By Adedapo Adesanya
Transactions at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market closed positive for the Naira on Thursday on November 28, 2019.
At the trading session, the local currency appreciated marginally against the US Dollar at the market window, gaining 3 Kobo to trade at N362.61/$1 against N362.64/$1 it was sold for on Wednesday.
The appreciation occurred despite the significant surge in the value of transactions printed at the market as indicated by FMDQ, a platform which tracks trading activities on the space.
From figures obtained on the platform, transactions valued at $252.25 million were recorded at the investors segment yesterday, higher than the $109.41 million posted the previous session. This represents 130.6 percent or $142.84 million increase.
Also, data sourced from the FMDQ OTC Securities indicated that the Naira remained unchanged against the dollar at the interbank segment of the foreign exchange market at N307/$1.
A look at the Naira’s performance at the parallel market showed that the Nigerian currency traded flat against both the US Dollar and the Euro. However, the local currency gained N1 against the British Pound Sterling.
At the close of trading on Thursday, the domestic currency was exchanged against the American currency at N360/$1, while it went for N395/€1 at the black market.
But the local currency appreciated by N1 against the British currency to close at N466/£1 after depreciating to N467 at the previous trading session at the black market.
Dipo Olowookere