Naira Gains 0.03% Against Dollar amidst 78% Rise in Turnover at I&E

August 8, 2019
Naira Gains 0.03% Against Dollar amidst 78% Rise in Turnover at I&E

By Adedapo Adesanya
Wednesday at the foreign exchange market closed with the Naira appreciating by 9 Kobo or 0.03 percent against the US Dollar at the Investors and Exporters (I&E) segment.

The local currency traded at N362.83 against the American Dollar at the Investors window in contrast to N362.92/$ it was exchanged the previous day.

The market turnover yielded about 78 percent increase to $302 million from $170 million recorded on Tuesday.

At the Central Bank’s interbank segment, the Naira/US Dollar rate saw no movement at the closing of the midweek session 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 now.

However, the local currency did not fair well against the British Pound at the black market as it recorded a N2 depreciation to trade at N450/£ as against N448/£ recorded in the previous day.

The Euro also followed suit as the European currency crossed the N400 mark following a N3 depreciation to trade at N400 per Euro from N397.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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