By Adedapo Adesanya
The end of the trading day on Thursday, August 29, 2019 saw the Naira appreciating by 55 Kobo against the American Dollar at the Investors and Exporters (I&E) window of the foreign exchange market to trade at N362.61 versus N363.16 it traded on Wednesday, indicating a 0.15 percent increase.
Though the value of the local currency was stronger yesterday at the investors’ window, the market turnover at the market segment showed that things are not still okay as investors are still pulling out.
Business Post reports that at the close of transactions yesterday, figures from the FMDQ indicated the volume of turnover increased by 29 percent or N78.06 million to N346.43 million on Thursday from N268.37 million recorded in the previous trading session.
At another segment of the market, which is the Central Bank of Nigeria (CBN) interbank, the local currency exchange rate remained at N307.00/$1 indicating no change since the first trading day of this week.
However on the parallel market, the local currency depreciated against the British Pound Sterling as the Naira dropped N1 to trade at N446/£1 against a single unit of the Queen’s currency note from N445/£1 recorded in the previous day.
Though the Naira appreciated against the Euro on Wednesday, it traded flat on Thursday, exchanging at N395/€1 at the close of trade, while the local currency also remained unchanged on the same market, closing at N360 against the US Dollar on Thursday.
