Adedapo Adesanya
By Adedapo Adesanya
The good performance of the Naira at the foreign exchange market on Wednesday, September 4, 2019 ran into its second consecutive day as the Nigerian currency performed strongly across the parallel, investors, and Interbank windows of the foreign exchange market on Thursday.
The Naira started its domination on Thursday at the parallel market, appreciating by N3 against the British Pound to close at N447/£1 compared to N450/£1 registered on Wednesday.
Still at the same market, the Naira fought back against the Euro to close flat at N398/€1 after it traded as high as N400 earlier in the morning.
However, against the Dollar, the local currency traded flat at N360 at the black market yesterday.
The parallel market wasn’t the only witness to Thursday’s conquest by the Naira, as the local currency also appreciated at the Investors and Exporters window by 0.06 percent to trade at N362.19 to one US Dollar, lower than N362.40/$1 it traded on Wednesday, showing a 21 kobo gain for the Naira.
Despite this, the daily market turnover went up by 13 percent to $309.88 million on Thursday against $273.16 million recorded the day before.
The Naira wasn’t done, as it went on to the CBN Interbank segment of the market and gained 0.02 percent or 0.05 kobo to appreciate to N306.90/$ indicating a first time mover this week from N306.95/$1.
