Naira Drops 71 Kobo Against Dollar at I&E as Turnover Rises 55%
By Adedapo Adesanya
The third trading day of the week, Wednesday, July 31, 2019, saw the Naira depreciate by 71 Kobo at the Investors and Exporters (I&E) window of the foreign exchange (forex) market. The local currency closed at N361.68 against the Dollar from the previous day’s N362.39.
This was as the daily market turnover at the segment surged by 55 percent to $123 million from the previous trading day’s $79 million.
However at the Central Bank’s official window, the Naira/USD remained flat at N306.85/$ from the previous trading day of the week.
Same was the outcome for the Naira at the parallel market as it traded from the same exchange rate of N360/$, meaning that the Naira has seen no movement so far this week.
It was also a stable aftermath for the British Pound after the end of the trading day on the parallel market, as it traded at N455 to the British currency as well as the Euro, which closed at the same rate it traded on Tuesday at N400/Euro.