Naira Gains N5 Against Euro, N3 Against Pound at Black Market

By Adedapo Adesanya

The Naira put up a strong performance against both the British Pound Sterling and the Euro at the parallel market segment of the foreign exchange (FOREX) market on Thursday, October 3, 2019.

Business Post reports that the domestic currency gained N5 against the Euro to quote at N390/€1 at the close of transactions, better than the N395/€1 it traded on Wednesday.

Following the Bank of England statement that it may need to cut interest rates should Brexit uncertainty persist, the Naira gained N3 against the British Pound Sterling yesterday.

This meant that the local currency closed at N450/£1 on Thursday compared with N453/£1 it recorded on Wednesday.

However, the Naira/US Dollar exchange rate remained unchanged at the black market at N360/$1.

At the interbank window of the Central Bank of Nigeria (CBN), the Naira recorded no single price movement against the American money at the end of Thursday’s transactions as it remained unchanged at N307.00/$1.

At the Investors and Exporters (I&E) segment, the Naira appreciated marginally by 0.01 percent or 3 Kobo to trade at N362.52/$1 compared with N362.55/$1 it traded at the previous session.

For the total daily market turnover yesterday at the investors window, it closed at $101.98 million against $76.16 million realised on Wednesday, indicating a 33.9 percent or $25.82 million increase.