Naira Gains N3 Against Euro at Black Market, Trades N395/€

November 26, 2019
naira and euro

By Adedapo Adesanya 

The value of the Naira against the Euro appreciated at the black market segment of the foreign exchange (forex) on Monday, November 25, 2019, Business Post reports.

At the close of transactions yesterday, the local currency was fortified against the currency used by European nations under the European Union (EU) by N3 at the parallel market to trade at N395/€.

The Nigerian legal tender, earlier this month, had traded against the Euro at N400/€1, but later appreciated to N398/€1, staying at this level for a long time before yesterday’s growth to N395 to a single Euro.

When compared with the British currency, the domestic currency depreciated by N1 at the same market window, closing at N466/£1 on Monday against N465/£1 it traded last Friday.

However, the Nigerian Naira remained stable against the United States Dollar at the black market yesterday at N360/$, the same rate it had been for a very long time.

At the interbank segment of the Central Bank of Nigeria (CBN), the local currency maintained its position at N306.95 per Dollar.

But at the Investors and Exporters (I&E) segment of the market, it was a different ball game for the Naira as it appreciated by 6 Kobo or 0.02 percent to close Monday’s transactions at N362.58/$1. The Naira had previously traded at N362.64 to one Dollar at the last session.

According to data garnered from FMDQ, the strengthening of the domestic currency was buoyed by the persistent low demand for forex at the market segment as well as available of Dollar to meet demand of customers.

At the close of day’s trading activity, transactions worth $106.83 million were carried out by investors at the I&E window, lower than the $234.65 million recorded at the previous trading session. This indicated that the value of transactions went down by 54.5 percent or $127.82 million at Monday’s session.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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