Adedapo Adesanya
By Adedapo Adesanya
Transactions closed on the last trading day of the week on Friday, November 22, 2019, at foreign exchange market with the Naira performing at different capacities across all segments.
The local currency ended the week strong at the Investors and Exporters (I&E), with the Nigerian currency appreciating by 21 Kobo against the Dollar to trade at N362.64/$1. The Naira had previously traded at N362.85/$1 on Thursday at the same window.
Despite this, the market turnover rose marginally by 4.6 percent or $10.38 million during the trading session as investors exchanged a total of $234.65 million compared with $224.27 million exchanged at the previous session.
Data gathered by Business Post from the FMDQ OTC Securities indicated that at the interbank segment of the foreign exchange market on Friday, the Naira closed flat against the Dollar, exchanging at N306.95/$1.
A look at the Naira’s performance at the parallel market on the last trading session showed that the Naira also remained flat against the US Dollar and the Euro.
While the Naira was exchanged at N360 mark to one Dollar at the black market last Friday, it was sold at N398/€1 at the same segment of the forex market on that day.
However, the Naira deprecated by N1 against the British Pound based on the fact that the best performing major currency over the course of the past month has increased market expectations over a Conservative Party majority ahead of the December 12 United Kingdom elections.
The local currency traded by N465/£1 following the N464 that it traded at the previous session.
