By Adedapo Adesanya
Trading ended on Thursday at the foreign exchange market with the Naira depreciating by 24 Kobo against the US Dollar at the Investors and Exporters (I&E) segment.
The local currency traded at N363.46 against the American Dollar at the investors window yesterday from N363.22 /$ in the previous trading day, indicating a decline by 0.07 percent.
It was observed that the Naira came under heavy pressure at the window as a result of the huge demand for the greenback by investors, who are converting their Naira investments to Dollar as a result uncertainties in the country.
At Thursday’s session, the market turnover spiked by 176 percent to $826 million compared with the $299 million recorded on Wednesday after the Sallah break.
At the Central Bank’s interbank segment, the Naira/US Dollar rate saw no movement at the closing day of the trading on Thursday as Naira traded at $306.90/$ same as it did the previous day.
On the parallel market, the Naira also saw no movement as the local currency traded at the still price of N360 as it has done for sometime.
However, the local currency depreciated against the British Pound Sterling by N2 to close at N448 to a single Pound following Wednesday’s closure at N446.
The Naira/Euro, however, saw no changes as it remained fixed at N398/€ at the parallel segment of the market closed on Thursday.
Dipo Olowookere