Naira Loses 0.02% at Interbank, 0.09% at I&E

forex Black Market

By Modupe Gbadeyanka

The performance of the Naira against the Dollar at the foreign exchange market was not too impressive on Monday.

This was because the local currency recorded a marginal loss in value against the Dollar at the forex market.

Business Post reports that the Naira depreciated marginally by 0.02 percent at the Interbank FX market to close at N306.25/$.

At the Investors and Exporters (I&E) FX window, the local currency also slightly went down further yesterday by 0.09 percent to settle at N363.11/$.

According to data from the FMDQ OTC Market, a total of $586.83 million was transacted on Monday in 284 deals.

However, at the parallel market, the local currency appreciated by 0.28 percent against the Dollar to close at N360/$ against N361/$ it previously traded.

A look at the Naira against the British Pound Sterling showed that the local currency against 0.21 percent or N1 to finish at N466 at the black market yesterday, while it traded flat against the Euro at the same market segment.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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