Adedapo Adesanya
By Adedapo Adesanya
At the close of trading on Monday August 5, 2019, the Naira gained 36 Kobo against the US Dollar at the inventors’ segment of the exchange market in Nigeria to trade at N361.21, Business Post is reporting.
This was in contrast to the N362.57 the local currency traded last Friday at the Investors and Exporters window of the foreign exchange (forex) market.
It was observed yesterday at the market segment that the daily turnover declined 58 percent to $124 million after the close of transactions. This indicated that the pressure on the Naira eased at the I&E market on Monday, which led to the appreciation recorded.
However, at another segment of the forex segment yesterday, precisely at the official window of the Central Bank of Nigeria (CBN) also known as the Interbank, the Naira depreciated by 5 Kobo to trade at N306.90 from the previous session’s N306.85.
But at the parallel market, the local currency closed flat on the first trading day of the week, exchanging at the N360 to a Dollar.
It was the same case with the Naira against the British Pound as the rate remained at N455/£.
However, it was a different ball game with the Euro as the Naira gained N1 against the European Union currency to close at N397/€ from N398 it was exchanged last Friday.
The Naira is expected to continue to trade mixed at the various segments of the market this week as the apex bank sustain its supply of foreign currency with the sale of $210 million to authorised forex traders.
