Naira Gains 91 Kobo against Dollar as Buhari Swears-In Ministers

By Adedapo Adesanya

Wednesday at the Investors and Exporters (I&E) segment of the foreign exchange market in Nigeria was positive for the Naira as it appreciated by 91 Kobo to trade at N362.77/$1 compared with N363.68/$1 it was exchanged on Tuesday.

This was because the pressure on the local currency eased yesterday at the market segment as reflected in the daily turnover on the website of the FMDQ.

Business Post gathered the market turnover on Wednesday was $176.49 million in contrast to $563.85 million recorded on Tuesday, indicating a decline of 68.70 percent.

At the Central Bank’s interbank segment of the foreign exchange market, the local currency exchange rate remained at N306.95 to a single dollar as it saw no change from the previous session.

Also, the local currency at the parallel market remained fixed against the British Pound Sterling as the Naira traded at N443 against a single unit of the Queen’s currency note as it did previous day.

On the same market, the Naira remained flat against the US Dollar as it did at the close of Tuesday’s trading window. The Naira remained at N360 per Dollar, as it did through out the week.

Unfortunately for the Naira, it depreciated against the Euro, unlike it did the day before, trading at N398 per Euro compared with N397 on Tuesday.

With the swearing in of ministers on Wednesday, expectations are high to what this would spell for investors in the country.