Naira, Dollar Exchange Rate Flat at Interbank, Parallel Markets

By Adedapo Adesanya

The Naira and Dollar exchange rate remained stable at N306.95/$ at the interbank segment of the foreign exchange (forex) market on Tuesday, July 16, 2019.

Likewise at the parallel market, the exchange rate between the two currencies was unchanged at the close of business at N360/$.

But at the same segment of the black market on Tuesday, the local currency appreciated against both the Euro and Pound Sterling.

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An analysis showed that the Naira gained N2 against the Euro at the market window to quote at N405, while it improved by N1 against the Pound Sterling to exchange at N462.

According to data recorded by Zedcrest Capital, the value of the Naira to the Dollar depreciated yesterday at the Investors and Exporters’ segment of the forex market by 0.14 percent or 15 kobo.

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At the close of transactions at the investors’ window, the local currency was exchanged at N361.25 to a Dollar in contrast to N361.10 per Dollar it quoted in the previous trading day.

Data sourced from the FMDQ by Business Post indicated that the market turnover at the I&E segment on Tuesday increased by 110 percent to $340 million from $161.9 million.

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