Modupe Gbadeyanka
**Falls to N464/£ After May Survives No-Confidence Vote
By Modupe Gbadeyanka
The local currency performed well against the Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Thursday.
The Naira was traded at N362.70 against a Dollar at the market window after appreciating by 0.10 percent.
This was mainly buoyed by the sufficient supply of the Greenback in the market, thanks to the entry of offshore investors into the Nigerian markets.
Also, the regular release of forex by the Central Bank of Nigeria (CBN) to support the local currency has contributed to the recent gains by the Naira.
Business Post reports that the N362.70 per Dollar exchange rate of yesterday was the best the Naira has seen in the last four months.
It was observed that during Thursday’s trading session, the total traded volume also hit a 4-month high of $583 million.
However, the local currency could not replicate its performance at the I&E window at the interbank segment.
The Naira depreciated by 0.16 percent against the Dollar to settle at N306.85 to a Dollar.
At the parallel market, the local currency remained flat against the Dollar and Euro, closing at N362 and N411 respectively. But it declined by N2 against the British Pound Sterling after Prime Minister Theresa May’s government survived a no-confidence vote at the parliament to trade at N464/£
