against the Euro at N397, the same rate it was on Wednesday.
